Question

Swifty Corporation’s weekly payroll of $22,000 included FICA taxes withheld of $1,683, federal taxes withheld of $2,940, state taxes withheld of $840, and insurance premiums withheld of $230. Prepare the journal entry to record Swifty’s payroll. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Answer 1

Date Account Titles and Explanation Debit Credit

Salaries Wages expense $22,000

Cash $16,307

Withholding taxes payable (2940+840) $3,780

FICA taxes payable $1,683

Insurance premiums payable $230

(To record Swifty’s payroll)