Journalizing Payroll Transactions On December 31, the payroll register of Hamstreet Associates indicated the following information: Wages and Salaries Expense $7,100.00 Employee Federal Income Tax Payable 970.00 United Way Contributions Payable 230.00 Earnings subject to Social Security tax 6,600.00 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 $fill in the blank a35bdffc5ff4017_1 Medicare Tax $fill in the blank a35bdffc5ff4017_2
Journalizing Payroll Transactions On December 31, the payroll register of Hamstreet Associates indicated the following information: Wages and Salaries Expense $7,100.00 Employee Federal Income Tax Payable 970.00 United Way Contributions Payable 230.00 Earnings subject to Social Security tax 6,600.00 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 $fill in the blank a35bdffc5ff4017_1 Medicare Tax $fill in the blank a35bdffc5ff4017_2
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Journalizing Payroll Transactions
On December 31, the payroll register of Hamstreet Associates indicated the following information:
Wages and Salaries Expense | $7,100.00 |
Employee Federal Income Tax Payable | 970.00 |
United Way Contributions Payable | 230.00 |
Earnings subject to Social Security tax | 6,600.00 |
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 | $fill in the blank a35bdffc5ff4017_1 |
Medicare Tax | $fill in the blank a35bdffc5ff4017_2 |
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