Question

36. The following totals for the month of June were taken from the payroll register of...

36. The following totals for the month of June were taken from the payroll register of Engira Company.

Salaries and wages
FICA taxes withheld
Income taxes withheld Medical insurance deductions Federal unemployment taxes State unemployment taxes

$80,000 6,132 17,600 3,200 640 4,000

The entry to record the payment of net payroll would include a

  1. debit to Salaries and Wages Payable for $48,428.

  2. debit to Salaries and Wages Payable for $53,068.

  3. debit to Salaries and Wages Payable for $49,068.

  4. credit to Cash for $49,068.

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Answer #1

Answer :-

The correct answer is Option B - debit to Salaries and Wages Payable for $53,068

Explanation -

Net Payroll = Salaries and wages - FICA taxes withheld - Income taxes withheld - Medical insurance deductions

Given ,

Salaries and wages - $ 80,000

FICA taxes withheld - $ 6,132

Income taxes withheld - $ 17,600

Medical insurance deductions - $3,200

Net Payroll = $80,000 - $6,132 - $17,600 - $3,200

Net Payroll = $53,068

The entry to record the payment of net payroll would include a - debit to Salaries and Wages Payable for $ 53,068

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