a. On December 31, calculated the payroll, which indicates gross earnings for wages ($310,000), payroll deductions for income tax ($33,000), payroll deductions for FICA ($25,000), payroll deductions for United Way ($4,500), employer contributions for FICA (matching), and state and federal unemployment taxes ($2,500). Employees were paid in cash, but payments for the corresponding payroll deductions have not been made and employer taxes have not yet been recorded.
a. On December 31, calculated the payroll, which indicates gross earnings for wages ($310,000), payroll deductions for income tax ($33,000), payroll deductions for FICA ($25,000), payroll deductions for United Way ($4,500), employer contributions for FICA (matching), and state and federal unemployment taxes ($2,500). Employees were paid in cash, but payments for the corresponding payroll deductions have not been made and employer taxes have not yet been recorded.
Principles of Cost Accounting
17th Edition
ISBN:9781305087408
Author:Edward J. Vanderbeck, Maria R. Mitchell
Publisher:Edward J. Vanderbeck, Maria R. Mitchell
Chapter3: Accounting For Labor
Section: Chapter Questions
Problem 7E: Davis, Inc. paid wages to its employees during the year as follows: a. How much of the total payroll...
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