Answer :
Answer:
Dr. Wages Account with $7,500 (employee Wages Payable)
Cr. Federal Income Tax Payable on Employee Wage with $1,800
Cr. State Income Tax Payable on Employee Wage with $318
Cr. FICA Medicare Payable with $108.75 (1.45% on Taxable wage of $7,500)
Cr. FICA Social Security Payable with $465 (6.2% on Taxable wage of $7,500)
Cr. Bank/Cash/Wages Payable Account with $4,808.25 (Net Wage Payable to Employee)
Explanation:
Dr. Wages Account with $7,500 (employee Wages Payable)
Cr. Federal Income Tax Payable on Employee Wage with $1,800
Cr. State Income Tax Payable on Employee Wage with $318
Cr. FICA Medicare Payable with $108.75 (1.45% on Taxable wage of $7,500)
Cr. FICA Social Security Payable with $465 (6.2% on Taxable wage of $7,500)
Cr. Bank/Cash/Wages Payable Account with $4,808.25 (Net Wage Payable to Employee)
Answer:The answer is salaries payable $4,808.25
Explanation:
Journal entry will be
Dr: Salaries expense $7,500
Cr: Federal income tax witheld payable $1,800
Cr: State income tax witheld payable $318
Cr : FICA Medicare tax payable ($7,500 × 1.45%) $108.75
Cr: FICA social security payable ($7,500 × 6.2%) $465
Cr: Salaries payable ($7,500 - $1,800 - $318 -$108.75 - $465) $4,808.25
(Being journal entry to record the payroll for the month)