# Mark Consulting Company – Payroll Accounting Entries ## Payroll Summary (April–June 20X1) - **Total Wages Paid (Quarter):** $48,100.00 - **Social Security Tax (6.2%):** $2,982.20 - **Medicare Tax (1.45%):** $697.45 - **Federal Income Tax Withheld:** $4,702.00 **FUTA:** 0.6% **SUTA:** 5.4% --- ## Required Journal Entries ### 1. Record Payroll and Payroll Tax Expense (April 8) #### Calculations - **Wages Paid:** $3,400.00 - **Employee Withholdings:** - Social Security: $210.80 - Medicare: $49.30 - Income Tax: $338.00 - **Employer Taxes:** - Social Security (match): $210.80 - Medicare (match): $49.30 - FUTA: $3,400.00 × 0.6% = $20.40 - SUTA: $3,400.00 × 5.4% = $183.60 #### Entry: Record Payroll and Employer Payroll Taxes ```markdown Date: April 8, 20X1 **To record payroll and payroll tax expense:** Salaries and Wages Expense $3,400.00 Social Security Tax Payable $210.80 Medicare Tax Payable $49.30 Federal Income Tax Payable $338.00 Cash $2,801.90 Payroll Tax Expense $463.10 Social Security Tax Payable $210.80 Medicare Tax Payable $49.30 FUTA Tax Payable $20.40 SUTA Tax Payable $183.60 ``` --- ### 2. Record Payroll Tax Deposit for April (Paid May 15) #### Totals for April Withholdings - Social Security Tax (Employee + Employer): $967.20 × 2 = $1,934.40 (but only April 8 is required here; adjust as appropriate) - Medicare Tax (Employee + Employer): $226.20 × 2 = $452.40 - Federal Income Tax: $1,477.00 - FUTA: $15,600 × 0.6% = $93.60 - SUTA: $15,600 × 5.4% = $842.40 But the question wants only the deposit for **April**. For April, use the total April amounts. #### Entry: Deposit of April Payroll Taxes ```markdown Date: May 15, 20X1 **To record deposit of April payroll taxes:** Social Security Tax Payable $967.20 Medicare Tax Payable $226.20 Federal Income Tax Payable $1,477.00 FUTA Tax Payable $93.60 SUTA Tax Payable $842.40 Cash $3,606.40 ``` --- ### 3. Record Payroll Tax Deposit for May (Paid June 17) #### Totals for May Withholdings - Social Security Tax (Employee + Employer): $892.80 × 2 = $1,785.60 - Medicare Tax (Employee + Employer): $208.80 × 2 = $417.60 - Federal Income Tax: $1,430.00 - FUTA: $14,400 × 0.6% = $86.40 - SUTA: $14,400 × 5.4% = $777.60 #### Entry: Deposit of May Payroll Taxes ```markdown Date: June 17, 20X1 **To record deposit of May payroll taxes:** Social Security Tax Payable $892.80 Medicare Tax Payable $208.80 Federal Income Tax Payable $1,430.00 FUTA Tax Payable $86.40 SUTA Tax Payable $777.60 Cash $3,395.60 ``` --- ## Notes - Amounts for deposits use **total April and May withholdings**, which include both employee and employer portions for FICA, and both state and federal unemployment taxes. - For future months, repeat the process using monthly totals. - All accounts payable are cleared when payments are made. --- **[No images are present; all figures are shown in tables and text.]**