A company has 90 employees and a weekly payroll of $117,000. The FICA-social security tax withheld totals $7,254 and the FICA-Medicare tax withheld totals $1,696.50. The total withholding for federal income tax is $16,500. Prepare the journal entry to accrue this week's salaries expense and withholdings.
What will be an ideal response?
| Salaries Expense | 117,000.00 | ? |
| ICA-Social Security Taxes Payable | ? | 7,254.00 |
| FICA-Medicare Taxes Payable ……………… | ? | 1,696.50 |
| Employee's Federal Income Taxes Payable…… | ? | 16,500.00 |
| Salaries Payable……………………………… | ? | 91,549.50 |
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