Wildhorse Company has the following data for the weekly payroll ending January 31. Employee M T L. Helton 8 8 R. Kenseth D. Tavaras Hours 8 W T F 12 8 8 8 8 9 10 8 8 10 8 9 S Hourly Rate 3 in 5 O $12 14 15 Federal Income Tax Withholding $34 37 58 Health Insurance $10 25 25 Employees are paid 1% times the regular hourly rate for all hours worked in excess of 40 hours per week. FICA taxes are 7.65% (the 7.65% FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and wages up to $128,400 and the Medicare tax rate of 1.45% on all salaries and wages). Wildhorse Company is subject to 5.4% state unemployment taxes and 0.6% federal unemployment taxes on the first $7,000 of gross earnings. Prepare the journal entry to record Wildhorse's payroll tax expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, eg. 15.25)
Wildhorse Company has the following data for the weekly payroll ending January 31. Employee M T L. Helton 8 8 R. Kenseth D. Tavaras Hours 8 W T F 12 8 8 8 8 9 10 8 8 10 8 9 S Hourly Rate 3 in 5 O $12 14 15 Federal Income Tax Withholding $34 37 58 Health Insurance $10 25 25 Employees are paid 1% times the regular hourly rate for all hours worked in excess of 40 hours per week. FICA taxes are 7.65% (the 7.65% FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and wages up to $128,400 and the Medicare tax rate of 1.45% on all salaries and wages). Wildhorse Company is subject to 5.4% state unemployment taxes and 0.6% federal unemployment taxes on the first $7,000 of gross earnings. Prepare the journal entry to record Wildhorse's payroll tax expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, eg. 15.25)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Gd.115.
Transcribed Image Text:Wildhorse Company has the following data for the weekly payroll ending January 31.
Employee M T
L. Helton
R. Kenseth
D. Tavarasi
8
8
8.
8
9 10
Hours
W
12
8
8
T
8
8
8
F
10
8
9
S
3
5
0
Hourly Rate
$12
14
15
Federal Income Tax Withholding
$34
37
58
Health Insurance
$10
25
25
Employees are paid 1% times the regular hourly rate for all hours worked in excess of 40 hours per week. FICA taxes are 7.65% (the
7.65% FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and wages up to $128,400 and the Medicare tax rate of
1.45% on all salaries and wages). Wildhorse Company is subject to 5.4% state unemployment taxes and 0.6% federal unemployment
taxes on the first $7,000 of gross earnings.
Prepare the journal entry to record Wildhorse's payroll tax expense. (Credit account titles are automatically indented when amount is
entered. Do not indent manually. Round answers to 2 decimal places, eg. 15.25)
Transcribed Image Text:Prepare the journal entry to record Wildhorse's payroll tax expense. (Credit account titles are automatically indented when amount is
entered. Do not indent manually. Round answers to 2 decimal places, e.g. 15.25.)
Date Account Titles and Explanation
Jan. 31
e Textbook and Medial
Debit
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