Francisco company has 10 employees each of whom earns 2900

Reference no: EM13594268

Francisco Company has 10 employees, each of whom earns $2,900 per month and is paid on the last day of each month. All 10 have been employed continuously at this amount since January 1. Francisco uses a payroll bank account and special payroll checks to pay its employees. On March 1, the following accounts and balances exist in its general ledger:

a. FICA-Social Security Taxes Payable, $3,596; FICA-Medicare Taxes Payable, $842. (The balances of these accounts represent total liabilities for both the employer's and employees' FICA taxes for the February payroll only.)
b. Employees' Federal Income Taxes Payable, $7,250 (liability for February only).
c. Federal Unemployment Taxes Payable, $464 (liability for January and February together).
d. State Unemployment Taxes Payable, $2,320 (liability for January and February together).

During March and April, the company had the following payroll transactions

Issued check payable to Swift Bank, a federal depository bank authorized to accept employers' payments of FICA taxes and employee income tax withholdings. The $11,688 check is in payment of the February FICA and employee income taxes.

31Recorded the March payroll and transferred funds from the regular bank account to the payroll bank account. Issued checks payable to each employee in payment of the March payroll. The payroll register shows the following summary totals for the March pay period.

Reference no: EM13594268

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