Answer:
1. <em>Journal Entry</em>
Date Account Titles and Explanation Debit Credit
March Salary and Wage Expenses $200,000
2011 Liability for income tax withheld - $40,000
Employee
Liability for insurance premium $1,000
withheld - employee
FICA taxes payable - Employees $15,000
Cash $144,000
(Payroll for February including employee deductions)
2. <em>Journal Entry</em>
Date Account Titles and Explanation Debit Credit
March Payroll tax expenses $15,000
2011 FICA taxes payable - Employer $15,000
(Employer Payroll taxes on February payroll)
3. <em>Journal Entry</em>
Date Account Titles and Explanation Debit Credit
March Liability for income tax withheld $40,000
2011 - Employee
Liability for insurance premium $1,000
withheld - employee
FICA taxes payable - Employees $15,000
FICA taxes payable - Employers $15,000
Cash $71,000
(Remittance of payroll taxes and deduction for February payroll)
