Business, 23.07.2020 04:01 legendman27

Paul Company completed the salary and wage payroll for March 2011. The Payroll provided the following details: Salary and Wages earned: $200,000
Employee Income Taxes withheld: 40,000
Insurance Premiums withheld: 1,000
FICA payroll taxes*: 15,000
15,000 each for employer and employee
Required:
1. Give the Journal entry to record the payroll for March, including employee deductions.
2. Give journal entry to record the employer's payroll taxes.
3. Give a combined journal entry to show the payment of amounts owed to governmental agencies.

Answers: 2

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Answer from: soyymiilk

1. Journal Entry

Date Account Titles and Explanation Debit Credit

March Salary and Wage Expenses $200,000

2011 Liability for income tax withheld - $40,000

Employee

Liability for insurance premium $1,000

withheld - employee

FICA taxes payable - Employees $15,000

Cash $144,000

(Payroll for February including employee deductions)

2. Journal Entry

Date Account Titles and Explanation Debit Credit

March Payroll tax expenses $15,000

2011 FICA taxes payable - Employer $15,000

(Employer Payroll taxes on February payroll)

3. Journal Entry

Date Account Titles and Explanation Debit Credit

March Liability for income tax withheld $40,000

2011 - Employee

Liability for insurance premium $1,000

withheld - employee

FICA taxes payable - Employees $15,000

FICA taxes payable - Employers $15,000

Cash $71,000

(Remittance of payroll taxes and deduction for February payroll)

Answer from: Quest

Xd ik what you mean i was very behind last year in my classes. if u have trouble with math i suggest photomath.

Answer from: Quest

yeah its a ok ! just ask the qestoin and someone well answer !

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Paul Company completed the salary and wage payroll for March 2011. The Payroll provided the followin...

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