Assume the following payroll information for Lizzie Border: Gross Pay $10,000 Income tax $2,500 FICA Social Security $620 FICA Medicare $145 What is included in the journal entry to record the employer amounts of the payroll? Assume gross salary maximums have not been reached. FICA Medicare taxes payable $145 Employer portion of income tax $2,500 Salaries expense of $6,740 Salaries payable of $10,000
Assume the following payroll information for Lizzie Border: Gross Pay $10,000 Income tax $2,500 FICA Social Security $620 FICA Medicare $145 What is included in the journal entry to record the employer amounts of the payroll? Assume gross salary maximums have not been reached. FICA Medicare taxes payable $145 Employer portion of income tax $2,500 Salaries expense of $6,740 Salaries payable of $10,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
-
Assume the following payroll information for Lizzie Border:
Gross Pay
$10,000
Income tax
$2,500
FICA Social Security
$620
FICA Medicare
$145
What is included in the
journal entry to record the employer amounts of the payroll? Assume gross salary maximums have not been reached.
-
FICA Medicare taxes payable $145
-
Employer portion of income tax $2,500
-
Salaries expense of $6,740
-
Salaries payable of $10,000
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