Triston Vale is paid on a monthly basis. For the month of January of the current year, he earned a total of $5,220. Federal Insurance Contributions Act (FICA) tax for Social Security is 6.2% on the first $137,700 of earnings each calendar year, and the Federal Insurance Contributions Act (FICA) tax for Medicare is 1.45% of all earnings. The Federal Unemployment Taxes (FUTA) tax rate is 0.6% and the State Unemployment Taxes (SUTA) tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee's pay. The amount of Federal Income Tax withheld from his earnings was $885.70 a Journalize the entry to record the payroll for the month of January Debit DATE X/X salary expense DATE XIX Credit b. Using the information from the question above, journalize the entry to record the payroll tax expense incurred for the month of January. Debit Credit
Triston Vale is paid on a monthly basis. For the month of January of the current year, he earned a total of $5,220. Federal Insurance Contributions Act (FICA) tax for Social Security is 6.2% on the first $137,700 of earnings each calendar year, and the Federal Insurance Contributions Act (FICA) tax for Medicare is 1.45% of all earnings. The Federal Unemployment Taxes (FUTA) tax rate is 0.6% and the State Unemployment Taxes (SUTA) tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee's pay. The amount of Federal Income Tax withheld from his earnings was $885.70 a Journalize the entry to record the payroll for the month of January Debit DATE X/X salary expense DATE XIX Credit b. Using the information from the question above, journalize the entry to record the payroll tax expense incurred for the month of January. Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:QUESTION 2
Triston Vale is paid on a monthly basis. For the month of January of the current year, he earned a total of $5,220. Federal Insurance Contributions Act (FICA)
tax for Social Security is 6.2% on the first $137,700 of earnings each calendar year, and the Federal Insurance Contributions Act (FICA) tax for Medicare is
1.45% of all earnings. The Federal Unemployment Taxes (FUTA) tax rate is 0.6% and the State Unemployment Taxes (SUTA) tax rate is 5.4%. Both
unemployment taxes are applied to the first $7,000 of an employee's pay. The amount of Federal Income Tax withheld from his earnings was $885.70
a Journalize the entry to record the payroll for the month of January
Debit
DATE
XIX
b.
salary expense
DATE
X/X
Credit
Using the information from the question above, journalize the entry to record the payroll tax expense incurred for the month of January.
Debit
Credit
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