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Prepare the journal entries in good form to record payroll

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Reference no: EM132544817

Vacation Destinations total payroll for the month of January was $350,000. The following withholdings and payroll taxes apply:

Federal income taxes withheld                               $50,000

State income taxes withheld                                 $15,000

FICA tax rate (Social Security and Medicare)            7.65%

Combined Federal and State unemployment tax rate       6.20%

None of the withholdings or payroll taxes have been paid yet so they are payables.

Question 1: Prepare the journal entries in good form to record this payroll.

Reference no: EM132544817

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