Problem - Recording Payroll and Payroll Taxes, Beamon Corporation had the following payroll for April:
Officer's salaries $34,000
Sales salaries $67,000
Federal income taxes withheld 19,000
FICA taxes withheld 7,500
Health insurance premiums withheld 1,800
Union dues withheld 1,200
Salaries (included above) subject to federal unemployment taxes 55,000
Salaries (included above) subject to state unemployment taxes 58,000
Required - Prepare journal entries on April 30 to record:
1. Accrual of the monthly payroll
2. Payment of the net payroll
3. Accrual of employerâs payroll taxes.(Assume that the FICA tax maths the amount withheld, the federal unemployment tax 0.6 percent, and the state unemployment tax is 5.4 percent.)
4. Payment of all liabilities related to this payroll. (Assume that all are settled at the same time)