If any math is done, please tell me how you did it so I can understand. Thank you! Please Do not Give image format After Beam Corporation paid its employees on July 15 and recorded the corporation's share of payroll taxes for the payroll paid thatdate, the firm's general ledger showed a balance of $19,900 in the Social Security Tax Payable account, a balance of $4,206 in theMedicare Tax Payable account, and a balance of $18,460 in the Employee Income Tax Payable account. On July 16, the businessissued a check to deposit the taxes owed in the First Texas Bank. Record this transaction in general journal form.View transaction listJournal entry worksheet1Record entry for depositing payroll taxes.Note: Enter debits before credits.DateJuly 16CashGeneral JournalGeneral Journal Column Options:Employee income tax payableFederal unemployment tax payableInterest expenseInterest payableMedicare tax payableNotes payableOffice salaries expensePayroll taxes expensePetty cashDebitCreditPrepaid expensesPrepaid worker's compensation insuranceRent expenseSalaries expenseSalaries payableSales salaries expenseSales tax payableSocial security tax payableState unemployment tax payableUtilities expenseWorkers' compensation insurance expenseWorkers' compensation insurance payable At the end of the weekly payroll period on June 30, the payroll register of Concord Consultants showed employee earnings of$71,600. Determine the firm's payroll taxes for the period. Use a social security rate of 6.2 percent, Medicare rate of 1.45 percent, FUTArate of 0.6 percent, and SUTA rate of 5.4 percent. Consider all earnings subject to social security tax and Medicare tax and $41,256subject to FUTA and SUTA taxes. (Round your answers to 2 decimal places.)TaxBaseRateAmountSocial securityMedicareFUTASUTATotal%%%%69$0.00

Journal entry is the first stage of accounting process. Journal entry used to record business…

After Beam Corporation paid its employees on July 15 and recorded the corporation's share of payroll taxes for the payroll paid the date, the firm's general ledger showed a balance of $19,900 in the Social Security Tax Payable account, a balance of $4,206 in th Medicare Tax Payable account, and a balance of $18,460 in the Employee Income Tax Payable account. On July 16, the business issued a check to deposit the taxes owed in the First Texas Bank. Record this transaction in general journal form.

After Beam Corporation paid its employees on July 15 and recorded the corporation's share of payroll taxes for the payroll paid the date, the firm's general ledger showed a balance of $19,900 in the Social Security Tax Payable account, a balance of $4,206 in th Medicare Tax Payable account, and a balance of $18,460 in the Employee Income Tax Payable account. On July 16, the business issued a check to deposit the taxes owed in the First Texas Bank. Record this transaction in general journal form.

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter8: Employer Taxes, Payments, And Reports

Section: Chapter Questions

Problem 4PA

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