[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.: Gross pay $ ? FICA tax withholdings ? Income tax withholdings 18,212 Medical insurance contributions 1,247 Union dues 530 Total deductions 26,380 Net pay 57,160 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 % ? Record the journal entry to show the effects of the payroll accrual. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
[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.: Gross pay $ ? FICA tax withholdings ? Income tax withholdings 18,212 Medical insurance contributions 1,247 Union dues 530 Total deductions 26,380 Net pay 57,160 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 % ? Record the journal entry to show the effects of the payroll accrual. (If no entry is required for a transaction/event, 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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[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.:
| Gross pay | $ | ? |
| FICA tax withholdings | ? | |
| Income tax withholdings | 18,212 | |
| Medical insurance contributions | 1,247 | |
| Union dues | 530 | |
| Total deductions | 26,380 | |
| Net pay | 57,160 | |
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 % ?
Record the journal entry to show the effects of the payroll accrual. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
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