Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

solve with clear steps 3 P13-3 (Payroll Tax Entries) Cedarville Company pays its office employee payroll weekly. Below is a par- tial list of employees

image text in transcribed
solve with clear steps
3 P13-3 (Payroll Tax Entries) Cedarville Company pays its office employee payroll weekly. Below is a par- tial list of employees and their payroll data for August. Because August is their vacation period, vacation pay is also listed. Vacation Pay to Be Received in August Employee Mark Hamill Karen Robbins Brent Kirk Alec Guinness Ken Sprouse Earnings to July 31 $4,200 3,500 2,700 7,400 8,000 Weekly Pay $200 150 110 250 330 $300 220 660 Assume that the income tax withheld is 10% of wages. Union dues withheld are 2% of wages. Vacations are taken the second and third weeks of August by Robbins, Kirk, and Sprouse. The Social Security rate is 8% on employee and employer. Instructions Make the journal entries necessary for each of the four August payrolls. The entries for the payroll and for the company's liability are made separately. Also make the entry to record the monthly payment of payroll liabilities

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

Students also viewed these Accounting questions