Question: Perry Paint LLC started operations on January 1, 2019. It had the following payroll transactions during the course of a year. Jan 15 Paid an

Perry Paint LLC started operations on January 1, 2019. It had the following payroll transactions during the course of a year.

Jan 15 Paid an employee B. Vaughn $1,560 cash for January 1-15 salary, calculated as follows:

Gross Pay

Deductions

Income taxes

15%

FICA Social Security

6.2%

FICA Medicare

1.45%

Total deductions

Net Pay

$2,000

The company matches FICA deductions.

Required:

  1. Calculate B. Vaughns net pay and journalize the entries to record her payroll.
  2. Prepare journal entries to record the above transactions. Show necessary calculations.

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