Question

A payroll summary for Mark Consulting Company, owned by Mark Fronke, for the quarter ending June 30, 2019, appears below. The firm made the required tax deposits as follows

1. For April taxes, paid on May 15.
2. For May taxes, paid on June 17.
   

Date Wages Paid			Total Earnings			Social Security Tax Deducted			Medicare Tax Deducted			Income Tax Withheld
April	8		$	2,372.00		$	147.06		$	34.39		$	235.00
	15			2,460.00			152.52			35.67			242.00
	22			2,372.00			147.06			34.39			235.00
	29			2,416.00			149.79			35.03			239.00
			$	9,620.00		$	596.43		$	139.48		$	951.00
May	5		$	2,328.00		$	144.34		$	33.76		$	231.00
	12			2,372.00			147.06			34.39			235.00
	19			2,372.00			147.06			34.39			235.00
	26			2,416.00			149.79			35.03			239.00
			$	9,488.00		$	588.25		$	137.57		$	940.00
June	2		$	2,460.00		$	152.52		$	35.67		$	242.00
	9			2,372.00			147.06			34.39			235.00
	16			2,416.00			149.79			35.03			239.00
	23			2,372.00			147.06			34.39			235.00
	30			2,328.00			144.34			33.76			231.00
			$	11,948.00		$	740.77		$	173.24		$	1,182.00
Total			$	31,056.00		$	1,925.45		$	450.29		$	3,073.00

Social security	6.2	percent
Medicare	1.45
FUTA	0.6
SUTA	5.4

Required:

1. Using the tax rates given above, and assuming that all earnings are taxable, make the general journal entry on April 8, 2019, to record the employer’s payroll tax expense on the payroll ending that date.
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.

Answer 1

Answer 1:

Answer 2:

For April Month:

Employee Employer's share Total

Social Security Tax   596.43   596.43 $1192.86

Medicare 139.48 139.48 $278.96

For May Month:

Employee Employer's share Total

Social Security Tax 588.25 588.25 $1176.50

Medicare 137.57 137.57 $275.14