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Dixon Sales has five sales employees that receive weekly paychecks. Each employee earns $16.00 per hour and has worked 40 hours in the pay period... Total federal income tax withholdings are $384.00. Each employee pays 3.0% in state income tax, 6.0% in Social Security tax, 1.5% in Medicare tax, and 0.5% toward retirement savings. Journalize the recognition of the pay period ending January 19 that will be paid to the employees on January 26. If an amount box does not require an entry, leave it blank. If required, round your answers to two decimal places. Jan. 19

Dixon Sales has five sales employees that receive weekly paychecks. Each employee earns $16.00 per hour and has worked 40 hours in the pay period... Total federal income tax withholdings are $384.00. Each employee pays 3.0% in state income tax, 6.0% in Social Security tax, 1.5% in Medicare tax, and 0.5% toward retirement savings. Journalize the recognition of the pay period ending January 19 that will be paid to the employees on January 26. If an amount box does not require an entry, leave it blank. If required, round your answers to two decimal places. Jan. 19

FINANCIAL ACCOUNTING
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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Dixon Sales has five sales employees that receive weekly paychecks. Each employee earns $16.00 per hour and has worked 40 hours in the pay period. Total federal income tax withholdings are $384.00. Each employee pays 3.0% in state income tax, 6.0% in Social Security tax, 1.5% in Medicare tax, and 0.5% toward retirement savings. Journalize the recognition of the pay period ending January 19 that will be paid to the employees on January 26. If an amount box does not require an entry, leave it blank. If required, round your answers to two decimal places. Jan. 19
Transcribed Image Text:Dixon Sales has five sales employees that receive weekly paychecks. Each employee earns $16.00 per hour and has worked 40 hours in the pay period. Total federal income tax withholdings are $384.00. Each employee pays 3.0% in state income tax, 6.0% in Social Security tax, 1.5% in Medicare tax, and 0.5% toward retirement savings. Journalize the recognition of the pay period ending January 19 that will be paid to the employees on January 26. If an amount box does not require an entry, leave it blank. If required, round your answers to two decimal places. Jan. 19
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