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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:

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Answer:

Debit Salaries Expense $2,500

Credit FICA—Social Security Taxes Payable $155

Credit FICA—Medicare Taxes Payable $36.25

Cedit Employee Federal Income Taxes Payable $400,

Credit Employee State Income Taxes Payable $25

Credit Employee Medical Insurance Payable r $100

Credit Salaries Payable $1,783.75

Explanation:

Preparation of the January 15 journal entry for Lopez

January 15

Debit Salaries Expense $2,500

Credit FICA—Social Security Taxes Payable $155

(6.2%*$2,500)

Credit FICA—Medicare Taxes Payable $36.25

(1.45%*$2,500)

Cedit Employee Federal Income Taxes Payable $400,

Credit Employee State Income Taxes Payable $25

Credit Employee Medical Insurance Payable r $100

Credit Salaries Payable $1,783.75

($2,500-$155-$36.25-$25-$100)

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