29. Avitar Company ran Payroll on 4-30-19. On that date the column totals in its Payroll Register show that employees earned $100,000. FICA was $6,200 and, Medicare Taxes were $1,450. Federal Income Taxes withheld from employees totaled $20,000 and NJ State Taxes totaled $3,000. Employees contribute to their Healthcare Plan cost, as well as to their Pension Plan and the withholdings for these plans were 5% and 2% of total payroll respectively. Please prepare the journal entry to record payroll expenses and liabilities.

                                   Journal entry for payment

Date        Accounts Title and Explanation       Debit           Credit

4-30-19   Gross Salaries and Wages           $100,000

                     FICA Social Security taxes                                  $6,200

                     FICA Medicare                                                      $1,450  

                     Federal income taxes / Income Tax Payable     $20,000  

                     State income tax withholding                              $3,000

                     Employee medical insurance payable/portion  $5,000

                     of insurance premiums (100000 *5%)

                     Employee Pension Plan payable (100000 *2%) $2,000

                     Salaries and Wages Payable (Balance figure)   $ 62,350

               (To record payroll)

              Employer payroll tax expenses journal entry

Date        Accounts Title and Explanation       Debit           Credit

4-30-19  Employer Taxes expense                   $13,650

                     FICA Social Security taxes payable                 $6,200

                     FICA Medicare payable                                    $1,450

                     FUTA payable (100000*0.6%)                           $600

                     SUTA payable (100000*5.4%)                            $5,400

              (Being Employer's Payroll tax expenses)

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