Huxley Co.s payroll for the month ended March 31, 2018, is summarized as follows: Total...
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Accounting
Huxley Co.s payroll for the month ended March 31, 2018, is summarized as follows:
Total wages $ 18,770
Federal income tax withheld $ 1,622
All wages paid were subject to FICA. FICA tax rates were 7% each for employee and employer. In Huxleys jurisdiction employers must also pay unemployment taxes under FUTA at a 4% rate. Huxley remits taxes on the 15th of the following month. As a result of March 2018 wages, what amounts should Huxley record in its journal entry for March payroll tax expense?
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