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make the journal entries for payroll based on the following imformation. The following information is obtained concerning the weekly payroll of AB Corporation which has
make the journal entries for payroll based on the following imformation. 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 $9,600 Hourly wage rate $120 $20 Hours worked 50 30 Federal Withholding Taxes $980 $70 Medical Insurance Premiums $520 $40 Charitable Contributions $100 $10 401 (k) Contribution Percentage 10% 10% Additional Data: 1) Social Security is taxed at 6% of the first $140,000 of annual wages. 2) Medicare is taxed at 1% of all wages. 3) State Unemployment Insurance is taxed at 5% of the first $10,000 of annual wages. I 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. Make the necessary journal entries for payroll 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 $9,600 Hourly wage rate $120 $20 Hours worked 50 30 Federal Withholding Taxes $980 $70 Medical Insurance Premiums $520 $40 I Charitable Contributions $100 $10 401 (k) Contribution Percentage 10% 10% Additional Data: 1) Social Security is taxed at 6% of the first $140,000 of annual wages. 2) Medicare is taxed at 1% 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. Make the necessary journal entries for payroll 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 $9,600 Hourly wage rate $120 $20 Hours worked 50 30 Federal Withholding Taxes $980 $70 Medical Insurance Premiums $520 $40 Charitable Contributions $100 $10 401 (k) Contribution Percentage 10% 10% Additional Data: 1) Social Security is taxed at 6% of the first $140,000 of annual wages. 2) Medicare is taxed at 1% of all wages. 3) State Unemployment Insurance is taxed at 5% of the first $10,000 of annual wages. I 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. Make the necessary journal entries for payroll
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