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i would really appreciate if someone could help me asap! Problem VIII The following information is obtained concerning the weekly payroll of AB Corporation which
i would really appreciate if someone could help me asap! Problem VIII The following information is obtained concerning the weekly payroll of AB Corporation which has two employees, Anderson and Buckingham. Anderson Buckingham Year-to-date pay $137,000 $9,500 Hourly wage rate $120 $20. Hours worked 60 30 Federal Withholding Taxes $940 $50 Medical Insurance Premiums $540 $70 Union Dues $100 $10 401 (k) Contribution Percentage 5% 5% Additional Data: 1) Social Security is taxed at 6% of the first $140,000 of annual wages. 2) Medicare is taxed at 1.5% of all wages. 3) State Unemployment Insurance is taxed at 5% of the first $10,000 of annual wages. 4) Federal Unemployment Insurance is taxed at 1% of the first $10,000 of annual wages. 5) AB Corporation matches 100% of all 401 (k) employee contributions. Required: Prepare the necessary journal entries relating to the weekly payroll for the AB Corporation
i would really appreciate if someone could help me asap!
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