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Employee Chris Martin worked 40 hours for the current week ended July 8th, 2011. His wage rate is $40 per hour. Thus, his gross wages
Employee Chris Martin worked 40 hours for the current week ended July 8th, 2011. His wage rate is $40 per hour. Thus, his gross wages were $1,600 (40 hr x $40/hr). The following withholdings were made: $300 for federal income taxes, $200 for state income taxes, and $50 for union dues. In addition, 6.2% was withheld for Social Security and 1.45% was withheld for Medicare. Record the payroll entry to record the accrual and payment of wages for this employee. journal entry Accounts Debits Credits [ Select ] [ Select ] [ Select ] [ Select] [ Select ] [ Select ] [ Select ] [Select ] [ Select ] [ Select ] Select ] [ Select ] [ Select ] [ Select ] Using the information from question #3 above, record the payroll expenses that the employer must record in addition to the entry above. FUTA is .6% and SUTA is 5.4% of gross pay (the employee has not reached the $7,000 threshold yet). journal entry Debits Accounts Credits [ Select] [ Select] [ Select] [ Select) [ Select ] [ Select] [ Select ] [Select ] [ Select ] [ Select ]
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