Answered step by step
Verified Expert Solution
Question
1 Approved Answer
on January 8, the end of the first weekly pay period of the year, Royal Companys payroll register showed that its emplolyees earned 11,380 of
on January 8, the end of the first weekly pay period of the year, Royal Companys payroll register showed that its emplolyees earned 11,380 of office salaries and 32,920 of sales salaries. Withholdings from the employees salaries include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%,$6,340 of federal income taxes, 670 of medical insurance deductions, and 420 of union dues. No employee earned more than 7,000 in this first period. 1. Calculate FICA Social Security taxes payable and FICA Medicare taxes payable. Prepare the journal entry to record Royal Companys January 8 (employee) payroll expenses and liabilties. I am stuck with the calculations. I have tried everything possible and I am still getting the wrong answer when it is checked. I think I am missing something
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started