Business, 26.03.2020 20:35, scasemere

An employee earns $7,500 in wages and has $1,800 in Federal Income Tax withheld and $318 in State Income tax withheld. In addition, 1.45% for FICA-Medicare and6.2% for FICA-Social Security is withheld. What is the journal entry the employer does to record the payment to the employee?

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Answers

answered: MattPong

Dr. Wages Account with $7,500 (employee Wages Payable)

Cr. Federal Income Tax Payable on Employee Wage with $1,800

Cr. State Income Tax Payable on Employee Wage with $318

Cr. FICA Medicare Payable with $108.75 (1.45% on Taxable wage of $7,500)

Cr. FICA Social Security Payable with $465 (6.2% on Taxable wage of $7,500)

Cr. Bank/Cash/Wages Payable Account with $4,808.25 (Net Wage Payable to Employee)

Explanation:

Dr. Wages Account with $7,500 (employee Wages Payable)

Cr. Federal Income Tax Payable on Employee Wage with $1,800

Cr. State Income Tax Payable on Employee Wage with $318

Cr. FICA Medicare Payable with $108.75 (1.45% on Taxable wage of $7,500)

Cr. FICA Social Security Payable with $465 (6.2% on Taxable wage of $7,500)

Cr. Bank/Cash/Wages Payable Account with $4,808.25 (Net Wage Payable to Employee)

answered: o9623199

The answer is salaries payable $4,808.25

Explanation:

Journal entry will be

Dr: Salaries expense $7,500

Cr: Federal income tax witheld payable $1,800

Cr: State income tax witheld payable $318

Cr : FICA Medicare tax payable ($7,500 × 1.45%) $108.75

Cr: FICA social security payable ($7,500 × 6.2%) $465

Cr: Salaries payable ($7,500 - $1,800 - $318 -$108.75 - $465) $4,808.25

(Being journal entry to record the payroll for the month)

answered: Guest

whole quiz

1. the sum of all activities involved in getting high-quality products into the marketplace

2.operations

3. the principle of looking at the supply chain as a whole in order to improve the overall flow through the system.

4. produced; performed

5. activities producing tangible products, such as radios, newspapers, buses, and textbooks.

6. activities producing intangible and tangible products, such as entertainment, transportation, and education.

7. customer focus

8. analyzing a competitor's products to identify desirable improvements

9. the systematic direction and control of the processes that transform resources into finished projects that create value for and provide benefits to consumers.

10. operation management.

your welcome leave a rate and a < 3

answered: Guest

$527.7.if the following was the question $527.7 is the answer.students who are trying to raise funds have an agreement with a local pizza chain. the chain has agreed to sell them pizzas at a discount, which the students can then resell to families in the local community for a profit. it is expected that of the 500 families in the community, at most 70% will buy pizza. based on a survey of their personal preferences, the students believe that they should order no more than 120 cheese pizzas, no more than 150 pepperoni pizzas, and no more than 100 vegetarian pizzas. they also want to make sure that at least 20% of the total pizzas are cheese and at least 50% of the pizzas are pepperoni. they make a profit of $1.45, $1.75, and $1.98, respectively, for each cheese, pepperoni, and vegetarian pizza they resell. how many pizzas of each type should they buy?

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An employee earns $7,500 in wages and has $1,800 in Federal Income Tax withheld and $318 in State In...