General journal entry for the employers payroll liability

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Reference no: EM13751998

March 31 gross salaries expense of $35,000

FICA Social Security (6.2%)

FICA Medicare (1.45%)

state income tax (5%)

federal income tax (15%)

employer taxes FUTA (0.8%) and SUTA (5.4%)

a. Prepare the general journal entry for the employer's payroll liability.

b. Prepare the general journal entry for the employer's payroll tax liability.

c. Prepare the general journal entry to liquidate the liabilities accrued in parts (a) and (b) on April 15.

Reference no: EM13751998

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