Essay
A company has three employees. Total salaries for the month of January were $8,000. The federal income tax rate for all employees is 15%. The FICA-social security tax rate is 6.2% of the first $118,500 of earnings each calendar year and the FICA-Medicare tax rate is 1.45% of all earnings. Calculate the amount of employee taxes withheld and prepare the company's journal entry to record the January payroll assuming these were the only deductions.
Correct Answer:
Verified
Correct Answer:
Verified
Q23: General Co.entered into the following transactions involving
Q41: A company borrowed $60,000 by signing a
Q45: Furniture World is required by law to
Q76: Debt guarantees are usually disclosed as a
Q78: When a company is obligated for sales
Q89: A company sold $12,000 worth of bicycles
Q99: Companies with many employees rarely use a
Q129: A _ is a written promise to
Q211: On December 1, Watson Enterprises signed a
Q214: A company has 90 employees and a