The company has 2 employees, one is a sales technician, the salary of $4000 per month and
Question:
The company has 2 employees, one is a sales technician, the salary of $4000 per month and the other employee is the office manager with a salary of $6000 per month. Payroll is processed on the last day of the month and paid on the first day of the following month.
1. Prepared payroll for the month of November, the first payroll for the company. Record the sales expense entry first. The tax rates are as follows: Federal Income Tax rates- 15% NC state income Tax Rate- 10% FICA Tax Rate- 7.65% Unemployment tax rate- 6% on the first $7000 of each employees' earnings per year. Number
2: Prepared payroll for the month of December, the first payroll for the company. Record the salaries expense first. The tax rates are as follows: Federal income tax rate- 15% NC State income tax rate- 10% FICA tax rate- 7.65% Unemployment tax rate- 6% on the first 7000 of each employees' earnings per year.