Question

A payroll summary for Mark Consulting Company, owned by Mark Fronke, for the quarter ending June 30, 2019, appears below. The firm made the required tax deposits as follows

For April taxes, paid on May 15.

For May taxes, paid on June 17.

Date Wages Paid			Total Earnings			Social Security Tax Deducted			Medicare Tax Deducted			Income Tax Withheld
April	8		$	2,282.00		$	141.48		$	33.09		$	226.00
	15			2,370.00			146.94			34.37			233.00
	22			2,282.00			141.48			33.09			226.00
	29			2,326.00			144.21			33.73			230.00
			$	9,260.00		$	574.11		$	134.28		$	915.00
May	5		$	2,238.00		$	138.76		$	32.45		$	222.00
	12			2,282.00			141.48			33.09			226.00
	19			2,282.00			141.48			33.09			226.00
	26			2,326.00			144.21			33.73			230.00
			$	9,128.00		$	565.93		$	132.36		$	904.00
June	2		$	2,370.00		$	146.94		$	34.37		$	233.00
	9			2,282.00			141.48			33.09			226.00
	16			2,326.00			144.21			33.73			230.00
	23			2,282.00			141.48			33.09			226.00
	30			2,238.00			138.76			32.45			222.00
			$	11,498.00		$	712.87		$	166.73		$	1,137.00
Total			$	29,886.00		$	1,852.91		$	433.37		$	2,956.00

Social security	6.2	percent
Medicare	1.45
FUTA	0.6
SUTA	5.4

Required:

Using the tax rates given above, and assuming that all earnings are taxable, make the general journal entry on April 8, 2019, to record the employer’s payroll tax expense on the payroll ending that date.

Prepare the entries in general journal form to record deposit of the employee income tax withheld and the social security and Medicare taxes (employee and employer shares) on May 15 for April taxes and on June 17 for May taxes.

(For all requirements round your answers to 2 decimal places.)

Required :-

Record payroll tax expense.

Record entry for deposit of payroll taxes for April.

Record entry for deposit of payroll taxes for May.

Answer 1

Date	General Journal	Debit	Credit
April 8, 2019	Payroll tax expense	311.49
	Social security tax payable		141.48
	Medicare tax payable		33.09
	FUTA tax payable (0.6% x $2282)		13.69
	SUTA tax payable (5.4% x $2282)		123.23
	(To record the payroll tax expense)
May 15, 2019	Employee income tax withheld	915.00
	Social security tax payable ($574.11 x 2)	1148.22
	Medicare tax payable ($134.28 x 2)	268.56
	Cash		2331.78
	(To record the deposit of payroll taxes for April)
June 17, 2019	Employee income tax withheld	904.00
	Social security tax payable ($565.93 x 2)	1131.86
	Medicare tax payable ($132.36 x 2)	264.72
	Cash		2300.58
	(To record the deposit of payroll taxes for May)