Elizabeth's regular hourly wage rate is $22, and she receives an hourly rate of $33 for work in excess of 40 hours. During a January pay period, Elizabeth works 49 hours Elizabeth's federal income tax withholding is $97, and she has no voluntary deductions. Prepare the employer's journal entry to record payroll taxes for the period. Ignore unemployment taxes. Assume the FICA tax rate is 7.65%. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round the answers to 2 decimal places, eg. 15.25) Date Jan. 15 Account Titles and Explanation Payroll Tax Expense FICA Taxes Payable Debit 98.30 Credit 98.30

Elizabeth's regular hourly wage rate is $22, and she receives an hourly rate of $33 for work in excess of 40 hours. During a January pay period, Elizabeth works 49 hours Elizabeth's federal income tax withholding is $97, and she has no voluntary deductions. Prepare the employer's journal entry to record payroll taxes for the period. Ignore unemployment taxes. Assume the FICA tax rate is 7.65%. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round the answers to 2 decimal places, eg. 15.25) Date Jan. 15 Account Titles and Explanation Payroll Tax Expense FICA Taxes Payable Debit 98.30 Credit 98.30

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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