Exercise 8-9A Record payroll (LO8-3) 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 i Federal unemployment tax rate State unemployment tax rate (after FUTA deduction) FICA tax rate (Social Security and Medicare) $600,000 120,000 View transaction list Check my work 0.80% 5.40 7.65% 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 field.)
Exercise 8-9A Record payroll (LO8-3) 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 i Federal unemployment tax rate State unemployment tax rate (after FUTA deduction) FICA tax rate (Social Security and Medicare) $600,000 120,000 View transaction list Check my work 0.80% 5.40 7.65% 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 field.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Exercise 8-9A Record payroll (LO8-3)
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 i
Federal unemployment tax rate
State unemployment tax rate (after FUTA deduction)
FICA tax rate (Social Security and Medicare)
$600,000
120,000
View transaction list
Check my work
0.80%
5.40
7.65%
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 field.)
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Journal entry worksheet
1
2
Record the employee salary, withholdings, and salaries payable.
Note: Enter debits before credits.
Date
January 31
General Journal
Debit
Credit
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