A partial summary of the payroll data for Long Industries for each week of June is as
Question:
a. Compute the missing amounts in the summary, assuming that no employees have reached the $120,000 FICA maximum.
b. For each payroll period, prepare journal entries to
(1) Record the payroll
(2) Record the payments to employees.
Transcribed Image Text:
June 7 June 14 June 21 June 28 $36,500 34,200 37,300 38,400 Gross earnings. . Deductions: Income tax .. . Health insurance .. Tax-sheltered annuity.. 4,215 600 1,825 4,120 600 1,780 4,320 600 1,855 4,410 600 1,870 Total deductions Net earnings . ..
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a June 7 June 14 June 21 June 28 FICA tax 2920 2736 2984 3072 Total deductions 9560 9236 9...View the full answer
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Related Book For
Principles of Cost Accounting
ISBN: 978-1305087408
17th edition
Authors: Edward J. Vanderbeck, Maria Mitchell
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