Journalizing Payroll Transactions On December 31, the payroll register of Hamstreet Associates indicated the following information: Wages and Salaries Expense $8,700.00 Employee Federal Income Tax Payable 940.00 United Way Contributions Payable 220.00 Earnings subject to Social Security tax 7,600.00 Use Social Security 6.2% and Medicare 1.45% as specified in the text. 1. Determine the amount of Social Security and Medicare taxes to be withheld. If required, round your answers to the nearest cent. Social Security Tax 471 x 126 x Medicare Tax 2. Record the journal entry for the payroll, crediting Cash for the net pay. Page: DOC. POST. DATE ACCOUNT TITLE DEBIT CREDIT NO. REF. 20-- х 1 Dec. 31 2 X 2 3 х з 4. х 4 X 5 6 X 6 7 Payroll for week ended December 31 x x x x
Journalizing Payroll Transactions On December 31, the payroll register of Hamstreet Associates indicated the following information: Wages and Salaries Expense $8,700.00 Employee Federal Income Tax Payable 940.00 United Way Contributions Payable 220.00 Earnings subject to Social Security tax 7,600.00 Use Social Security 6.2% and Medicare 1.45% as specified in the text. 1. Determine the amount of Social Security and Medicare taxes to be withheld. If required, round your answers to the nearest cent. Social Security Tax 471 x 126 x Medicare Tax 2. Record the journal entry for the payroll, crediting Cash for the net pay. Page: DOC. POST. DATE ACCOUNT TITLE DEBIT CREDIT NO. REF. 20-- х 1 Dec. 31 2 X 2 3 х з 4. х 4 X 5 6 X 6 7 Payroll for week ended December 31 x x x x
Corporate Financial Accounting
14th Edition
ISBN:9781305653535
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter10: Liabilities: Current, Installment Notes, And Contingencies
Section: Chapter Questions
Problem 10.4BE
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