Airline Temporary Services (AIS) pays employees monthly. Payroll information is listed below for January, the first month of AIS's fiscal ear. Assume that none of the employees exceeds the federal unemployment tax maximum salary of $7,000 in January. Salaries expense Federal and state income tax withheld Federal unemployment tax rate State unemployment tax rate (after FUTA deduction) $490,000 98,000 0.80% 5.40%
Airline Temporary Services (AIS) pays employees monthly. Payroll information is listed below for January, the first month of AIS's fiscal ear. Assume that none of the employees exceeds the federal unemployment tax maximum salary of $7,000 in January. Salaries expense Federal and state income tax withheld Federal unemployment tax rate State unemployment tax rate (after FUTA deduction) $490,000 98,000 0.80% 5.40%
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter8: Employer Taxes, Payments, And Reports
Section: Chapter Questions
Problem 2PA
Related questions
Question
None
![Airline Temporary Services (ATS) pays employees monthly. Payroll information is listed below for January, the first month of ATS's fiscal
year. Assume that none of the employees exceeds the federal unemployment tax maximum salary of $7,000 in January.
Salaries expense
Federal and state income tax withheld
State unemployment tax rate (after FUTA deduction)
Federal unemployment tax rate
Social Security (FICA) tax rate
Required:
$490,000
98,000
0.80%
5.40%
7.65%
Record salaries expense and payroll tax expense for the January pay period. (If no entry is required for a particular transaction,
select "No Journal Entry Required" in the first account field.)
View transaction list
Journal entry worksheet
<
1
2
Record the employer payroll tax expense.
Note: Enter debits before credits.
Date
January 31
General Journal
Debit
Credit
Record entry
Clear entry
View general journal
>](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fdb393258-76b9-4b52-89cc-0941c3abc8ef%2Fc4a357d4-b41a-41ed-be97-db7b89cff981%2Fyu7ar1f_processed.png&w=3840&q=75)
Transcribed Image Text:Airline Temporary Services (ATS) pays employees monthly. Payroll information is listed below for January, the first month of ATS's fiscal
year. Assume that none of the employees exceeds the federal unemployment tax maximum salary of $7,000 in January.
Salaries expense
Federal and state income tax withheld
State unemployment tax rate (after FUTA deduction)
Federal unemployment tax rate
Social Security (FICA) tax rate
Required:
$490,000
98,000
0.80%
5.40%
7.65%
Record salaries expense and payroll tax expense for the January pay period. (If no entry is required for a particular transaction,
select "No Journal Entry Required" in the first account field.)
View transaction list
Journal entry worksheet
<
1
2
Record the employer payroll tax expense.
Note: Enter debits before credits.
Date
January 31
General Journal
Debit
Credit
Record entry
Clear entry
View general journal
>
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![College Accounting (Book Only): A Career Approach](https://www.bartleby.com/isbn_cover_images/9781337280570/9781337280570_smallCoverImage.gif)
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
![College Accounting (Book Only): A Career Approach](https://www.bartleby.com/isbn_cover_images/9781305084087/9781305084087_smallCoverImage.gif)
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781305084087
Author:
Cathy J. Scott
Publisher:
Cengage Learning
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
![College Accounting (Book Only): A Career Approach](https://www.bartleby.com/isbn_cover_images/9781337280570/9781337280570_smallCoverImage.gif)
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
![College Accounting (Book Only): A Career Approach](https://www.bartleby.com/isbn_cover_images/9781305084087/9781305084087_smallCoverImage.gif)
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781305084087
Author:
Cathy J. Scott
Publisher:
Cengage Learning
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
![Intermediate Accounting: Reporting And Analysis](https://www.bartleby.com/isbn_cover_images/9781337788281/9781337788281_smallCoverImage.jpg)
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning