Question
18. Carmen Flores' weekly gross earnings for the week ending Dec. 7th were $2,500, and her federal income tax withholding was $525. Assuming the social
18. Carmen Flores' weekly gross earnings for the week ending Dec. 7th were $2,500, and her federal income tax withholding was $525. Assuming the social security rate is 6.2% and Medicare is 1.5% of all earnings. (12 points)
Question 1: What is Flores' net pay? Round your answer to two decimal places. (7 points, calculation procedure counts 5 points, filling the blank counts 2 points)
Net Pay =
Question 2: Please record the companys journal entry to record Carmen Flores weekly payroll on Dec 7th. (Note: this payroll was not paid to employee yet) (5 points)
Date | Account Name | Debit | Credit |
12/7 |
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