ABC pays its employees for work performed during the month. The total wage expense is $100,000. The Federal Income Tax R

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Abc Pays Its Employees For Work Performed During The Month The Total Wage Expense Is 100 000 The Federal Income Tax R 1 (38.34 KiB) Viewed 27 times

Abc Pays Its Employees For Work Performed During The Month The Total Wage Expense Is 100 000 The Federal Income Tax R 2 (49.5 KiB) Viewed 27 times

ABC pays its employees for work performed during the month. The total wage expense is $100,000. The Federal Income Tax Rate is 20%, the State Income Tax Rate is 5%, and the FICA Tax Rate is 6% (both the employer and the employee portion). What is the payroll entry ABC needs to make to record this event? Debit FICA Expense $6,000 Debit Wage Expense $100,000 Credit Cash $69.000 Credit FICA Payable $12,000 Credit Federal Taxes Payable $20,000 Credit State Taxes Payable $5,000 Debit FICA Expense $6,000 Debit Wage Expense $100,000 Credit Wages Payable $69,000 Credit FICA Payable $12.000 Credit Federal Taxes Payable $20,000 Credit State Taxes Payable $5,000 Debit Wage Expense $100,000 Credit Cash $69.000 $6,000 Credit FICA Payable Credit Federal Taxes Payable Credit State Taxes Payable 520,000 $5,000 Debit Payroll Expense $6,000 Debit Wage Expense $100.000
Credit Cash $69,000 Credit FICA Payable $12,000 Credit Federal Taxes Payable $20,000 Credit State Taxes Payable $5,000 O Debit FICA Expense $6,000 Debit Wage Expense $100,000 Credit Wages Payable $69,000 Credit FICA Payable $12,000 Credit Federal Taxes Payable $20,000 Credit State Taxes Payable $5,000 O Debit Wage Expense $100,000 Credit Cash $69,000 Credit FICA Payable $6,000 Credit Federal Taxes Payable $20,000 Credit State Taxes Payable $5,000 O Debit Payroll Expense $6,000 Debit Wage Expense $100,000 Credit Wages Payable $69.000 Credit FICA Payable $12,000 Credit Federal Taxes Payable $20,000 Credit State Taxes Payable $5,000