Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

w 11 0 1 C w E R 1 T S D F G KL H Z X C V B N M X and

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
w 11 0 1 C w E R 1 T S D F G KL H Z X C V B N M X and Questions . 1 th 2 3 5 9 19 E R 1 P S D F G H * 2 C V . N M . 91 ercises and Problems Question 1 of 5 -/8 View Policies Current Attempt in Progress Carla Vista Company has the following data for the weekly payroll ending January 31 Employee M T F Federal Income Tax Withholding $34 8 8 Hours W 10 8 8 8 8 8 L. Helton R. Kenseth D. Tavaras 10 5 Hourly Rate 3 $14 3 12 0 13 Health Insurance $10 25 25 8 8 8 9 37 58 9 12 Employees are paid 1% times the regular hourly rate for all hours worked in excess of 40 hours per week. FICA taxes are 7.65% (the 7.65% FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and wages up to $128,400 and the Medicare tax rate of 1.45% on all salaries and wages), Carla Vista Company is subject to 5.4% state unemployment taxes and 0.6% federal unemployment taxes on the first $7,000 of gross earnings, Prepare the journal entry to record Carla Vista's payroll tax expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, eg. 15.25.) Debit Credit Date Account Titles and Explanation Jan. 31 -78 !! 8 L. Helton R. Kenseth D. Tavaras 05 10 8 8 12 CD COCO 10 8 9 Fury $14 12 13 BUS TE $34 $10 37 25 58 25 8 Employees are paid 1% times the regular hourly rate for all hours worked in excess of 40 hours per week. FICA taxes are 7.65% (the 7.65% FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and wages up to $128,400 and the Medicare tax rate of 145% on all salaries and wages). Carla Vista Company is subject to 5.4% state unemployment taxes and 0.6% federal unemployment taxes on the first $7.000 of gross earnings. Prepare the journal entry to record Carla Vista's payroll tax expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, eg, 15.25.) Date Account Titles and Explanation Debit Credit Jan. 31 e Textbook and Media Sabenit Answer Attempts: 0 of 3 used Save for Later c Search or type URL *

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

Recommended Textbook for

Managerial Accounting

Authors: Stacey Whitecotton, Robert Libby, Fred Phillips

2nd edition

978-0078025518

Students also viewed these Accounting questions