In January, gross earnings in Coronado Company were $36,000. The 7.65% FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and wages up to $128,400 and the Medicare tax rate of 1.45% on all salaries and wages. Federal income tax withheld was $11,500, and state income tax withheld was $1,050. Record the payroll.
In January, gross earnings in Coronado Company were $36,000. The 7.65% FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and wages up to $128,400 and the Medicare tax rate of 1.45% on all salaries and wages. Federal income tax withheld was $11,500, and state income tax withheld was $1,050. Record the payroll.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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In January, gross earnings in Coronado Company were $36,000. The 7.65% FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and wages up to $128,400 and the Medicare tax rate of 1.45% on all salaries and wages. Federal income tax withheld was $11,500, and state income tax withheld was $1,050.
Record the payroll. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 125.)
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