FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Journal Entries for Payment of Employer Payroll Taxes
Angel Ruiz owns a business called Ruiz Construction Co. He does his banking at Citizens National Bank in Portland, Oregon. The
amounts in his general ledger for payroll taxes and the employees' withholding of Social Security, Medicare, and federal income tax
payable as of April 15 of the current year are as follows:
Social Security tax payable (includes both employer and
$11,250
employee)
Medicare tax payable (includes both employer and
2,625
employee)
FUTA tax payable
600
SUTA tax payable
4,050
Employee income tax payable
5,860
Journalize the quarterly payment of the employee federal income taxes and Social Security and Medicare taxes on April 15, 20--,
and the payments of the FUTA and SUTA taxes on April 30, 20--.
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Transcribed Image Text:Journal Entries for Payment of Employer Payroll Taxes Angel Ruiz owns a business called Ruiz Construction Co. He does his banking at Citizens National Bank in Portland, Oregon. The amounts in his general ledger for payroll taxes and the employees' withholding of Social Security, Medicare, and federal income tax payable as of April 15 of the current year are as follows: Social Security tax payable (includes both employer and $11,250 employee) Medicare tax payable (includes both employer and 2,625 employee) FUTA tax payable 600 SUTA tax payable 4,050 Employee income tax payable 5,860 Journalize the quarterly payment of the employee federal income taxes and Social Security and Medicare taxes on April 15, 20--, and the payments of the FUTA and SUTA taxes on April 30, 20--.
Journalize the quarterly payment of the employee federal income taxes and Social Security and Medicare taxes on April 15, 20--,
and the payments of the FUTA and SUTA taxes on April 30, 20--.
Page:
DOC. POST. DEBIT CREDIT
NO. REF.
DATE
ACCOUNT TITLE
20--
1
Apr. 15
Employee Federal Income Tax Expense
1
Social Security Tax Payable
697.50
3
Medicare Tax Payable
38.06
4
Cash
5
Deposit of employee federal income tax and Social Security and Medicare taxes
5
6.
7
30
FUTA Tax Payable
8
Cash
8
6.
Paid FUTA tax
9
10
10
SUTA Tax Payable
11 30
11
12
Cash
12
13
Paid SUTA tax
13
2.
2.
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Transcribed Image Text:Journalize the quarterly payment of the employee federal income taxes and Social Security and Medicare taxes on April 15, 20--, and the payments of the FUTA and SUTA taxes on April 30, 20--. Page: DOC. POST. DEBIT CREDIT NO. REF. DATE ACCOUNT TITLE 20-- 1 Apr. 15 Employee Federal Income Tax Expense 1 Social Security Tax Payable 697.50 3 Medicare Tax Payable 38.06 4 Cash 5 Deposit of employee federal income tax and Social Security and Medicare taxes 5 6. 7 30 FUTA Tax Payable 8 Cash 8 6. Paid FUTA tax 9 10 10 SUTA Tax Payable 11 30 11 12 Cash 12 13 Paid SUTA tax 13 2. 2.
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