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Gross wages at the Timberwolf Company are $100,000. The Social Security tax rate is 6.0% The Medicare tax rate is 1.5% Amount withheld from employee
Gross wages at the Timberwolf Company are $100,000.
The Social Security tax rate is 6.0%
The Medicare tax rate is 1.5%
Amount withheld from employee paychecks for the United Way, a charitable organization, is $2,000.
Amount withheld from employee paychecks for retirement savings is $4,000.
Make the journal entry (debit and credits) for recording the payroll.
please show your work, thank you
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