During the month of March, Pharoah Companys employees earned wages of $77,000. Withholdings related to...
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Accounting
During the month of March, Pharoah Companys employees earned wages of $77,000. Withholdings related to these wages were $5,891 for Social Security (FICA), $9,023 for federal income tax, $3,730 for state income tax, and $481 for union dues. The company incurred no cost related to these earnings for federal unemployment tax but incurred $842 for state unemployment tax.
Prepare the necessary March 31 journal entry to record salaries and wages expense and salaries and wages payable. Assume that wages earned during March will be paid during April. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Tites and Explanation Mar. 31 Debit Credit SHOW LIST OF ACCOUNTS LINK TO TEXT VIDEO: SIMILAR EXERCISE Prepare the entry to record the company's payroll tax expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually) Date Account Titles and Explanation Mar. 31 Debit Credit
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