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    Zelya2010's Avatar
    Zelya2010 Posts: 3, Reputation: 1
    New Member
    		  
    #1

    Jan 14, 2010, 09:29 AM
    Accounting
    Gross pay 200,000
    Withholding deductions:
    FICA tax 14,300
    Federal income tax 50,700
    Net pay : 135,000

    Prepare Journal entry to record the payroll
    Debit Credit
    Salary expense 200,000
    FICA tax 14,300
    Federal Income tax 50,700
    Cash(net/take home pay) 135,000

    Journal entry to record the payroll tax expense
    Debit Credit
    Payroll taxes expense 53,170
    Fica tax 50,700
    Federal unemployment tax 520
    State unemployment tax 1,950
    morgaine300's Avatar
    morgaine300 Posts: 6,561, Reputation: 276
    Uber Member
    		  
    #2

    Jan 14, 2010, 06:14 PM

    Please don't double-post. That just confuses us. This was answered over here:
    https://www.askmehelpdesk.com/accoun...se-434622.html
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