Dolphin City recorded $700,000 gross payroll in the General Fund for a two-week pay period. Withholdings...

Dolphin City recorded $700,000 gross payroll in the General Fund for a two-week pay period. Withholdings were as follows: $180,000 for Federal income tax;$53,000 for the employee’s share of FICA tax; and $41,000 for State income tax. Record an appropriate journal entry in the General Fund, assuming the net amount due to employees was paid in cash. After recording that entry, make an additional entry to record the City's liability for the employers’ share of FICA tax related to the payroll recorded above.

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ekkarill92 answered 2 years ago

For payroll period ending May 31, 2019, gross pay was $600,000 and the following taxes and withholdings were deducted:

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