Week 7 Brief Exercises

Week 7 Brief Exercises - Name Homework Week 7 Payroll(1 In...

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Name: Homework Week 7 Payroll (1) In November, gross earnings at the Humpty Dumpty Riding Company were $100,000. All earnings are subject to 7.65% FICA taxes. Federal income tax withheld was $20,000, and State income tax withheld was $1,600. (1) Calculate net pay for November and, (2) record the payroll. (2) In March, the payroll supervisor determines that gross earnings for Horseless Carriage Rides are $120,000. All earnings are subject to 7.65% FICA taxes, 5.4% state unemployment taxes and, .8% Federal unemployment taxes. Journalize the employers payroll taxes. Date Account Debit Credit (3) The employee payroll records indicate the following total earnings for 2 employees through the pay period ending December 10.
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  • Fall '16
  • Taxes, Federal Insurance Contributions Act tax, gross earnings

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