28. Sweetman's Recording Studio payroll records show the following information: Cumulative Earnings Weekly Colina Salary Before Payroll D. Gordon $20,000 1,000 Assume the following: a) FICA: OASDI, 6.2% on a limit of $102,000; Medicare, 1.45% b) Each employee contributes $40 per week for union dues c) State income tax is 5% of gross pay d) Federal income tax is 20% of gross pay Prepare a general journal payroll entry. ANSWER: Account Title and Description DEBIT Salaries Expense FICA-OASDI Payable FICA-Medicare Payable Federal Inc. Tax Payable State Inc. Tax Payable Union Dues Payable Salaries and Wages Payable General Journal Post Ref. CREDIT
28. Sweetman's Recording Studio payroll records show the following information: Cumulative Earnings Weekly Colina Salary Before Payroll D. Gordon $20,000 1,000 Assume the following: a) FICA: OASDI, 6.2% on a limit of $102,000; Medicare, 1.45% b) Each employee contributes $40 per week for union dues c) State income tax is 5% of gross pay d) Federal income tax is 20% of gross pay Prepare a general journal payroll entry. ANSWER: Account Title and Description DEBIT Salaries Expense FICA-OASDI Payable FICA-Medicare Payable Federal Inc. Tax Payable State Inc. Tax Payable Union Dues Payable Salaries and Wages Payable General Journal Post Ref. CREDIT
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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