Question
P10.3 (LO 1) Cedarville Company pays its office employee payroll monthly. Below is a list of employees and their payroll data for August. Earnings Employee
P10.3 (LO 1) Cedarville Company pays its office employee payroll monthly. Below is a list of employees and their payroll data for August. Earnings Employee for August
Mark Hamill | $4,200 |
Karen Robbins | 3,500 |
Brent Kirk | 2,700 |
Alec Guinness | 7,400 |
Ken Sprouse | 8,000 |
Assume that the income tax withheld is 10% of wages. Union dues withheld are 2% of wages. The Social Security rate is 8% on employee and employer. Instructions Make the journal entries necessary for the August payroll (assume the payroll is paid in August). The entries for the payroll and the companys payroll tax liability are made separately.
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