Chakra Shop is making its weekly payroll journal entry. They debit Wages Expense for $5,123 (all wages
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Question:
Chakra Shop is making its weekly payroll journal entry. They debit Wages Expense for $5,123 (all wages are susceptible to FICA and FIT - the only taxes/withholdings for their payroll). Employees FIT Payable account = $480. What is the credit to cash to record the payment of wages and associated liabilities for withholdings:
a.$4,251.09.
b.$4,731.09.
c.$5,123.00.
d.$4,643.00.
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