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In: Accounting

On September 30, Hilltop Company's selected payroll accounts are as follows: FICA Taxes Payable: Sep. 30...

On September 30, Hilltop Company's selected payroll accounts are as follows:

FICA Taxes Payable: Sep. 30 $2,314.84 (employer) and Sep. 30 $2,314.84 (employee)

State Unemployment Tax Payable: Sep. 30 $1,183.40

Federal Unemployment Tax Payable: Sep. 30 $575.32

Employees' Federal Income Tax Payable: Sep. 30 $3,210.85 Prepare general journal entries to record the following:

Oct. 15 Payment of federal tax deposit of FICA taxes and the federal income tax.

Oct. 31 Payment of state unemployment tax.

Oct. 31 Payment of federal unemployment tax.

Solutions

Expert Solution

Recording Amont deduction from Employee Salary and From Company.

Wages Expenses A/c Dr 5525.69

FICA Taxes Payable A/C Cr 2314.84

Employee Federal Income Tax Payable A/C Cr 3210.85

(For Employee contribution Deduction from Wages)

FICA Tax Expenses A/c Dr 2314.84

State Unemployment Tax Expense A/C dr 1183.40

Federal Unemployment Tax Epenses A/C Dr 575.32

FICA Payable Tax A/C Cr 2314.84

State Unemployment Tax Payable A/C Cr 1183.40

Federal Unemployment Tax Payable A/C Cr 575.32

(Employer Contributon towards Various Taxes)

Payment Entries

Oct.15

Federal Tax Payable A/C Dr 4629.68

(Employer and Employee Contribution 2314.84 each)

Cash A/C Cr 4629.68

(Payment Of Federal Tax)

Oct. 31

State Unemployment Tax Payable A/c Dr 1183.40

Cash A/C Cr 1183.40

(Cash Paid Towards State Unemployment Tax)

Oct. 31

Federal Unemployment Tax Payable A/c Dr 575.32

Cash A/c Cr 575.32

(Cash Paid Towards Federal Unemployment Tax)

ekkarill92 answered 1 year ago
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