3. Tyler Thomas works for Richardson Company all year and earns a monthly salary of $3,500. There is no overtime pay. Based on Tyler's W-4, Richardson withholds income taxes at 20% of his gross pay. As of July 31, Tyler had $24,500 of cumulative earnings. (Click the icon to view payroll tax rate information.) More Info - X Journalize the accrual of salary expense for Richardson Company related to the employme amounts to the nearest cent. Select the explanation on the last line of the journal entry tabl For all payroll calculations, use the following tax rates and round amounts to the nearest cent: Date Accounts and Explanation Debit Employee: OASDI: 6.2% on first $118,500 earned; Medicare: 1.45% up to $200,000, 2.35% on earnings above $200,000. Employer: OASDI: 6.2% on first $118,500 earned; Medicare: 1.45%; FUTA: 0.6% on first $7,000 earned; SUTA: 5.4% on first $7,000 earned. Carpenters Company, a manufacturing company, acquired equipment on January 1, 2017 for $570,000. Estimated useful life of the equipment was seven years and the estimated residual value was $14,000. On January 1, 2020, after using the eq uipment for three years, the total estimated useful life has been revised to nine total years. Residual value remains unchanged. The company uses the straight line method of depreciation. Calculate depreciation expense for 2020. (Round any intermediate calculations to two decimal places, and your final answer to the nearest dollar.) O A. $61,778 O B. $63,333 O C. $52,952 OD. $54,286 3. Tyler Thomas works for Richardson Company all year and earns a monthly salary of $3,500. There is no overtime pay. Based on Tyler's W-4, Richardson withholds income taxes at 20% of his gross pay. As of July 31, Tyler had $24,500 of cumulative earnings. (Click the icon to view payroll tax rate information.) More Info - X Journalize the accrual of salary expense for Richardson Company related to the employme amounts to the nearest cent. Select the explanation on the last line of the journal entry tabl For all payroll calculations, use the following tax rates and round amounts to the nearest cent: Date Accounts and Explanation Debit Employee: OASDI: 6.2% on first $118,500 earned; Medicare: 1.45% up to $200,000, 2.35% on earnings above $200,000. Employer: OASDI: 6.2% on first $118,500 earned; Medicare: 1.45%; FUTA: 0.6% on first $7,000 earned; SUTA: 5.4% on first $7,000 earned. Carpenters Company, a manufacturing company, acquired equipment on January 1, 2017 for $570,000. Estimated useful life of the equipment was seven years and the estimated residual value was $14,000. On January 1, 2020, after using the eq uipment for three years, the total estimated useful life has been revised to nine total years. Residual value remains unchanged. The company uses the straight line method of depreciation. Calculate depreciation expense for 2020. (Round any intermediate calculations to two decimal places, and your final answer to the nearest dollar.) O A. $61,778 O B. $63,333 O C. $52,952 OD. $54,286
