Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Show all work Ella Dodd is our sole employee. She is paid $15/hour and gets double rate for hours worked in excess of 40 hours

image text in transcribedShow all work
Ella Dodd is our sole employee. She is paid $15/hour and gets double rate for hours worked in excess of 40 hours per week. This week she works 48 hours. To simplify taxation, assume that 20% of her gross is deducted for federal income tax and 8% for NYS income tax. Her total earnings prior to this week were $6, 800. She gives Erie County United Way $20 per week and contributes 10% of her gross each week to her 401(K) plan. The employer matches Social Security and pays her Blue-Cross-Blue her Shield insurance premium of $100 per week. Make the three needed entries: Wage Expense, Payroll Tax Expense and Fringe Benefits Expense

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

Financial Accounting Second Custom Edition For The University Of Central Florida

Authors: Walter T. Jr, Horngren Harrison

2nd Custom Edition

0536986002, 978-0536986009

More Books

Students also viewed these Accounting questions