Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Problem C-IV-Payrol Accounting- Jefferson Company has three employees whose monthly salaries ans accumulated year to date wages at September 30,2017 are as follows: Employee Ansell,

Problem C-IV-Payrol Accounting- Jefferson Company has three employees whose monthly salaries ans accumulated year to date wages at September 30,2017 are as follows: Employee Ansell, Accumulated Wages 9/30/17 is $62,000, October Salary is $6,900. Comer Accumulated wages 91,000, October Salary $10,000, Francis A.W. $6,000 Oct. Sal. $800. The following payroll taxes are applicable: FICA tax on first $110,100 is 8%, FUTA tax on first $7,000 is 6.2%, SUTA tax on first $7,000 is 5.4%. The amount of federal income tax withholding for the October payroll is $900, $1,700, and $150 for Ansell, Comer, and Francis. Prepare the journal entries to record the October payroll and the employers payroll tax expense for the month of October.

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

Rockford Practice Set To Accompany Intermediate Accounting

Authors: Donald E. Kieso

16th Edition

1119287936, 9781119287933

More Books

Students also viewed these Accounting questions

Question

The most effective security is _ _ _ _ _ .

Answered: 1 week ago

Question

2. It is the results achieved that are important.

Answered: 1 week ago