Prepare journal entries as of January 12 to record the payroll and the payroll taxes for the week ending January 8. Credit Salaries Payable for the total net pay. a. Use the following tax rates and bases: employer's FICA--OASDI, 6.2% on the first $106,800; employer's FICA--HI, 1.45% on total earnings; FUTA, 0.8% on the first $7,000; and SUTA, 3.5% on the first $8,000. b. Prepare the journal entry to record the payment of the payroll on January 14 when the paychecks are distributed to the workers.
Total Payroll 4632.40
Employee Deductions: OASDI tax - 287.21, HI tax - 67.17, FIT - 112.00, SIT - 142.21, SUTA - 3.71, CIT - 138.97, SIMPLE - 440.00, Group Ins - 6.80, Health Ins - 16.50
Salary Net Pay - 3417.83
IS this correct for one of them?
Payroll Taxes 553.57
FICA Taxes Payable--OASDI 287.21
FICA Taxes Payable--HI 67.17
FUTA Taxes Payable 37.06
SUTA Taxes Payable 162.13