Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

lomework: Chapter 11 Problems core: 0 of 6 pts 1 of 2 (1 complete) 11-26A (similar to) Len Wilson is general manager of National Salons.

image text in transcribed
image text in transcribed
lomework: Chapter 11 Problems core: 0 of 6 pts 1 of 2 (1 complete) 11-26A (similar to) Len Wilson is general manager of National Salons. During 2018, Wilson worked for the company all year at National incurred a $14,700 monthly salary. He also earned a year-end bonus equal to 10% of his annual salary. Wilson's tax and federal une federal income tax withheld during 2018 was $1,323 per month, plus $2,646 on his bonus check. State (Click the icon income tax withhold came to $110 per month, plus $90 on the bonus. FICA tax was withhold on the annual camnings. Wilson authorized the following payroll deductions: Charity Fund contribution of 4% of total Read the requirem eamings and life insurance of $10 per month Requirement 1. Compute Wilson's gross pay, payroll deductions, and not pay for the full year 2018. Round all amounts to the near Begin by computing Wilson's gross pay for the year. (Round all amounts to the nearest dollar) Gross pay Gross Pay Choose from any list or enter any number in the input fields and then click Check Answer Clear All 5 parts b remaining O Type here to search WERTV VICIITO 1 of 2 (1 complete) 12WMson marked for the compania vaarat National insucrad auto ANDARD.An Mile Requirements al 1. Compute Wilson's gross pay, payroll deductions, and net pay for the full year 2018. Round all amounts to the nearest dollar. 2. Compute National's total 2018 payroll tax expense for Wilson. 3. Make the journal entry to record National's expense for Wilson's total earnings for the year, his payroll deductions, and net pay. Debit Salaries Expense and Bonus Expense as appropriate. Credit liability accounts for the payroll deductions and Cash for net pay. An explanation is not required. 4. Make the journal entry to record the accrual of National's payroll tax expense for Wilson's total earnings. 5. Make the journal entry for the payment of the payroll withholdings and taxes. Print Dono Clear All

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions