Journalizing Payroll Transactions On December 31, the payroll register of Hamstreet Associates indicated the following information:...
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Journalizing Payroll Transactions On December 31, the payroll register of Hamstreet Associates indicated the following information: Wages and Salaries Expense Employee Federal Income Tax Payable $8,700.00 920.00 200.00 United Way Contributions Payable Earnings subject to Social Security tax 8,000.00 Use Social Security 6.2% and Medicare 1.45% as specified in the text. 1. Determine the amount of Social Security and Medicare taxes to be withheld. If required, round your answers to the nearest cent. Social Security Tax Medicare Tax 2. Record the journal entry for the payroll, crediting Cash for the net pay. DATE 20-- 1 Dec. 31 2 3 4 5 6 Page: ACCOUNT TITLE DOC. POST. NO. REF. DEBIT CREDIT 2 3 4 565 7 Payroll for week ended December 31 7 Journalizing Payroll Transactions On December 31, the payroll register of Hamstreet Associates indicated the following information: Wages and Salaries Expense Employee Federal Income Tax Payable $8,700.00 920.00 200.00 United Way Contributions Payable Earnings subject to Social Security tax 8,000.00 Use Social Security 6.2% and Medicare 1.45% as specified in the text. 1. Determine the amount of Social Security and Medicare taxes to be withheld. If required, round your answers to the nearest cent. Social Security Tax Medicare Tax 2. Record the journal entry for the payroll, crediting Cash for the net pay. DATE 20-- 1 Dec. 31 2 3 4 5 6 Page: ACCOUNT TITLE DOC. POST. NO. REF. DEBIT CREDIT 2 3 4 565 7 Payroll for week ended December 31 7
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