On January 21, the column totals of the payroll register for Regal Distributors showed that its sales
Question:
On January 21, the column totals of the payroll register for Regal Distributors showed that its sales employees had earned $13,620, its driver employees had earned $8,460, and its office employees had earned $6,220. Social Security taxes were withheld at an assumed rate of 6.2 percent, and Medicare taxes were withheld at an assumed rate of 1.45 percent. Other deductions con¬
sisted of federal income tax, $3,113; medical insurance, $1,472; union dues,
$374. Determine the amount of Social Security and Medicare taxes withheld, and record the general journal entry for the payroll, crediting Salaries Payable for the net pay. All earnings were taxable.
P.O. 3,4 Determine FICA withholdings and journalize payroll entry.
Step by Step Answer:
College Accounting Chapters 1-26
ISBN: 9780395796993
6th Edition
Authors: Douglas J. McQuaig, Patricia A. Bille