Question

payroll: for ABC co. is as follows: Gross salaries 100000 FICA 6200 Medicare 1450 Federal taxes 20000 MA taxes 5000 federal unemployment 1% MA unemployment 7% prepare journal entries to record payroll and payroll taxes

Answer 1

Date	Account Titles	Debit	Credit
	Salaries Expense	$100,000
	FICA Taxes Payable		$6,200
	Federal Income Taxes Payable		$20,000
	FICA-Medicare Taxes Payable		$1,450
	Employee State Income Taxes Payable		$5,000
	Cash		$67,350
	Payroll Tax Expense	$15,650
	FICA-OASDI Taxes Payable		$6,200
	FICA-Medicare Taxes Payable		$1,450
	FUTA = 100000 x 1%		$1,000
	SUTA = 100000 x 7%		$7,000