At the end of November 202 X , the total amount of Social Security, , and Medicare, , was withheld as tax deductions from the employees of Rapid Waters, Inc.
Federal income tax of was also deducted from their paychecks. Rapid Waters is classified as a monthly depositor of Form 941 taxes. Indicate when this payroll ta
deposit is due and provide a general journal entry to record the payment.
Since Rapid Waters Inc. is a monthly depositor, its deposits will be due
10 days after November ends
15 days after November ends
30 days after November ends
next quarter

Ask by Summers Huff. in the United States

Mar 27,2025

Question

At the end of November 202 X , the total amount of Social Security, , and Medicare, , was withheld as tax deductions from the employees of Rapid Waters, Inc.
Federal income tax of was also deducted from their paychecks. Rapid Waters is classified as a monthly depositor of Form 941 taxes. Indicate when this payroll ta
deposit is due and provide a general journal entry to record the payment.
Since Rapid Waters Inc. is a monthly depositor, its deposits will be due
10 days after November ends
15 days after November ends
30 days after November ends
next quarter

Ask by Summers Huff. in the United States

Mar 27,2025

UpStudy AI · Accepted Answer

**Due Date for Deposit**

Since Rapid Waters, Inc. is a monthly depositor, its payroll tax deposit is due on the 15th day of the month following the month in which the taxes were withheld. For November, the deposit is due on December 15, 202X.

**General Journal Entry**

The total amount withheld is:
  
$$
490 + 275 + 2980 = 3745
$$

To record the payment of this payroll tax liability, the journal entry is:

- Debit Social Security Tax Payable $$ \$490 $$
- Debit Medicare Tax Payable $$ \$275 $$
- Debit Federal Income Tax Payable $$ \$2980 $$
- Credit Cash $$ \$3745 $$

In journal entry format:

$$
\begin{array}{rcl}
\text{Social Security Tax Payable} & \quad \text{Debit} & \quad \$490 \
\text{Medicare Tax Payable} & \quad \text{Debit} & \quad \$275 \
\text{Federal Income Tax Payable} & \quad \text{Debit} & \quad \$2980 \
\text{Cash} & \quad \text{Credit} & \quad \$3745 \
\end{array}
$$
**Due Date for Deposit** Rapid Waters, Inc. must deposit the payroll taxes by December 15, 202X. **General Journal Entry** To record the payment: - Debit Social Security Tax Payable $$ \$490 $$ - Debit Medicare Tax Payable $$ \$275 $$ - Debit Federal Income Tax Payable $$ \$2980 $$ - Credit Cash $$ \$3745 $$ Journal Entry: $$ \begin{array}{rcl} \text{Social Security Tax Payable} & \quad \text{Debit} & \quad \$490 \ \text{Medicare Tax Payable} & \quad \text{Debit} & \quad \$275 \ \text{Federal Income Tax Payable} & \quad \text{Debit} & \quad \$2980 \ \text{Cash} & \quad \text{Credit} & \quad \$3745 \ \end{array} $$

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