Lopez Company has a single employee, who earns a salary of $2,500 per pay perlod (or $60,000 per year). The employee's paycheck, dated January 15 of the current year, included withholdings of $400 for employee income taxes, $191.25 for FICA-Social Security Taxes, and $150.00 for FICA-Medicare Taxes. FUTA specifies a federal tax rate of 6.0% on taxable wages up to the first $7,000 for each employee. Complete the necessary journal entry. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the compensation expense for FICA taxes and FUTA taxes. Note: Enter debits before credits. Date General Journal Debit Credit January 15 Clear ento Maw.popacallourn Pecordentn
Lopez Company has a single employee, who earns a salary of $2,500 per pay perlod (or $60,000 per year). The employee's paycheck, dated January 15 of the current year, included withholdings of $400 for employee income taxes, $191.25 for FICA-Social Security Taxes, and $150.00 for FICA-Medicare Taxes. FUTA specifies a federal tax rate of 6.0% on taxable wages up to the first $7,000 for each employee. Complete the necessary journal entry. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the compensation expense for FICA taxes and FUTA taxes. Note: Enter debits before credits. Date General Journal Debit Credit January 15 Clear ento Maw.popacallourn Pecordentn
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![Lopez Company has a single employee, who earns a salary of $2,500 per pay perlod (or $60,000 per year). The employee's
paycheck, dated January 15 of the current year, included withholdings of $400 for employee income taxes, $191.25 for FICA-Social
Security Taxes, and $150.00 for FICA-Medicare Taxes. FUTA specifies a federal tax rate of 6.0% on taxable wages up to the first
$7,000 for each employee. Complete the necessary journal entry. (If no entry is required for a transaction/event, select "No journal
entry required" in the first account field.)
View transaction list
Journal entry worksheet
Record the compensation expense for FICA taxes and FUTA taxes.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
January 15
Clear ento
Maw.popacallourn
Pecordentn](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ffbfc8c8e-9af6-4ec6-a275-68931a82d209%2F1d4d47a6-58df-4627-b6f1-f61344c710df%2Fbavv6q.png&w=3840&q=75)
Transcribed Image Text:Lopez Company has a single employee, who earns a salary of $2,500 per pay perlod (or $60,000 per year). The employee's
paycheck, dated January 15 of the current year, included withholdings of $400 for employee income taxes, $191.25 for FICA-Social
Security Taxes, and $150.00 for FICA-Medicare Taxes. FUTA specifies a federal tax rate of 6.0% on taxable wages up to the first
$7,000 for each employee. Complete the necessary journal entry. (If no entry is required for a transaction/event, select "No journal
entry required" in the first account field.)
View transaction list
Journal entry worksheet
Record the compensation expense for FICA taxes and FUTA taxes.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
January 15
Clear ento
Maw.popacallourn
Pecordentn
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