Lopez Company has a single employee, who earns a salary of $2,500 per pay perlod (or $60,000 per year). The employee's paycheck, dated January 15 of the current year, included withholdings of $400 for employee income taxes, $191.25 for FICA-Social Security Taxes, and $150.00 for FICA-Medicare Taxes. FUTA specifies a federal tax rate of 6.0% on taxable wages up to the first $7,000 for each employee. Complete the necessary journal entry. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the compensation expense for FICA taxes and FUTA taxes. Note: Enter debits before credits. Date General Journal Debit Credit January 15 Clear ento Maw.popacallourn Pecordentn

Lopez Company has a single employee, who earns a salary of $2,500 per pay perlod (or $60,000 per year). The employee's paycheck, dated January 15 of the current year, included withholdings of $400 for employee income taxes, $191.25 for FICA-Social Security Taxes, and $150.00 for FICA-Medicare Taxes. FUTA specifies a federal tax rate of 6.0% on taxable wages up to the first $7,000 for each employee. Complete the necessary journal entry. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the compensation expense for FICA taxes and FUTA taxes. Note: Enter debits before credits. Date General Journal Debit Credit January 15 Clear ento Maw.popacallourn Pecordentn

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter13: Accounting For Payroll And Payroll Taxes

Section: Chapter Questions

Problem 4AP

See similar textbooks