Harriet Pandel, an employer, is subject to FICA taxes but exempt from FUTA and SUTA...
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Accounting
Harriet Pandel, an employer, is subject to FICA taxes but exempt from FUTA and SUTA taxes. During the last quarter of the year, her employees earned monthly wages of $16,900, all of which is taxable. The amount of federal income taxes withheld each month is $1,698. Journalize the payment of wages, and record the payroll tax on November 30.
Prior to posting the November 30 payroll transaction, FICA Taxes PayableOASDI, FICA Taxes Payable HI, and Employees FIT Payable had zero balances. Pandel must pay the FICA taxes and income taxes with- held on the November 30 payroll. Journalize the electronic transfer of the payroll taxes on December 17.
Descrption Debit Credit
Wages ___________
FICA Taxes Payable-OASDI _______________
FICA Taxes Payable-HI ________________
Employees FIT Payable ________________
Cash ________________
Payroll Taxes ______________
FICA Taxes Payable-OASDI ________________
FICA Taxes Payable-HI _________________
FICA Taxes Payable-OASDI _______________
FICA Taxes Payable-HI ______________
Employees FIT Payable ______________
Cash ______________
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