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Below is payroll information from a company's payroll register. A.) Journalize Payroll B.) journalize payroll tax expense assuming the company has $10,000 of wages subject
Below is payroll information from a company's payroll register. A.) Journalize Payroll B.) journalize payroll tax expense assuming the company has $10,000 of wages subject to one percent (1%) FUTA and 5%SUTA tax rates.
$ 40,000 Gross salaries Employee Deductions Federal income tax withheld Social Security tax withheld Medicare tax withheld Retirement Contributions $ 10,000 $ 2,400 600 $ 3,400 a. Journalize the payroll: (6.5 points) Credit Debit Description/Account Illustrate how the above entry will affect the accounting equation (amounts and direction): Assets Liabilities Owner's Equity b. Journalize payroll tax expense assuming the company has $10,000 of wages subject to 1% FUTA and 5% SUTA tax rates: (7.75 points) Description/Account Debit Credit Illustrate how the above entry will affect the accounting equation (amounts and direction): Assets Liabilities Owner's Equit Step by Step Solution
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