Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

REMU 1. Assume that Lyn Addie is an unmarried employee. Her $960 of wages have deductions for FICA Social Security taxes, FICA Medicare taxes, and

image text in transcribed
image text in transcribed
REMU 1. Assume that Lyn Addie is an unmarried employee. Her $960 of wages have deductions for FICA Social Security taxes, FICA Medicare taxes, and federal income taxes. Her federal income taxes for this pay period total $96. Compute her net pay for the eight days' work paid on February 26. (Round your answer to 2 decimal places. Do not round Intermediate calculations.) 2. Record the journal entry to reflect the payroll payment to Lyn Addie as computed in part 1. (Round your answers to 2 decimal places. Do not round Intermediate calculations.) 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 (the FUTA rate is 0.6% and the SUTA rate is 5.4% for the company. (Round your answers to 2 decimal places. Do not round intermediate calculations.) 4. Record the entries for the merchandise sold on March 25 if a 4% sales tax rate applies (Round your answers to the nearest whole dollar) Answer is not complete. Complete this question by entering your answers in the tabs below. Required: Required 2 Required Required 4 Record the journal entry to reflect the payroll payment to Lyn Addie as computed in part 1 No Date General Journal Credit Debit 790 56 1 Feb 26 Payroll taxes expense Estimated warranty liability 790.58 1 RCYEV. 1. Assume that Lyn Addie is an unmarried employee. Her $960 of wages have deductions for FICA Social Security taxes, FICA Medicare taxes, and federal income taxes. Her federal income taxes for this pay period total $96. Compute her net pay for the eight days' work paid on February 26. (Round your answer to 2 decimal places. Do not round Intermediate calculations.) 2. Record the journal entry to reflect the payroll payment to Lyn Addie as computed in part 1. (Round your answers to 2 decimal places. Do not round Intermediate calculations.) 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 (the FUTA rate is 0.6% and the SUTA rate is 5.4% for the company. (Round your answers to 2 decimal places. Do not round Intermediate calculations.) 4. Record the entries for the merchandise sold on March 25 1 a 4% sales tax rate applies (Round your answers to the nearest whole dollar) Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 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 (the FUTA rate is 0.6% and the SUTA rate is 5,4% for the company. No Debt Credit 1 Feb 26 129.12 General Journal Income taxes expense FICA Social security taxes payable FICA-Medicare taxes payable Federal unemployment ces payable Stue unemployments payable OOO 59.52 13092 3.84 61 84 Prey 1 of 1 !!! Next MacBook Air 3 $ 4 % 5 a> & 7 - 8 9 W E R T Y 0 S F G H . L

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

Unofficial Guide To Medical Research Audit And Teaching

Authors: Ceen-Ming Tang BA BM BCh MRCGP, Colin Fischbacher, Zeshan Qureshi BM BSc MSc MRCPCH FAcadMEd MRCPS

1st Edition

0957149980, 978-0957149984

More Books

Students also viewed these Accounting questions

Question

understand the meaning of the terms discipline and grievance

Answered: 1 week ago