In January, gross earnings in Alexi Company were $60,000. All earnings are subject to 8% FICA taxes.

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In January, gross earnings in Alexi Company were $60,000. All earnings are subject to 8% FICA taxes. Federal income tax withheld was $14,000, and state income tax withheld was $1,600.

(a) Calculate net pay for January, and

(b) Record the payroll.

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Accounting Principles

ISBN: 978-0470533475

9th Edition

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

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Question Posted: Sep 13, 2011 08:37 AM

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In January, gross earnings in Alexi Company were $60,000. All earnings are subject to 8% FICA taxes.

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a Net pay 60000 8 X 60000 14000 1600 Net pay ...View the full answer

Accounting Principles

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