The journal entry to record the payroll from Figure 6.1, on
pages 6-2 and 6-3, would be:
Debit
Credit
Wages Expense
24,762.70
FICA Taxes Payable—OASDI
1,535.29
FICA Taxes Payable—HI
359.06
FIT Payable
3,714.00
SIT Payable
55.25
Group Insurance Payments W/H
54.70
Cash
19,044.40
Example 6-7
The journal entry to record the payroll tax entry from Figure
6.1 on pages 6-2 and 6-3 would be (assume a SUTA tax rate of
3.0%):
Debit
Credit
Payroll Taxes
2,785.81
FICA Taxes Payable—OASDI
1,535.29...