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 Federal unemployment tax rate State unemployment tax rate (after FUTA deduction) Social Security (FICA) tax rate No Required: 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 fleld.) 1 Date January 31 $410,000 82,000 0.80% 5.40% 7.65% Salaries Expense Employee Income Tax Payable FICA Tax Payable Salaries Payable Answer is complete but not entirely correct. General Journal Debit 410,000 Credit 82,000 31,365 296,635
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 Federal unemployment tax rate State unemployment tax rate (after FUTA deduction) Social Security (FICA) tax rate No Required: 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 fleld.) 1 Date January 31 $410,000 82,000 0.80% 5.40% 7.65% Salaries Expense Employee Income Tax Payable FICA Tax Payable Salaries Payable Answer is complete but not entirely correct. General Journal Debit 410,000 Credit 82,000 31,365 296,635
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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