Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The Free Ski Company had gross wages of $200,000 during the week ended Dec 10 . The amount of wages subject to Social Security Tax
The Free Ski Company had gross wages of $200,000 during the week ended Dec 10 . The amount of wages subject to Social Security Tax and Medicare Tax was $180,000 while the amount of wages subject to federal and state unemployment taxes was $24,000. Tax rates are as follows: Social Security, 6.0%; Medicare, 1.5%; State Unemployment, 5.3%; Federal Unemployment, 0.8%; the amount withheld from employee wages for federal taxes was $32,000. a. Journalize the entry to record ("account title &$$ amount) for the PAYROLL for the week of Dec 10: Expense Dr Payable Cr Payable Ci Payable Cr Payable c. b. Journalize the entry to record the payroll (account title & $ amount) TAX EXPENSE incurred for the week of
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