Merger Co. has 10 employees, each of whom earns $1,950 per month and has been employed since January 1. FICA Social Security taxes are 6.2% of the first $128,400 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.6% 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 expenses.

Please refer to Explanation

Explanation:

March 31

DR Payroll Taxes Expenses

$2,661.75

CR FICA Social Security taxes (6.2% * 1,950 *10) $1,209

CR FICA Medicare taxes (1.45% *1,950 * 10) $282.75

CR FUTA taxes (0.6% * 1,950 * 10) $117

CR SUTA taxes ( 5.4% * 1,950 * 10) $1,053

(To record Employer Payroll Taxes for month of March)

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