Wages and Salaries Expense Employee Federal Income Tax Payable United Way Contributions Payable Earnings subject to Social Security tax 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 Medicare Tax 2. Record the journal entry for the payroll, crediting Cash for the riet pay. Page: 2 DATE 20- Dec. 31 $7,500.00 870.00 220.00 6,800.00 ACCOUNT TITLE DOC. POST. NO. REF. DEBIT CREDIT 00000 N
Wages and Salaries Expense Employee Federal Income Tax Payable United Way Contributions Payable Earnings subject to Social Security tax 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 Medicare Tax 2. Record the journal entry for the payroll, crediting Cash for the riet pay. Page: 2 DATE 20- Dec. 31 $7,500.00 870.00 220.00 6,800.00 ACCOUNT TITLE DOC. POST. NO. REF. DEBIT CREDIT 00000 N
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Wages and Salaries Expense
Employee Federal Income Tax Payable
United Way Contributions Payable
Earnings subject to Social Security tax
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
Medicare Tax
2. Record the journal entry for the payroll, crediting Cash for the net pay.
Page:
1
SAWN
3
DATE
20-
Dec. 31
67 F
Sunny
$7,500.00
870.00
220.00
6,800.00
ACCOUNT TITLE
DOC. POST.
NO. REF.
DEBIT CREDIT
1
2
3
4
5
G
r
D
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