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1 September, 20:38

Sheffield Corporation's weekly payroll of $28,000 included FICA taxes withheld of $2,142, federal taxes withheld of $3,130, state taxes withheld of $930, and insurance premiums withheld of $270. Prepare the journal entry to record Sheffield's payroll.

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  1. 1 September, 20:58
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    Journal entry to record Sheffield's payroll

    Dr. Cr.

    Payroll Expense $28,000

    Wages and Salaries Payable / Cash $21,528

    FICA taxes withheld payable $2142

    Federal taxes withheld payable $3,130

    State taxes withheld payable $930

    Insurance premiums withheld payable $270

    All the taxes will be transferred to the tax payable accounts with their respective names and the amount net of tax will be transferred to wages and salaries payable and total amount will be Expensed.
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