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25 July, 11:08

Toshlin issues financial statements on June 30. If payroll was $30,000 through June 30th and wages were to be paid on July 5. What is the correct journal entry on June 30? Assume FIT = 15%, FICA = 8%, SUTA = 6%, FUTA = 1%,

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  1. 25 July, 14:24
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    a. No entry is required.

    b. Payroll Dr. $30,000

    Wages Payable Cr. $30,000

    c. Payroll Dr. $30,000

    Federal Income Tax Cr. $4,500

    FICA Taxes Payable Cr. $2,400

    Wages Payable Cr. $23,100

    d. Payroll Dr. $30,000

    Federal Income Tax Cr. $4,500

    FICA Taxes Payable Cr. $2,400

    SUTA Cr. $1,800

    FUTA Cr. $300

    Wages Payable Cr. $21,000
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Home » Business » Toshlin issues financial statements on June 30. If payroll was $30,000 through June 30th and wages were to be paid on July 5. What is the correct journal entry on June 30? Assume FIT = 15%, FICA = 8%, SUTA = 6%, FUTA = 1%,
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