Answered step by step
Verified Expert Solution
Link Copied!

Question

00
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) Regular

image text in transcribedimage text in transcribed

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 $9,200 Union dues 140 Overtime (1) Total deductions $(4) Total $(2) Net pay $8,061 Deductions Account debited: FICA taxes $ 810 Salaries and wages expense (5) 5 Federal income taxes 1,153 FICA taxes are 7.65%. State income taxes are 4% of gross earnings. Fill in the missing amounts. (Round answers to O decimal places, e.g. 125.) Gross earnings: State income taxes $ (3) ) Regular $9,200 Union dues 140 Overtime (1) Total deductions $ (4) Total $ $ (2) Net pay $8,061 Deductions Account debited: FICA taxes $810 Salaries and wages expense (5) 5) Federal income taxes 1,153

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Accounting Principles Volume 1

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak

8th Canadian Edition

978-1119502425

Students also viewed these Accounting questions