Top Posters
Since Sunday
5
a
5
k
5
c
5
B
5
l
5
C
4
s
4
a
4
t
4
i
4
r
4
Home Q & A Board Other Fields Homework Help Business Accounting
New Topic  
upton upton
wrote...
Go to Answer
Posts: 942
Rep: 0 0
6 years ago
Mid-West Tutoring had the following payroll information on January 31:

Employee   Gross Pay   Cumulative Earnings Prior to this Payroll
R Baxter   $6,000   $6,000

Assume:
FICA tax rates are: OASDI 6.2% on a limit of $117,000 and Medicare 1.45%.
State Unemployment tax rate is 2% on the first $7,000.
Federal Unemployment tax rate is 0.8% on the first $7,000.

Using the information above, the journal entry to record the employee's withholding taxes would include:
A) a debit to Payroll Tax Expense in the amount of $6,000.
B) a debit to Wages and Salaries Expense in the amount of $6,000.
C) a credit to FUTA Payable for $48.
D) a credit to Cash in the amount of $6,000.
Textbook 
College Accounting: A Practical Approach

College Accounting: A Practical Approach


Edition: 13th
Author:
Read 208 times
2 Replies
Replies
Answer verified by a subject expert
AugustisAugustis
wrote...
#1
Top Poster
Posts: 994
Rep: 15 0
6 years ago
Sign in or Sign up in seconds to unlock everything for free
More solutions for this book are available here
1

Related Topics

wrote...
#2
4 years ago
Much appreciated, thank you!
New Topic      
Quick Reply
Explore
Post your homework questions and get free online help from our incredible volunteers
  1418 People Browsing
Start New Topic Take the Tour CoursesNew Study Tools Topics Trending Browse by Textbook
Related Images
  
 15
  
 15
  
 803
Your Opinion
Which 'study break' activity do you find most distracting?
Votes: 741
Previous poll results: Which is the best fuel for late night cramming?