Merger co has ten employees each of whom earns 2000 per

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Merger Co. has ten employees, each of whom earns $2,000 per month and has been employed since January 1. FICA Social Security taxes are 6.2% of the first $110,100 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.8% and SUTA taxes are 5.4% of the first $7,000 paid to each employee.

Prepare the March 31 journal entry to record the March payroll taxes expenses.So far I have most of the journals figured out, just a couple i need.

  • Payroll Tax expense DR?? CR??
  • FICA-Medicare TaxesPayable DR- CR-290.00
  • State Unemployment taxes payable - DR??CR??

Reference no: EM13593008

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