B. A debit to Salaries Expense for $2,500, a credit to FICA—Social Security Taxes Payable for $155, a credit to FICA—Medicare Taxes Payable for $36.25, a credit to Employee Federal Income Taxes Payable for $400, a credit to Employee State Income Taxes Payable for $25, a credit to Employee Medical Insurance Payable for $100, and a credit to Salaries Payable for $1,783.75.
Lopez Company has a single employee, who earns a salary of $60,000 per year. That employee is paid on the 15th and last day of each month. On January 15, based, in part, on the information set forth in the accounting records, the following must be withheld from the employee's pay: FICA—Social Security Taxes (at 6.2%), FICA—Medicare Taxes (at 1.45%), Employee Federal Income Taxes (in the amount of $400), Employee State Income Taxes (in the amount of $25), and Employee Medical Insurance (in the amount of $100). (The employee's paycheck has not yet been prepared.)
Entries to prepare the January 15 journal entry for Lopez would include:
a. A credit to Salaries Expense for $2,500, a debit to FICA—Social Security Taxes Payable for $155, a debit to FICA—Medicare Taxes Payable for $36.25, a credit to Employee Federal Income Taxes Payable for $400, a debit to Employee State Income Taxes Payable for $25, a debit to Employee Medical Insurance Payable for $100, and a debit to Salaries Payable for $1,783.75.
b. A debit to Salaries Expense for $2,500, a credit to FICA—Social Security Taxes Payable for $155, a credit to FICA—Medicare Taxes Payable for $36.25, a credit to Employee Federal Income Taxes Payable for $400, a credit to Employee State Income Taxes Payable for $25, a credit to Employee Medical Insurance Payable for $100, and a credit to Salaries Payable for $1,783.75.
c. A debit to Salaries Expense for $60,000, a credit to FICA—Social Security Taxes Payable for $3,720, a credit to FICA—Medicare Taxes Payable for $870, a credit to Employee Federal Income Taxes Payable for $400, a credit to Employee State Income Taxes Payable for $25, a credit to Employee Medical Insurance Payable for $100, and a credit to Salaries Payable for $5,115.
d. A credit to Salaries Expense for $60,000, a debit to FICA—Social Security Taxes Payable for $3,720, a debit to FICA—Medicare Taxes Payable for $870, a debit to Employee Federal Income Taxes Payable for $400, a debit to Employee State Income Taxes Payable for $25, a debit to Employee Medical Insurance Payable for $100, and a debit to Salaries Payable for $5,115.
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