during the month of january, an employer incurred the following payroll taxes: fica social security taxes of…

during the month of january, an employer incurred the following payroll taxes: fica social security taxes of $359.60, fica medicare taxes of $84.10, futa taxes of $34.80, and suta taxes of $313.20. prepare the journal entry to record the employers payroll tax expense assuming these wages will be paid in early february. note: round your answers to 2 decimal places. view transaction list journal entry worksheet 1 record employer payroll tax expense. note: enter debits before credits. date general journal debit credit january 31

during the month of january, an employer incurred the following payroll taxes: fica social security taxes of $359.60, fica medicare taxes of $84.10, futa taxes of $34.80, and suta taxes of $313.20. prepare the journal entry to record the employers payroll tax expense assuming these wages will be paid in early february. note: round your answers to 2 decimal places. view transaction list journal entry worksheet 1 record employer payroll tax expense. note: enter debits before credits. date general journal debit credit january 31

Answer

Explanation:

Step1: Calculate total payroll tax expense

$359.60 + 84.10+34.80 + 313.20=791.70$

Step2: Record journal entry

Debit the Payroll Tax Expense account for the total amount of payroll taxes incurred. Credit the liability accounts for each type of tax.

Date General Journal Debit Credit
January 31 Payroll Tax Expense $791.70$
January 31 FICA - Social Security Taxes Payable $359.60$
January 31 FICA - Medicare Taxes Payable $84.10$
January 31 FUTA Taxes Payable $34.80$
January 31 SUTA Taxes Payable $313.20$

Answer:

Date General Journal Debit Credit
January 31 Payroll Tax Expense $791.70$
January 31 FICA - Social Security Taxes Payable $359.60$
January 31 FICA - Medicare Taxes Payable $84.10$
January 31 FUTA Taxes Payable $34.80$
January 31 SUTA Taxes Payable $313.20$