Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Selected data from a February payroll register for Lily Company are presented below. Some amounts are intentionally omitted. Gross earnings: State income taxes $(3)
Selected data from a February payroll register for Lily Company are presented below. Some amounts are intentionally omitted. Gross earnings: State income taxes $(3) Regular $9,800 Union dues 120 Overtime (1) Total deductions $(4) Total $(2) Net pay $9.508 Deductions Account debited: FICA taxes $940 Salaries and wages expense (5) Federal income taxes 1,228 FICA taxes are 7.65% State income taxes are 4% of gross earnings. (a) Your Answer Correct Answer Your answer is correct. Fill in the missing amounts. (Round answers to 0 decimal places, e.g. 125.) State Gross earnings: income $ 492 (3) taxes Union Regular $9,800 120 dues Total Overtime 2488 (1) $ 2780 (4) deductions Total $ 12288 (2) Netpay $9.508 Account Deductions debited: Salaries FICA taxes Federal Income taxes 1,228 $940 and wages 12288 (5) expense
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