In January, gross earnings in Alexi Company were $60,000. All earnings are subject to 8% FICA taxes.
Question:
In January, gross earnings in Alexi Company were $60,000. All earnings are subject to 8% FICA taxes. Federal income tax withheld was $14,000, and state income tax withheld was $1,600.
(a) Calculate net pay for January, and
(b) Record the payroll.
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Related Book For
Accounting Principles
ISBN: 978-0470533475
9th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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