Assignment task: Record Payroll Journal Entries
Record the two necessary payroll-related journal entries for Frank's Fuel Corp: one for employee withholdings and one for employer payroll taxes.
For the current week:
- Gross salaries: $1,200
- Federal income tax withheld: $114
- State income tax withheld: $44
- The applicable SUTA and FUTA tax rates are 5.4% and 0.6%, respectively.
- No single employee has, to date, reached the threshold for Social Security, FUTA, or SUTA tax.
- Union dues withheld: $55
Enter all debits within the transaction prior to entering any credits.
To earn any credit for a given line within the journal entry, the account name must be correct. Partial credit is given for a correct account name with an incorrect amount; full credit is given for a correct account name with the correct amount.
Do not include journal entry explanation when submitting your answer.
It may not be necessary to use all visible rows to record each journal entry.
Record journal entries in the order in which the transactions are presented.