A payroll summary for Mark Consulting Company owned by Mark

A payroll summary for Mark Consulting Company, owned by Mark Fronke, for the quarter ending June 30, 2016. The firm made the required tax deposits as follows: a. For April taxes, paid on May 15. b. For May taxes, paid on June 17. Date Wages Paid Total Earnings Social Security Tax Deducted Medicare Tax Deducted Income Tax Withheld April 8 $ 2,252.00 $ 139.62 $ 32.65 $ 223.00 15 2,340.00 145.08 33.93 230.00 22 2,252.00 139.62 32.65 223.00 29 2,296.00 142.35 33.29 227.00 $ 9,140.00 $ 566.67 $ 132.52 $ 903.00 May 5 $ 2,208.00 $ 136.90 $ 32.02 $ 219.00 12 2,252.00 139.62 32.65 223.00 19 2,252.00 139.62 32.65 223.00 26 2,296.00 142.35 33.29 227.00 $ 9,008.00 $ 558.49 $ 130.61 $ 892.00 June 2 $ 2,340.00 $ 145.08 $ 33.93 $ 230.00 9 2,252.00 139.62 32.65 223.00 16 2,296.00 142.35 33.29 227.00 23 2,252.00 139.62 32.65 223.00 30 2,208.00 136.90 32.02 219.00 $ 11,348.00 $ 703.57 $ 164.54 $ 1,122.00 Total $ 29,496.00 $ 1,828.73 $ 427.67 $ 2,917.00 1. Using the tax rates given below, and assuming that all earnings are taxable, make the general journal entry on April 8, 2016, to record the employer’s payroll tax expense on the payroll ending that date. (Round your answers to 2 decimal places.) Social security 6.2 percent Medicare 1.45 FUTA 0.6 SUTA 5.4

A- Record payroll tax expense

. B-2. Prepare the entries in general journal form to record deposit of the employee income tax withheld and the social security and Medicare taxes (employee and employer shares) on May 15 for April taxes and on June 17 for May taxes. (Round your answers to 2 decimal places.)

Solution

A.