If a company's accounting records show total social security withholdings of $124, total Medicare withholdings of $29.00, and federal income tax withholdings of $147.00. The entry to record the tax deposit will include: payroll taxes expense.
Based on the information given the appropriate journal entry to record this transaction is:
Debit payroll taxes expense $300
($124 +$29 +$147)
Credit total social security withholdings $124
Credit total Medicare withholdings $29
Credit federal income tax withholdings of $147
(To record payroll taxes expense)
Therefore record the tax deposit will include payroll taxes expense.
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