Merger co. has 10 employees, each of whom earns $2,150 per month and has been employed since january 1. fica social security taxes are 6.2% of the first $128,400 paid to each employee, and fica medicare taxes are 1.45% of gross pay. futa taxes are 0.6% and suta taxes are 5.4% of the first $7,000 paid to each employee. prepare the march 31 journal entry to record the march payroll taxes expenses. (round your answers to 2 decimal places.)

Tax expenses fica Medicare =$311.75 i.e 1.45* 21500

Futa tax. = $129 i.e .6%* 21500

Explanation:

Salary Dr 21,500

Net salary Cr 21,059.25

Tax expenses Cr 440.75

After payment of tax

Tax expenses Dr. 440.75

Cash/Bank CR. 440.75.

Note

The fica social security tax will not count since non of the staff has earned $128, 400 as at March and the suta tax will not count since non has earned $7000 as at march.

Total salary per month is$ 2150*10 = 21500

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