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Journalize Payroll Tax The payroll register of Chen Engineering Co. indicates $2,916 of social security withheld and $729.00 of Medicare tax withheld on total salaries
Journalize Payroll Tax The payroll register of Chen Engineering Co. indicates $2,916 of social security withheld and $729.00 of Medicare tax withheld on total salaries of $48,600 for the period. Earnings of $14,100 are subject to state and federal unemployment compensation taxes at the federal rate of 0.6% and the state rate of 5.4%. Provide the journal entry to record the payroll tax expense for the period. If an amount box does not require an entry, leave it blank. Round to two decimal places. Salaries Expense Federal Income Tax Withholding Bob Dunn's weekly gross earnings for the present week were $2,450. Dunn has four exemptions. Using the wage bracket withholding table in Exhibit 2 with a $75 standard withholding allowance for each exemption, what is Dunn's federal income tax withholding? Round your answer to two decimal places.. $ 302.95 Proceeds from Notes Payable On May 15, Maynard Co. borrowed cash from Texas Bank by issuing a 60-day note with a face amount of $52,800. Assume a 360-day year. Required: a. Determine the proceeds of the note, assuming the note carries an interest rate of 7%. $ 52,800 b. Determine the proceeds of the note, assuming the note is discounted at 7%. $ 52,184
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