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Account Balance on Number Title June 1 $69,500.00 2,018.00 2,735.00 641.00 787.50 101 Cash 211 Employee Federal Income Tax Payable Social Security Tax Payable Medicare Tax Payable Savings Bond Deductions Payable FUTA Tax Payable SUTA Tax Payable Wages and Salaries Expense Payroll Taxes Expense 212 213 218 221 540.00 222 511 530 1,380.00 0.00 0.00 The following transactions relating to payrolls and payroll taxes occurred during June and July: June 15 Paid $5,394.00 covering the following May taxes: $2,735.00 Social Security tax Medicare tax Employee federal income tax withheld Total 641.00 2,018.00 $5,394.00 30 June payroll: Total wages and salaries expense Less amounts withheld: $22,050.00 Social Security tax Medicare tax $1,367.10 319.73 1,920.00 Employee federal income tax Savings bond deductions Net amount paid 787.50 4,394.33 $17,655.67 30 Purchased savings bonds for employees, $1,575.00 30 Employer payroll taxes expenses for June were: Social Security $1,367.10 Medicare 319.73 FUTA 54.00 SUTA 364.50 Total $2,105.33 July 15 Paid $5,293.66 covering the following June taxes: Social Security tax Medicare tax Employee federal income tax withheld Total $2,734.20 639.46 1,920.00 $5,293.66 31 Paid SUTA tax for the quarter, $1,744.50 31 Paid FUTA tax, $594.00

Account Balance on Number Title June 1 $69,500.00 2,018.00 2,735.00 641.00 787.50 101 Cash 211 Employee Federal Income Tax Payable Social Security Tax Payable Medicare Tax Payable Savings Bond Deductions Payable FUTA Tax Payable SUTA Tax Payable Wages and Salaries Expense Payroll Taxes Expense 212 213 218 221 540.00 222 511 530 1,380.00 0.00 0.00 The following transactions relating to payrolls and payroll taxes occurred during June and July: June 15 Paid $5,394.00 covering the following May taxes: $2,735.00 Social Security tax Medicare tax Employee federal income tax withheld Total 641.00 2,018.00 $5,394.00 30 June payroll: Total wages and salaries expense Less amounts withheld: $22,050.00 Social Security tax Medicare tax $1,367.10 319.73 1,920.00 Employee federal income tax Savings bond deductions Net amount paid 787.50 4,394.33 $17,655.67 30 Purchased savings bonds for employees, $1,575.00 30 Employer payroll taxes expenses for June were: Social Security $1,367.10 Medicare 319.73 FUTA 54.00 SUTA 364.50 Total $2,105.33 July 15 Paid $5,293.66 covering the following June taxes: Social Security tax Medicare tax Employee federal income tax withheld Total $2,734.20 639.46 1,920.00 $5,293.66 31 Paid SUTA tax for the quarter, $1,744.50 31 Paid FUTA tax, $594.00

Individual Income Taxes
Individual Income Taxes
43rd Edition
ISBN:9780357109731
Author:Hoffman
Publisher:Hoffman
Chapter20: Corporations And Partnerships
Section: Chapter Questions
Problem 6DQ: LO.3, 4, 5 Contrast the income taxation of individuals and C corporations as to: a. Alternative...
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JOURNALIZING AND POSTING PAYROLL ENTRIES Oxford Company has five
employees. All are paid on a monthly basis. The fiscal year of the business is June 1 to May 31.
The accounts kept by Oxford Company include the following:

Required
1. Journalize the preceding transactions using a general journal.
2. Open T accounts for the payroll expenses and liabilities. Enter the beginning balances and post the transactions recorded in the journal.

Account Balance on Number Title June 1 $69,500.00 2,018.00 2,735.00 641.00 787.50 101 Cash 211 Employee Federal Income Tax Payable Social Security Tax Payable Medicare Tax Payable Savings Bond Deductions Payable FUTA Tax Payable SUTA Tax Payable Wages and Salaries Expense Payroll Taxes Expense 212 213 218 221 540.00 222 511 530 1,380.00 0.00 0.00 The following transactions relating to payrolls and payroll taxes occurred during June and July: June 15 Paid $5,394.00 covering the following May taxes: $2,735.00 Social Security tax Medicare tax Employee federal income tax withheld Total 641.00 2,018.00 $5,394.00 30 June payroll: Total wages and salaries expense Less amounts withheld: $22,050.00 Social Security tax Medicare tax $1,367.10 319.73 1,920.00 Employee federal income tax Savings bond deductions Net amount paid 787.50 4,394.33 $17,655.67 30 Purchased savings bonds for employees, $1,575.00
Transcribed Image Text:Account Balance on Number Title June 1 $69,500.00 2,018.00 2,735.00 641.00 787.50 101 Cash 211 Employee Federal Income Tax Payable Social Security Tax Payable Medicare Tax Payable Savings Bond Deductions Payable FUTA Tax Payable SUTA Tax Payable Wages and Salaries Expense Payroll Taxes Expense 212 213 218 221 540.00 222 511 530 1,380.00 0.00 0.00 The following transactions relating to payrolls and payroll taxes occurred during June and July: June 15 Paid $5,394.00 covering the following May taxes: $2,735.00 Social Security tax Medicare tax Employee federal income tax withheld Total 641.00 2,018.00 $5,394.00 30 June payroll: Total wages and salaries expense Less amounts withheld: $22,050.00 Social Security tax Medicare tax $1,367.10 319.73 1,920.00 Employee federal income tax Savings bond deductions Net amount paid 787.50 4,394.33 $17,655.67 30 Purchased savings bonds for employees, $1,575.00
30 Employer payroll taxes expenses for June were: Social Security $1,367.10 Medicare 319.73 FUTA 54.00 SUTA 364.50 Total $2,105.33 July 15 Paid $5,293.66 covering the following June taxes: Social Security tax Medicare tax Employee federal income tax withheld Total $2,734.20 639.46 1,920.00 $5,293.66 31 Paid SUTA tax for the quarter, $1,744.50 31 Paid FUTA tax, $594.00
Transcribed Image Text:30 Employer payroll taxes expenses for June were: Social Security $1,367.10 Medicare 319.73 FUTA 54.00 SUTA 364.50 Total $2,105.33 July 15 Paid $5,293.66 covering the following June taxes: Social Security tax Medicare tax Employee federal income tax withheld Total $2,734.20 639.46 1,920.00 $5,293.66 31 Paid SUTA tax for the quarter, $1,744.50 31 Paid FUTA tax, $594.00
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