Acme Company has a January 15 mid-month gross salaries expense of $25,000. All is subject to FICA Social Security (6.2%), FICA Medicare (1.45%), state income tax (5%) and federal income tax (15%) withholdings. Additionally, all is subject to employer taxes to include FUTA (0.8%) and SUTA (5.4%) taxes. a. What is the general journal entry to record the employer’s payroll liability. b. What is the general journal entry to record the employer’s payroll-tax liability. What is the the general journal entry to liquidate the liabilities accrued in parts (a) and (b) on January 22.
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Acme Company has a January 15 mid-month gross salaries expense of $25,000. All is subject to FICA Social Security (6.2%), FICA Medicare (1.
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