The following data were provided by the detailed payroll records of Mountain Corporation for the last week of March 2017, which will not be paid until April 5, 2017: FICA taxes at a 7.65% rate (no employee had reached the maximum).
Required:
A.Prepare the March 31, 2017 journal entry to record the payroll and the related employee deductions.
B.Prepare the March 31, 2017 journal entry to record the employer's FICA payroll tax expense.
C.Calculate the total payroll-related liabilities at March 31, 2017 using the results of requirements (A) and (

Question

The following data were provided by the detailed payroll records of Mountain Corporation for the last week of March 2017, which will not be paid until April 5, 2017:  FICA taxes at a 7.65% rate (no employee had reached the maximum).
Required: 
A.Prepare the March 31, 2017 journal entry to record the payroll and the related employee deductions.
B.Prepare the March 31, 2017 journal entry to record the employer's FICA payroll tax expense.
C.Calculate the total payroll-related liabilities at March 31, 2017 using the results of requirements (A) and (

Quizplus · Accepted Answer

The Answer of The following data were provided by the detailed payroll records of Mountain Corporation for the last week of March 2017, which will not be paid until April 5, 2017:  FICA taxes at a 7.65% rate (no employee had reached the maximum).
Required: 
A.Prepare the March 31, 2017 journal entry to record the payroll and the related employee deductions.
B.Prepare the March 31, 2017 journal entry to record the employer's FICA payroll tax expense.
C.Calculate the total payroll-related liabilities at March 31, 2017 using the results of requirements (A) and (

The Following Data Were Provided by the Detailed Payroll Records