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Ife Express has 4 employees, who earned a total of $25,000 for the month of July. Each employees wages are subject to FICA social security
Ife Express has 4 employees, who earned a total of $25,000 for the month of July. Each employees wages are subject to FICA social security taxes of 6.2% and Medicare taxes of 1.45% on all wages. Withholdings also include federal income tax of $800 for each employee and monthly medical insurance premiums of $110 for each employee. Prepare the general journal entry to accrue the monthly sales salaries expense at July 31.
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