Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Dixon Sales has seven sales employees that receive weekly paychecks. Each earns $13.00 per hour and each has worked 40 hours in the pay period.

image text in transcribed

Dixon Sales has seven sales employees that receive weekly paychecks. Each earns $13.00 per hour and each has worked 40 hours in the pay period. Each employee pays 12% of gross in federal income tax, 3% of gross in state income tax, 6% of gross in Social Security tax, 1.5% of gross in Medicare tax, and 0.5% of gross in state disability insurance. Journalize the recognition of the pay period ending January 19 which will be paid to the employees January 26. If an amount box does not require an entry, leave it blank. Present your answers to the nearest cent. Jan. 19

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_2

Step: 3

blur-text-image_3

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

Acca Paper 3.1 Audit And Assurance

Authors: N/a

1st Edition

075172680X, 978-0751726800

More Books

Students also viewed these Accounting questions