Salaries and wages earned Employee income taxes withheld FICA taxes withheld Unemployment taxes $ 470,000 43,475 33,605 3,265 Required: 1. Considering both employee and employer payroll taxes, use the preceding information to calculate the total labor cost for the company for March. 2. & 3. Prepare the journal entry to record the payroll for March, including employee deductions (but excluding employer payroll taxe and record employer's FICA taxes and unemployment taxes.
Salaries and wages earned Employee income taxes withheld FICA taxes withheld Unemployment taxes $ 470,000 43,475 33,605 3,265 Required: 1. Considering both employee and employer payroll taxes, use the preceding information to calculate the total labor cost for the company for March. 2. & 3. Prepare the journal entry to record the payroll for March, including employee deductions (but excluding employer payroll taxe and record employer's FICA taxes and unemployment taxes.
Century 21 Accounting Multicolumn Journal
11th Edition
ISBN:9781337679503
Author:Gilbertson
Publisher:Gilbertson
Chapter13: Accounting For Payroll And Payroll Taxes
Section13.2: Recording Employer Payroll Taxes
Problem 1OYO
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