Employee earned gross pay of $1,500 during a recent pay period. He contributes 10% of gross pay to a 401(k) retirement plan. Taxable earnings = $ NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation.

Employee earned gross pay of $1,500 during a recent pay period. He contributes 10% of gross pay to a 401(k) retirement plan. Taxable earnings = $ NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation.

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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The totals from the first payroll of the year are shown below. TotalEarnings FICAOASDI FICAHI FITW/H StateTax UnionDues NetPay $36,195.10 $2,244.10 $524.83 $6,515.00 $361.95 $500.00 $26,049.22 Journalize the entry to deposit the FICA and FIT taxes. For a compound transaction, if an amount box does not require an entry, leave it blank. Round your answers to two decimal places.
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The totals from the first payroll of the year are shown below. TotalEarnings FICAOASDI FICAHI FITW/H StateTax UnionDues NetPay $36,195.10 $2,244.10 $524.83 $6,515.00 $361.95 $500.00 $26,049.22 Journalize the entry to deposit the FICA and FIT taxes. For a compound transaction, if an amount box does not require an entry, leave it blank. Round your answers to two decimal places.
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