sandygarcia65
30.11.2019 •
Business
Urban window company had gross wages of $320,000 during the week ended july 15. the number of wages subject to social security tax was $320,000, while the number of wages subject to federal and state unemployment taxes was $40,000. tax rates are as follows:
social security medicare state unemployment federal unemployment 6.0% 1.5% 5.4% 0.6% the total amount withheld from employee wages for federal taxes was $75,200. for a compound transaction, if an amount box does not require an entry, leave it blank. a. journalize the entry to record the payroll for the week of july 15 b. journalize the entry to record the payroll tax expense incurred for the week of july 15.
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Ответ:
wages expense 320,000 debit
cash 218,400 credit
FICA tax payable 2,160 credit
SUTA tax payable 240 credit
Social security payable 24,000 credit
wages income tax payable 75,200 credit
--to record July 15th payment to employees wages--
payroll tax expenses 26,400 debit
FICA tax payable 2,160 credit
SUTA tax payable 240 credit
Social security payable 24,000 credit
---to record the payroll tax for the week ended July 15th--
Explanation:
We multiply the wages subjet to taxation by each rate:
social security:
320,000 x 7.5% = 24,000
SUTA
40,000 x 5.4% = 2,160
FICA
40,000 x 0.6% = 240
For this three concepts, the employee will have liability for the same amount for payroll taxes
Income tax 75,200
net wages: 320,000 - 24,000 - 2,160 - 240 - 75,200 = 218,400
Ответ:
This is sad
Explanation:
You're literally 13 or around that age, boys is the LAST thing you should be focusing on. How about using this site for educational purposes?