2. The company's employees earned wages of $64,000. Withholdings from those wages for taxes were:...
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Accounting
The company's employees earned wages of $ Withholdings from those wages for taxes were: Social Security and Medicare $ for FICA; Federal Income Tax Withholding $ for federal income tax; State Income Tax Withholding $ for state income tax. Cerviq Company as with all companies is required to match the Soicial Security and Medicare taxes. Record the two needed entries assuming all wages are paid with cash. Any taxes are "owed" at month end.
CHECK FIGURE: Cash $
A Show the entry to record the wages, take out the taxes and owed to the government and pay the employees with cash.
B Show the entry to record the taxes that Cerviq Company has to match that are then "owed" to the government.
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