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shelbycade230
15.10.2020 •
Business
Work measurement plays an important role in helping determine the efficiency of work methods and processes. is it true or false
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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