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Prepare the journal entries for Deposits of the FUTA taxes

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Reference no: EM132721060

Problem - ARC Co. owes the following amounts for payroll taxes and employees' withholding of Social Security, Medicare, and federal income tax as of April 15:

Social Security Tax Payable $6,750.00

Medicare Tax Payable 1,575.00

FUTA Tax Payable 360.00

SUTA Tax Payable 2,646.00

Employee Federal Income Tax Payable 4,095.00

Required - Prepare the journal entries for:

a. Deposit of the employees' federal income taxes and the Social Security and Medicare taxes on April 15.

b. Deposits of the FUTA and SUTA taxes on April 30.

Reference no: EM132721060

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