Parry Paint LLC started operations on January 1, 2019. It had the following payroll transactions during the year. Jan 15 - Paid an employee B. Vaughn gross pay of $2,000 for January 1-15 salary, calculated as follows: Deductions FICA Medicare 1.45% Gross Pay Income taxes FICA Social Total deductions Net Pay 15% Security 6.2% $2,000 The company matches FICA deductions. Required: a Calculate B. Vaughn's net pay and journalize the entries to record her payroll. b. Prepare journal entries to record the above transactions. Show necessary calculations.
Parry Paint LLC started operations on January 1, 2019. It had the following payroll transactions during the year. Jan 15 - Paid an employee B. Vaughn gross pay of $2,000 for January 1-15 salary, calculated as follows: Deductions FICA Medicare 1.45% Gross Pay Income taxes FICA Social Total deductions Net Pay 15% Security 6.2% $2,000 The company matches FICA deductions. Required: a Calculate B. Vaughn's net pay and journalize the entries to record her payroll. b. Prepare journal entries to record the above transactions. Show necessary calculations.
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter8: Employer Taxes, Payments, And Reports
Section: Chapter Questions
Problem 5E
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