Required information [The following information applies to the questions displayed below.] The following summary data for the payroll period ended on April 10, 2018, are available for Brac Construction Ltd.: ? ? 24 Gross pay FICA tax withholdings Income tax withholdings Medical insurance contributions Union dues Total deductions Net pay 22,103 1,204 780 32,670 79,530 Required: a. Calculate the missing amounts and then determine the FICA tax withholding percentage. (Round FICA tax withholding perce to 2 decimal places.) Gross pay FICA tax withholdings FICA tax withholdings percentage

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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Required information
[The following information applies to the questions displayed below.]
The following summary data for the payroll period ended on April 10, 2018, are available for Brac Construction Ltd.:
2$
Gross pay
FICA tax withholdings
Income tax withholdings
Medical insurance contributions
22,103
1,204
780
Union dues
Total deductions
Net pay
32,670
79,530
Required:
a. Calculate the missing amounts and then determine the FICA tax withholding percentage. (Round FICA tax withholding percentage
to 2 decimal places.)
Gross pay
FICA tax withholdings
FICA tax withholdings
percentage
%
Transcribed Image Text:Required information [The following information applies to the questions displayed below.] The following summary data for the payroll period ended on April 10, 2018, are available for Brac Construction Ltd.: 2$ Gross pay FICA tax withholdings Income tax withholdings Medical insurance contributions 22,103 1,204 780 Union dues Total deductions Net pay 32,670 79,530 Required: a. Calculate the missing amounts and then determine the FICA tax withholding percentage. (Round FICA tax withholding percentage to 2 decimal places.) Gross pay FICA tax withholdings FICA tax withholdings percentage %
View transaction list
Journal entry worksheet
Record the accrued payroll.
Note: Enter debits before credits.
Event
General Journal
Debit
Credit
1
Record entry
Clear entry
View general journal
Transcribed Image Text:View transaction list Journal entry worksheet Record the accrued payroll. Note: Enter debits before credits. Event General Journal Debit Credit 1 Record entry Clear entry View general journal
Expert Solution
Step 1 Introduction

Tax:- A tax is the compulsory payment which is imposed by the tax payer on the income and capital gain of the tax payer. It is an expense for the tax payer but revenue for the government. Government can use these revenues for investment in various projects. Any entity or individual who does not pay the tax on due date, is entitled for penalty or action as per law.

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