Question

A payroll summary for Mark Consulting Company, owned by Mark Fronke, for the quarter ending June 30, 2016. The firm made the required tax deposits as follows: a. For April taxes, paid on May 15. b. For May taxes, paid on June 17. Date Wages Paid Total Earnings Social Security Tax Deducted Medicare Tax Deducted Income Tax Withheld April 8 $ 2,252.00 $ 139.62 $ 32.65 $ 223.00 15 2,340.00 145.08 33.93 230.00 22 2,252.00 139.62 32.65 223.00 29 2,296.00 142.35 33.29 227.00 $ 9,140.00 $ 566.67 $ 132.52 $ 903.00 May 5 $ 2,208.00 $ 136.90 $ 32.02 $ 219.00 12 2,252.00 139.62 32.65 223.00 19 2,252.00 139.62 32.65 223.00 26 2,296.00 142.35 33.29 227.00 $ 9,008.00 $ 558.49 $ 130.61 $ 892.00 June 2 $ 2,340.00 $ 145.08 $ 33.93 $ 230.00 9 2,252.00 139.62 32.65 223.00 16 2,296.00 142.35 33.29 227.00 23 2,252.00 139.62 32.65 223.00 30 2,208.00 136.90 32.02 219.00 $ 11,348.00 $ 703.57 $ 164.54 $ 1,122.00 Total $ 29,496.00 $ 1,828.73 $ 427.67 $ 2,917.00 1. Using the tax rates given below, and assuming that all earnings are taxable, make the general journal entry on April 8, 2016, to record the employer’s payroll tax expense on the payroll ending that date. (Round your answers to 2 decimal places.) Social security 6.2 percent Medicare 1.45 FUTA 0.6 SUTA 5.4

A- Record payroll tax expense

. B-2. Prepare the entries in general journal form to record deposit of the employee income tax withheld and the social security and Medicare taxes (employee and employer shares) on May 15 for April taxes and on June 17 for May taxes. (Round your answers to 2 decimal places.)

Answer 1

A.

1. Entry to record employer's payroll taxes
Date	Account title	Debit	Credit
Apr.8	Salaries wages expese	306.31
	Social security tax payable		139.62
	Medicare tax payable		32.65
	Federal Unemployment tax payable		13.51
	State Unemployment tax payable		120.53

1. Entry to record the paymnt of taxes for April
Date	Account title	Debit	Credit
May.15	Social security tax payable	1133.34
	Medicare tax payable	265.04
	Federal income tax payable	903.00
	Cash		2301.38
2. Entry to record the paymnt of taxes for May
Date	Account title	Debit	Credit
June.17	Social security tax payable	1116.98
	Medicare tax payable	261.22
	Federal income tax payable	892.00
	Cash		2270.20

Date	Total	Social	Medicare	Income	Total	Net Pay
	earnings	Security tax	tax	Tax	Deductions
Apr.8	2252.00	139.62	32.65	223.00	395.27	1856.73
Apr.15	2340.00	145.08	33.93	230.00	409.01	1930.99
Apr.22	2252.00	139.62	32.65	223.00	395.27	1856.73
Apr.29	2296.00	142.35	33.29	227.00	402.64	1893.36
APRIL	9140.00	566.67	132.52	903.00	1602.19	7537.81
May.5	2208.00	136.90	32.02	219.00	387.92	1820.08
May.12	2252.00	139.62	32.65	223.00	395.27	1856.73
May.19	2252.00	139.62	32.65	223.00	395.27	1856.73
May.26	2296.00	142.35	33.29	227.00	402.64	1893.36
MAY	9008.00	558.49	130.61	892.00	1581.10	7426.90
June.2	2340.00	145.08	33.93	230.00	409.01	1930.99
June.9	2252.00	139.62	32.65	223.00	395.27	1856.73
June.16	2296.00	142.35	33.29	227.00	402.64	1893.36
June.23	2252.00	139.62	32.65	223.00	395.27	1856.73
June.30	2208.00	136.90	32.02	219.00	387.92	1820.08
JUNE	11348.00	703.57	164.54	1122.00	1990.11	9357.89
Grand Total	29496.00	1828.73	427.67	2917.00	5173.40	24322.60