Journal Entries for Payment of Employer Payroll Taxes Angel Ruiz owns a business called Ruiz Construction Co. He does his banking at Citizens National Bank in Portland, Oregon. The amounts in his general ledger for payroll taxes and the employees' withholding of Social Security, Medicare, and federal income tax payable as of April 15 of the current year are as follows: Social Security tax payable (includes both employer and employee) $11,250 Medicare tax payable (includes both employer and employee) 2,625 FUTA tax payable 700 SUTA tax payable 3,990 Employee income tax payable 5,860 Journalize the quarterly payment of the employee federal income taxes and Social Security and Medicare taxes on April 15, 20--, and the payments of the FUTA and SUTA taxes on April 30, 20--.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Journal Entries for Payment of Employer Payroll Taxes

Angel Ruiz owns a business called Ruiz Construction Co. He does his banking at Citizens National Bank in Portland, Oregon. The amounts in his general ledger for payroll taxes and the employees' withholding of Social Security, Medicare, and federal income tax payable as of April 15 of the current year are as follows:

Social Security tax payable (includes both employer and employee) $11,250
Medicare tax payable (includes both employer and employee) 2,625
FUTA tax payable 700
SUTA tax payable 3,990
Employee income tax payable 5,860

Journalize the quarterly payment of the employee federal income taxes and Social Security and Medicare taxes on April 15, 20--, and the payments of the FUTA and SUTA taxes on April 30, 20--.

 

Page:
DOC. POST.
DATE
ACCOUNT TITLE
DEBIT
CREDIT
NO.
REF.
20--
1
Apr. 15
2
3
3
4
4
Deposit of employee federal income tax and Social Security and Medicare taxes
7
30
7
8.
9.
Paid FUTA tax
10
10
11 30
11
12
12
13
Paid SUTA tax
13
000
LO
Transcribed Image Text:Page: DOC. POST. DATE ACCOUNT TITLE DEBIT CREDIT NO. REF. 20-- 1 Apr. 15 2 3 3 4 4 Deposit of employee federal income tax and Social Security and Medicare taxes 7 30 7 8. 9. Paid FUTA tax 10 10 11 30 11 12 12 13 Paid SUTA tax 13 000 LO
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