FICA Taxes Payable was credited for $27000 in the entry when Highlands Company recorded payroll. When Highlands Company records employer's payroll taxes FICA Taxes Payable should be credited for:

Question

Quizplus · Accepted Answer

FICA Taxes Payable should be credited for $27,000 again when recording the employer's portion of payroll taxes, as the employer matches the employee's contribution.

FICA Taxes Payable Was Credited for $27000 in the Entry