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How to post to Journal: December 31: Summer employs 6 salesperson, each of whom earn 4,250...

How to post to Journal: December 31: Summer employs 6 salesperson, each of whom earn 4,250 per month and have been employed since January 1st. FICA Social Security taxes are 6.2% for the first 118,500 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. Prepare the employer's entry to record December employee payroll expenses, including federal income tax withheld of 3,375 and union dues of $125.

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Answer #1
31-Dec Salaries and wages expense 25500 =4250*6
         Federal income tax payable 3375
        FICA Social Security taxes payable 1581 =25500*6.2%
        FICA Medicare taxes payable 370 =25500*1.45%
        Union dues payable 125
       Salaries and wages payable 20049
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