Day 41 (CA)

GOAL: Before you leave class today you will:

  1. Journalize the entry for the deposit of employees’ federal income taxes withheld and FICA taxes (both employees’ withheld and employer’s share) and prepare the deposit.
  2. Journalize the entries for the payment of employer’s state and federal unemployment taxes.

REVIEW:

  1. In the payroll register, what is the dollar amount is used to calculate an employer’s state unemployment tax/federal unemployment tax?
  2. In the payroll register, what dollar amount is used to calculate social security tax?
  3. In the payroll register, what dollar amount is used to calculate Medicare tax?
  4. How is FICA calculated?

Chapter 8

  1. Log in to cengagenow
  2. Click Study Tools
  3. Click Adaptive Study Plans
  4. Next to Chapter 8 – Employer Taxes, Payments, and Reports click Resume Studying
  5. Under Objectives & Study Materials click 2. Journalize the entry for the deposit of employees’ federal income taxes withheld and FICA taxes (both employees’ withheld and employer’s share) and prepare the deposit.
  6. Under Study Materials click eBook – 8.2: Payments of Fica Taxes and Employees’ Federal Income Tax Withholding & eBook – 8.3: Payments of State Unemployment Tax follow along while watching this video
  7. WATCH: Show Me How: Journalize the entry for the deposit of employees’ federal income taxes withheld and FICA taxes (both employees’ withheld and employer’s share) and prepare the deposit.
  8. DO–SHOW ME AS YOU FINISH EACH ONE:
    1. Practice!–this one is glitchy. Even though you are doing corrrectly, Cengage may still show it as INCORRECT. Just move on if you know you are doing correctly. This might help you to know if you are doing it correctly (also use page 326 in your book):
      1. Employee’s Federal Income Tax Payable is the sum of the Employees Federal Income Tax column–the tax collected during the month
      2. FICA Social Security Tax Payable is sum of the EmployER’s tax amount AND the EmployEE’s tax amount
      3. FICA Medicare Tax Payable is the sum of the Employee’s Medicare Tax column times 2 because the EMPLOYER must match the EMPLOYEE
      4. Cash CREDIT is the sum of the Payable accounts DEBITS (you are PAYING the CASH  you owe (the taxes) to the Federal Government)
    2. Practice!
    3. Practice!
  9. WATCH: Show Me How: Journalize the entries for the payment of employer’s state and federal unemployment taxes.
  10. DO–SHOW ME AS YOU FINISH EACH ONE:
    1. Practice!
  11. Open the CHAPTER 8 WORKING PAPERS and complete the following. Print each one:
    1. Exercise 8-5 pages 353 to 354
    2. Exercise 8-6 page 354
    3. Exercise 8-7 page 354