October 30, 2016 admin

FICA Taxes Withheld and Payable

Liabilities and Net Worth

FICA TAXES WITHHELD & PAYABLE LIABILITY ACCOUNT
2140

ACCOUNT EXPLANATION
Amount due the U.S. Government under the Federal Insurance Contributions Act (Social Security), consisting of the employees’ portion which is withheld from their earnings, and the employeer’s portion which is accrued monthly.
TRANSACTIONS
  Jrnl. Dr. Cr.
  FICA Tax withheld from employees’ earnings PR
    Accrued Payroll 2410
      FICA Taxes Withheld & Payable 2140
             
  Monthly accrual of employer’s portion of FICA tax SE
    Payroll Taxes 8100
      FICA Taxes Withheld & Payable 2140
             
  Payment of FICA tax withheld and accrued CD
    FICA Taxes Withheld & Payable 2140
      Cash in Bank—General 1001
COMMENTS
  • Any balance remaining in this account at month end should be reconciled to the supporting information.
  • Deductions and remittances should be in conformity with FICA regulations.