Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Record/journalize the employees payroll entry. 3. John has three employees: Brandon, the Manager, who earns a salary of $52,000 per year or $1,000 per week,

Record/journalize the employees payroll entry.

image text in transcribed

3. John has three employees: Brandon, the Manager, who earns a salary of $52,000 per year or $1,000 per week, Clarissa, the Sales Coordinator, who is paid $20 per hour, and David, the Shipper, who is paid $.20 per package shipped. John pays his employees every week and, this past week, Brandon worked all five scheduled days, Clarissa worked fifty (50) hours, and David shipped 4,500 packages. Record/journalize the employees' payroll entry (pay attention to what is asked for) by function (Management Salary Expense, Sales Wage Expense, & Shipping Wage Expense) For the paychecks that will be issued this coming Friday, which will be the first time the employees are paid this calendar year. All the employees want 20% of their earnings withheld for Federal Income Tax purposes. The tax rates are FICA Social Security 6.2% State Unemployment 5.4% Medicare 1.45% Federal Unemployment 0.6% Book the taxes you withhold as one entry for all three employees, not separate entries for each employee 3. John has three employees: Brandon, the Manager, who earns a salary of $52,000 per year or $1,000 per week, Clarissa, the Sales Coordinator, who is paid $20 per hour, and David, the Shipper, who is paid $.20 per package shipped. John pays his employees every week and, this past week, Brandon worked all five scheduled days, Clarissa worked fifty (50) hours, and David shipped 4,500 packages. Record/journalize the employees' payroll entry (pay attention to what is asked for) by function (Management Salary Expense, Sales Wage Expense, & Shipping Wage Expense) For the paychecks that will be issued this coming Friday, which will be the first time the employees are paid this calendar year. All the employees want 20% of their earnings withheld for Federal Income Tax purposes. The tax rates are FICA Social Security 6.2% State Unemployment 5.4% Medicare 1.45% Federal Unemployment 0.6% Book the taxes you withhold as one entry for all three employees, not separate entries for each employee

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

Step: 3

blur-text-image

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

Retirement Income Recipes In R From Ruin Probabilities To Intelligent Drawdowns

Authors: Moshe Arye Milevsky

1st Edition

3030514331, 9783030514334

More Books

Students also viewed these Accounting questions

Question

What is management growth? What are its factors

Answered: 1 week ago

Question

=+6. Did your solution clearly highlight the main consumer benefit?

Answered: 1 week ago