Question
An employee receives an hourly rate of $15, with time and a half for all hours worked in excess of 40 during the week. Payroll
An employee receives an hourly rate of $15, with time and a half for all hours worked in excess of 40 during the week. Payroll data for the current week are as follows: hours worked, 46; federal income tax withheld, $120; all earnings are subject to social security tax; Social security tax rate, 6%; and Medicare tax rate, 1.5%; state unemployment compensation tax, 3.4% on the first $7,000; federal unemployment compensation tax, 0.8% on the first $7,000. Prepare the journal entries to record the salaries expense and the employer payroll tax expense. If required, round your answers to the nearest cent.
Prepare the journal entry to record the salaries expense. If required, round your answers to two decimal places. If an amount box does not require an entry, leave it blank or enter "0".
Employees Federal Income Tax Payable Sta ple Cash Employees Federal Income Tax Payable Medicare Taxes Payable Salaries Payable Ca pare Salary Expense pa does not require an entry leave it ban or ent Employees Federal Income Tax Payable State Unemployment Comp. Taxes Payable Hull Cash Ca Payroll Tax Expense Salary Expense Social Security Taxes Payable roll tax expense. If require x do State Unemployment Comp. Taxes Payable "0". epare State Unemployment Comp. Taxes Payable Cash Medicare Taxes Payable Salary Expense mployer payroll tax expense. If required, ro State Unemployment Comp. Taxes Expense nk or enter "0". State Unemployment Comp. Taxes Payable Employees Federal Income Tax Payable State Unemployment Comp. Taxes Payable Cash Federal Unemployment Comp. Taxes Expense ployer payroll tax expense. If required, ro Federal Unemployment Comp. Taxes Payable K or enter "0". Employees Federal Income Tax Payable Payroll Tax Expense Cash Cash ployer payroll tax expense. If required, Federal Unemployment Comp. Taxes Payable k or enter "0". Payroll Tax Expense Salaries Payable State Unemployment Comp. Taxes Payable Cash Federal Unemployment Comp. Taxes Payable Medicare Taxes Payable Payroll Tax Expense ployer Social Security Taxes Payable k or e 111 11 Cash Payroll Tax Expense Salary Expense cord the emplo Social Security Taxes Expense leave it blank Social Security Taxes Payable 1111 Cash Medicare Taxes Expense record the employer Medicare Taxes Payable try, leave it blank or e Payroll Tax Expense Sales llui 11111 Cash mploye Salary Expense Ink or Salaries Payable State Unemployment Comp. Taxes Expense State Unemployment Comp. Taxes Payable bold Cash k Federal Unemployment Comp. Taxes Expense Federal Unemployment Comp. Taxes Payable Payroll Tax Expense Salary Expense
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started