Lee Financial Services pays employees monthly. Payroll information is listed below for January 2024, the first month
Question:
Lee Financial Services pays employees monthly. Payroll information is listed below for January 2024, the first month of Lee’s fiscal year. Assume that none of the employees exceeded any relevant base of pay, such that all benefit percentages apply to the entire $500,000 payroll.
Required:
Prepare the appropriate journal entries to record salaries expense and payroll tax expense for the January 2024 pay period.
Salaries Federal income taxes to be withheld Federal unemployment tax rate State unemployment tax rate (after SUTA deduction) Social Security tax rate Medicare tax rate $500,000 $100,000 0.60% 5.40% 6.2% 1.45%
Step by Step Answer:
Salaries expense total amount earned 500000 Withholding taxe...View the full answer
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A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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