Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

AZT Company has one employee. She has earned $5,778 through March 15th. She will be paid $1,364 on the current pay period ending March 31st.

AZT Company has one employee. She has earned $5,778 through March 15th. She will be paid $1,364 on the current pay period ending March 31st. FICA Social Security taxes are 6.2% of the first $118,500 of wages and FICA Medicare taxes are 1.45% of wages. FUTA taxes are 0.6% of the first $7,000 of wages and SUTA taxes are 5.4% of the first $7,000 of wages. The employee will have $204.60 withheld for Federal income taxes and $68.20 for State income taxes for this pay period. What journal entry should AZT Company prepare to record the Employee's pay and payroll taxes withheld from the employee on March 31st. The employee will not actually receive her pay for the March 31st payroll until the following Friday, April 8th. (Round your answers to the nearest whole cent.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cost Accounting A Managerial Emphasis

Authors: Srikant M. Datar, Madhav V. Rajan, Charles T. Horngren, Louis Beaubien, Chris Graham

7th Canadian Edition

133138445, 978-0133926330, 133926338, 978-0133138443

More Books

Students also viewed these Accounting questions

Question

Identify five categories of costs associated with goods for sale

Answered: 1 week ago