Ask Question
8 June, 20:24

The following totals for the month of March were taken from the payroll records of Pharoah Company. Salaries $334800 FICA taxes withheld 25610 Income taxes withheld 73700 Medical insurance deductions 4855 Federal unemployment taxes 2680 State unemployment taxes 16700 The entry to record accrual of employer's payroll taxes would include a debit to Payroll Tax Expense for $118690 credit to Payroll Tax Expense for $44990. debit to Payroll Tax Expense for $44990 debit to FICA Taxes Payable for $25610.

+2
Answers (1)
  1. 8 June, 20:50
    0
    debit to Payroll Tax Expense for $44990

    Explanation:

    The journal entry is as follows

    Payroll Tax Expense A/c Dr. $44,990

    To FICA taxes withheld $25,610

    To Federal unemployment taxes $2,680

    To State unemployment taxes $16,700

    (Being the accrual of employer's payroll taxes is recorded)

    For computing the payroll tax expense we simply added the FICA taxes withheld, federal unemployment taxes, and the state unemployment taxes
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “The following totals for the month of March were taken from the payroll records of Pharoah Company. Salaries $334800 FICA taxes withheld ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers