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Question - A company has three employees. Total salaries for the month of March were $8,000. The federal income tax rate for all employees is 15%. The FICA Social Security tax rate is 6.2% and the FICA Medicare tax rate is 1.45%.
Required -
A. Calculate the amount of employee taxes withheld.
B. Prepare the company's journal entry to record the March payroll assuming these were the only deductions.
C. Prepare the April 1 journal entry to record the cash payment of salaries.
D. Include a brief description/explanation for the journal entries.
E. Provide an explanation of the next steps the company should complete to finish the payroll process for March. Since March is the end of the first quarter for the company, in your explanation, include the form the company should prepare and file with the IRS at the end of March.
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