Question: Using the data in situation a of Exercise 9-5, prepare the employer’s September 30 journal entries to record the employer’s payroll taxes expense and its related liabilities. (Round amounts to cents.)

Question: Using the data in situation a of Exercise 9-5, prepare the employer’s September 30 journal entries to record

the employer’s payroll taxes expense and its related liabilities. (Round amounts to cents.)

Solutions

Expert Solution

Step 1: Definition of social security tax

The government collects social security tax to pay the people when they retire.

Step 2: Journal entry to record payroll tax expenses

Date	Particulars	Debit	Credit
September 30	Payroll Taxes Expense	$82.20
	FICA- Social Security Payable		$49.60
	FICA- Medicare Payable		$11.60
	FUTA Payable		$3.60
	SUTA Payable		$17.40
	(Being entry to record the payroll taxes expense)

Answer:

The payroll taxes expense of the company is $82.20

Sahil Dangi answered 3 years ago

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