Donna Strand's regular hourly wage rate is $19, and she receives an hourly rate of $20 for work in excess of 40 hours. During a January pay period, Donna works 47 hours. Donna's federal income tax withholding is $92, and she has no voluntary deductions. Assume that the FICA tax rate is 7.65%. Prepare a tabular summary to record the employer's payroll taxes for the period. Include margin explanations for changes in revenues and expenses. Ignore unemployment taxes. (Round answers to 2 decimal places, eg. 15.25. If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Jan. 15 $ Assets Cash $ Salaries & Wages Pay. + Liabilities Fed. Inc. Taxes Pay FICA Taxes F
Donna Strand's regular hourly wage rate is $19, and she receives an hourly rate of $20 for work in excess of 40 hours. During a January pay period, Donna works 47 hours. Donna's federal income tax withholding is $92, and she has no voluntary deductions. Assume that the FICA tax rate is 7.65%. Prepare a tabular summary to record the employer's payroll taxes for the period. Include margin explanations for changes in revenues and expenses. Ignore unemployment taxes. (Round answers to 2 decimal places, eg. 15.25. If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Jan. 15 $ Assets Cash $ Salaries & Wages Pay. + Liabilities Fed. Inc. Taxes Pay FICA Taxes F
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 10PA: Lemur Corp. is going to pay three employees a year-end bonus. The amount of the year-end bonus and...
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