Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The company has 2 employees, one is a sales technician, salary of $ 9 0 0 0 per month and the other employee is the

The company has 2 employees, one is a sales technician, salary of $9000 per month and the other employee is the office manager with a salary of $5000 per month. Payroll is processed on the last day of the month and paid on the first day of the following month. 1.Prepared payroll for the month of November, the first payroll for the company. Record the sales expense entry first. The tax rates are as follows: Federal Income Tax rates-15% NC state income Tax Rate-10% FICA Tax Rate-7.65% Unemployment tax rate-6% on the first $7000 of each employees' earnings per year. Number 2: Prepared payroll for the month of December, the first payroll for the company. Record the salaries expense first. The tax rates are as follows: Federal income tax rate-15% NC State income tax rate-10% FICA tax rate-7.65% Unemployment tax rate-6% on the first 7000 of each employees' earnings per year. Please PLEASE help!! There are supposed to be two entries for both November 30th and December 31. It's tripping me up big time. Apperently, payroll entries have 2 parts: the part the employee "pays" and the part the employer "pays." I just don't know how to do that? I leave likes!

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

Economic Development Finance

Authors: Karl F Seidman

1st Edition

0761927093, 9780761927099

More Books

Students also viewed these Accounting questions

Question

Explain the concept of employment at will.

Answered: 1 week ago

Question

Discuss compensation for sales representatives.

Answered: 1 week ago

Question

Explain termination of employment.

Answered: 1 week ago