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2. Jason works for Henderson Company all year and earns a monthly salary of $4,400. There is no overtime pay. Based on Jason's W-4,
2. Jason works for Henderson Company all year and earns a monthly salary of $4,400. There is no overtime pay. Based on Jason's W-4, Henderson withholds income taxes at 25% of his gross pay. As of July 31, Jason had $30,800 of cumulative earnings. Using the following tax information, please Journalize the accrual of salary expense for Henderson Company related to the employment of for the month of August (Record debits first, then credits. Round all amounts to the nearest cent. For all payroll calculations, use the following tax rates and round amounts to the nearest cent: Employee: OASDI : 6.2% on first $132,900 earned; Medicare: 1.45% up to $200,000, 2.35% on earnings above $200,000. Employer: OASDI : 6.2% on first $132,900 earned; Medicare: 1.45%; FUTA: 0.6% on first $7,000 earned; SUTA: 5.4% on first $7,000 earned. Date Accounts and explanations To record salaries expense and payroll withholdings e Debit Credit
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