Monthly payroll with withholding and employer payroll taxes

Transaction

Monthly payroll: gross salaries $3,000.00, federal income tax withheld $360.00, employees’ FICA taxes $229.50, employer’s FICA taxes $229.50. The net pay is paid by check today; the taxes withheld and all FICA taxes will be paid next month.

Assumptions: Unemployment taxes (FUTA, SUTA) are ignored.