Makert Marketing Services pays its employees on the 25th of every month for the first fifteen days of the month. The following information is available for the pay period June 1-June 15. Gross wages $2,000,000 Health and life insurance withholding $38,000 FICA (social security) withholding percentage 7.5 % Federal income tax withholding percentage 15% REQUIRED:

a. Compute the amount of money withheld from the employees for the following: (1) FICA (social security) (2) Federal income taxes

b. Compute the employees’ total take-home pay.

c. Prepare the entries necessary on June 15 associated with these wages.

d. Prepare the entries necessary on June 25 associated with these wages.