Solved: Payments of monthly wages and record payroll taxes, Accounting Basics

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Payments of monthly wages and record payroll taxes

Problem:

The employees of Donnelly Music Company earned a total wages $4,690 during January. The total amount is taxable under FICA, FUTA, and SUTA. The state contribution rate for the company is 3.6%. The amount withheld for federal income taxes is $685. Journalize the payments of the monthly wages, and record the payroll taxes.

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Accounting Basics: Payments of monthly wages and record payroll taxes

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Accounting Basics: Payments of monthly wages and record payroll taxes

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