Company paid $40,000 for salaries and wages for the month applicable federal income tax rate is 20%

Fantastic news! We've Found the answer you've been seeking!

Question:

Company paid $40,000 for salaries and wages for the month applicable federal income tax rate is 20% state income tax a 6% FICA tax rate is 7.65% federal unemployment taxes .80% state unemployment taxes 5.4%

make a composite journal entry to record payroll

Related Book For answer-question

Intermediate Accounting Reporting and Analysis

ISBN: 978-1337788281

3rd edition

Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach

See More Books

Posted Date: Mar 16, 2023 05:56 AM

See More Questions

The first payroll in October covered the two workweeks that ended on September 26 and October 3. This payroll transaction has been entered for you in the payroll register, the employees' earnings...
Start of Payroll Project 7-3a October 9, 20-- No. 1 The first payroll in October covered the two workweeks that ended on September 26 and October 3. This payroll transaction has been entered for you...
Which of the following statement(s) about the Internet is(are) true? (Check all that apply.) A. Many Internet transactions are processed and stored by older, traditional legacy systems B. The...
Here are the comparative income statements of Eudaley Corporation. Instructions (a) Prepare a horizontal analysis of the income statement data for Eudaley Corporation, using 2013 as a base. (Show the...
Various types of accounting changes can affect the financial statements of a business enterprise differently. Assume that the following list describes changes that have a material effect on the...
The following information pertains to the inventory of Parvin Company: Jan. 1 Apr. 1 Oct. 1 Beginning inventory Purchased Purchased 400 units @ $20 2,900 units @ $25 800 units @ $26 During the year,...
According to the Congressional Research Service, 2,191,011 people are employed by the federal government in the United States. Suppose that a random sample of 3,500 of these federal employees was...
Develop a three-period moving average forecast for periods 1315. PERIOD DEMAND 10............ 248 11............ 370 12............ 424 13............ 286 14............ 444
1. Create a flowchart for the following program: - Get 3 numbers from user - Check if the biggest of the 3 is odd - - If it is, add 1 to it and Print "Now It Is Even" If it is not get another 3...
? ?? Journalize the closing entries. Include Posting References, using the account numbers in your spreadsheet. Refer to your answers from Chapter 4, Part 1 to complete this part. If an amount box...
You are supplied with a 15 V battery and a piece of hawgonium with a resistivity of 0.31 2m. The piece of hawgonium is a cylinder with a length of 2.5 cm and a radius of 0.55 cm. You do not need to...
Give a counterexample to show that the converse of the statement is false. If $m$ is odd, then $2 m+1$ is also odd.
An entity issues 300,000 convertible bonds at the start of year 2010. The bonds have a three-year term, and are issued at par with a face value of EUR 100 per bond, resulting in total proceeds of EUR...
Under this Courts state-action immunity doctrine, when a local governmental entity acts pursuant to a clearly articulated and affirmatively expressed state policy to displace competition, it is...
State the negation. $\triangle A B C$ is an isosceles triangle.
Use $A, B$, and $C$ as defined in Exercise 16 to translate the following statements into English. Data from in Exercise 16 Let A, B, and C, and D be the following statements: A The villain is...
ReadyWear is a retail business trading in the stock market. Investor Hugo wishes to set up a trading strategy that requires him to short- sell stock in ReadyWear, and his strategy will require him to...
You've been asked to take over leadership of a group of paralegals that once had a reputation for being a tight-knit, supportive team, but you quickly figure out that this team is in danger of...
The December 31, 2019, balance sheet accounts of Hitt Company are shown here in alphabetical order: Required: 1. Prepare Hitts December 31, 2019, balance sheet. 2. Compute the working capital and the...
Voiture Company manufactures compact, energy-efficient cars. On April 1, it purchased a machine for its assembly line at a contract price of $400,000 with terms of 2/10, n/30. Voiture paid the...
At the end of 2018, Duff Company prepared the following schedule of its deferred tax items (based on the currently enacted tax rate of 30%): On April 30, 2019, Congress changed the income tax rate to...
The following information has been extracted from the financial statements and the notes of Champigon Ltd. Required (a) Calculate the following for 2023 to one decimal place: i. current ratio ii....
Comparative figures from the statement of financial position for Warder Ltd are shown below. Required (a) Prepare common size statements for the company for both years, and comment on what this...
The following information has been extracted from the financial statements and notes thereto of Bass and Dide Ltd, consultants. Required (a) Calculate the following ratios for 2025: i. return on...

Company paid $40,000 for salaries and wages for the month applicable federal income tax rate is 20%

Question:

Expert Answer:

Debit Salaries and Wages Expense 40000 Credit Cash 28958 40000 40000 20 federal income tax 40000 6 s... View the full answer

Intermediate Accounting Reporting and Analysis

Students also viewed these accounting questions