Betsy Strand's regular hourly wage rate is $16, and she receives an hourly rate of $24 for work in excess of 40 hours. During a January pay period, Betsy works 47 hours. Betsy's federal income tax withholding is $95, and she has no voluntary deductions. Use January 15 for the end of the pay period and the payment date. Assume that the FICA tax rate is 7.65%. Federal unemployment taxes are $5 and state unemployment taxes total $2. Instructions Prepare the employer's journal entries to record Betsy's pay for the period (employee wages and taxes) Payment of Betsy's wages Employer payroll taxes а. b. с.

Betsy Strand's regular hourly wage rate is $16, and she receives an hourly rate of $24 for work in excess of 40 hours. During a January pay period, Betsy works 47 hours. Betsy's federal income tax withholding is $95, and she has no voluntary deductions. Use January 15 for the end of the pay period and the payment date. Assume that the FICA tax rate is 7.65%. Federal unemployment taxes are $5 and state unemployment taxes total $2. Instructions Prepare the employer's journal entries to record Betsy's pay for the period (employee wages and taxes) Payment of Betsy's wages Employer payroll taxes а. b. с.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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