Question
Please solve these 4 qurstions. Please answer these very accurately ASAP, then I'll give you high points(3000 pt). Feb. 26 The company paid cash to
Please solve these 4 qurstions. Please answer these very accurately ASAP, then I'll give you high points(3000 pt).
Feb. 26 | The company paid cash to Lyn Addie for eight days%u2019 work at $145 per day. |
Mar. 25 | The company sold merchandise with a $2,102 cost for $2,940 on credit to Wildcat Services, invoice dated March 25.
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1. | Assume that Lyn Addie is an unmarried employee. Her $1,160 of wages are subject to no deductions other than FICA Social Security taxes, FICA Medicare taxes, and federal income taxes. Her federal income taxes for this pay period total $116. Compute her net pay for the eight days%u2019 work paid on February 26. FICA tax rates applicable are: 6.2% for Social security and 1.45% Medicare. (Round your intermediate calculations and final answer to 2 decimal places. Omit the "$" sign in your response.)
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3 Record the journal entry to reflect the (employer) payroll tax expenses for the February 26 payroll payment. Assume Lyn Addie has not met earnings limits for FUTA and SUTA%u2014the FUTA rate is 0.8% and the SUTA rate is 4% for Business Solutions. (Round your answers to 2 decimal places. Omit the "$" sign in your response.)
4. | Record the entry(ies) for the merchandise sold on March 25 if a 4% sales tax rate applies. (Round your answers to 2 decimal places. Omit the "$" sign in your response.) |
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