Prepare a journal entry for payment of the withheld taxes

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Question: Paying withholding and payroll taxes A cash payments journal page is given in the Working Papers. Your instructor will guide you through the following examples. The following payroll data is for Digital Supplies for the monthly pay period ended March 31 of the current year

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Credit balances on March 31 for the unemployment tax accounts for the first quarter are as follows: Unemployment Tax Payable-Federal, $511.75; Unemployment Tax Payable-State, $3,454.34. Digital Supplies pays both unemployment taxes each quarter.

1. Prepare a journal entry for payment of the withheld taxes. Digital Supplies is a monthly schedule depositor. Journalize Check No. 383 on cash payments journal page 14 using the date the taxes are due to the federal government.

2. Prepare journal entries for payment of the federal and state unemployment taxes liability. Assume both checks were prepared on the due date for the federal tax deposit. Check Nos. 401 and 402.

Reference no: EM131537295

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