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%
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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![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
>
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