Accounting homework question
I am not sure how to proceed with this transaction I am journalizing in special journals.
Check issued for $4,856.76 to bank. A federal despiser was made for the payroll period. Remember your company separates FICA into social security tax payable and Medicare tax payable. The deposit breaks down like this:
Social security withholdings:$993.79
Medicare withholdings:$232.42
Federal income tax withholdings: $2,404.34
Employers contribution to social security:$993.79
Employers contribution to Medicare:$232.42
Price
$ 5.00