Question
Use the following information to answer the next three questions: During the first pay period of 2019, Ashley had earned a total of $2k from
Use the following information to answer the next three questions:
During the first pay period of 2019, Ashley had earned a total of $2k from working at Cooper Consulting, LLC. Ashley elected to have $200 withheld for federal income taxes, $50 for state income taxes and 7.65% for FICA taxes were applied to the first $139k of earnings. State and federal unemployment taxes for the period are $100 and $125, respectively.
1. What was Ashleys Net Pay for the pay period? Please label each line item in the calculation of net pay
Provide answer towards the bottom of the answer sheet
2. What journal entry would Cooper Consulting, LLC. record for Wage Expense for the pay period?
Provide answer towards the bottom of the answer sheet
3. What journal entry would Cooper Consulting, LLC. record for Payroll Tax Expense for the pay period?
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