Merger Co. has ten employees, each of whom earns $2,000 per month and has been employed since January 1. FICA Social Security taxes are 6.2% of the first $110,100 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.8% 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.So far I have most of the journals figured out, just a couple i need.
- Payroll Tax expense DR?? CR??
- FICA-Medicare TaxesPayable DR- CR-290.00
- State Unemployment taxes payable - DR??CR??