Total wages and salaries for the month of January were $50,000. Because it is January,...
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Accounting
Total wages and salaries for the month of January were $50,000. Because it is January, no employee has yet reached the FIXA tax cap amount, so the full FICA tax percentage is applicable to the entire amount of wages and salaries. The same is true of the federal unemployment tax amount. The state requires a 5.4% employer tax on all wages and salaries. Income taxes withheld from employees' pay during the month totaled $7,000. Make the summary journal entries to record payment of wages and salaries and recognition of total salary and wage expense (including payroll tax expense) for the month. (Please use Excel or a table in Word to set up your answer showing appropriate accounts and the amounts debited or credited)
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