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During the month of February, Swifty Corporation's employees earned wages of $102,000. Withholdings related to these wages were $7,803 for FICA, $21,300 for federal income tax, and $5,700 for state income tax. Costs incurred for unemployment taxes were $330 for federal and $480 for state. Prepare the February 28 journal entries for: (a) (b) Salaries and wages expense and salaries and wages payable assuming that all February wages will be paid in March. The company's payroll tax expense. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) No. Date Account Titles and Explanation Feb. (a) Salaries and Wages Expense 28 (b) Ci Salaries and Wages Payable No Entry No Entry FICA Taxes Payable Debit 102000 0 7803 Feb. 21300 Federal Income Taxes Payable 28 Credit 102000 0

During the month of February, Swifty Corporation's employees earned wages of $102,000. Withholdings related to these wages were $7,803 for FICA, $21,300 for federal income tax, and $5,700 for state income tax. Costs incurred for unemployment taxes were $330 for federal and $480 for state. Prepare the February 28 journal entries for: (a) (b) Salaries and wages expense and salaries and wages payable assuming that all February wages will be paid in March. The company's payroll tax expense. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) No. Date Account Titles and Explanation Feb. (a) Salaries and Wages Expense 28 (b) Ci Salaries and Wages Payable No Entry No Entry FICA Taxes Payable Debit 102000 0 7803 Feb. 21300 Federal Income Taxes Payable 28 Credit 102000 0

College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter8: Employer Taxes, Payments, And Reports
Section: Chapter Questions
Problem 3E
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During the month of February, Swifty Corporation's employees earned wages of $102,000. Withholdings related to these wages were $7,803 for FICA, $21,300 for federal income tax, and $5,700 for state income tax. Costs incurred for unemployment taxes were $330 for federal and $480 for state. Prepare the February 28 journal entries for: (a) (b) Salaries and wages expense and salaries and wages payable assuming that all February wages will be paid in March. The company's payroll tax expense. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) No. Date Account Titles and Explanation Feb. (a) Salaries and Wages Expense 28 (b) Ci Salaries and Wages Payable No Entry No Entry FICA Taxes Payable Debit 102000 0 7803 Feb. 21300 Federal Income Taxes Payable 28 Credit 102000 0
Transcribed Image Text:During the month of February, Swifty Corporation's employees earned wages of $102,000. Withholdings related to these wages were $7,803 for FICA, $21,300 for federal income tax, and $5,700 for state income tax. Costs incurred for unemployment taxes were $330 for federal and $480 for state. Prepare the February 28 journal entries for: (a) (b) Salaries and wages expense and salaries and wages payable assuming that all February wages will be paid in March. The company's payroll tax expense. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) No. Date Account Titles and Explanation Feb. (a) Salaries and Wages Expense 28 (b) Ci Salaries and Wages Payable No Entry No Entry FICA Taxes Payable Debit 102000 0 7803 Feb. 21300 Federal Income Taxes Payable 28 Credit 102000 0
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