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Wonderland Company's payroll for the week ending Novemb $875,660 for salaries and wages. None of the employees reached the earnings limits specified for federal
Wonderland Company's payroll for the week ending Novemb $875,660 for salaries and wages. None of the employees reached the earnings limits specified for federal or state employer payroll taxes. FICA taxes are 7.65% of gross earnings (round to the nearest dollar), federal income taxes amount to $105,000 for the pay period and state income taxes total $57,000. Employees have authorized voluntary deductions totaling $25,000 for health insurance and $15,000 for United Way Fund Contributions (charitable contributions). The federal unemployment tax (FUTA) rate is 0.8% and the state unemployment tax. (SUTA) is 5.4%, both of which is only on the first $7,000 in wages. Because it is so late in the year only new hires' wages are subject to FUTA and SUTA. New hires wages for the pay period total $120,000. Question 10 (14 points) Listen Prepare the journal entry to record the weekly payroll ending November 15th. Enter Debits first and put DR first before the debit account and debit amount. Example: "DR INTEREST EXPENSE $5,000" Enter Credits after all debits have been entered. Put CR then credit account and credit amount. Example: "CR CASH $5,000" Blank #1 Blank #2 A/ Blank #3 A/ Blank #4 A/ Blank # 5 Blank #6 Blank #7 W
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