Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On 3anuary 21, the column totals of the payroli register for Great Products Company showed that its saies nmpioyees had earned 514 , 360, ats

image text in transcribed
image text in transcribed
On 3anuary 21, the column totals of the payroli register for Great Products Company showed that its saies nmpioyees had earned 514 , 360, ats truek driver employees had earned 510,050 , and its office employees had earned 58,040 . Sociat 5 ecurity taxes were withheid at an assumed rate of 6.2 percent, and Medicare taxis were withheld at an assumed rate of 1.45 percent. Other deductions consisted of federal income tax, 13,894 ; and union dues, $520. Determine the amount of Social Security and Medicare taxes withheld and record the general journal entry for the payrdil, orediting 5 alaries Payable for the net pay, All earnings were taxable. If necessary, round intermediate calculations and the finat answer to the nearest cent. If an amount box does not require an entry, leave it blank

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

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

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

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

Get Started

Recommended Textbook for

Financial Accounting

Authors: Karen Bird, Gene Imhoff

5th Edition

0984200568, 978-0984200566

More Books

Students also viewed these Accounting questions