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Unformatted text preview: earns $3,000 per month and has been employed since January 1. FICA Social Security taxes are 6.2% of the first $102,000 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.8% and SUTA taxes are 5.4% of the first $7,000 paid to each employee. Prepare the March 31 journal entry to record the March payroll taxes expense. (Round your answers to 2 decimal places. Omit the "$" sign in your response.) Date General Journal Mar. 31 Payroll Taxes Expense FICA-Medicare Taxes Payable FICA-Social Security Taxes Payable...
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- Spring '10
- payroll taxes, Federal Insurance Contributions Act tax, FUTA