Question: please help me solve this problem! i promise to leave good ratings! thank you in advance! Nash Company pays its office employee payroll weekly. Below
Nash Company pays its office employee payroll weekly. Below is a partial list of employees and their payroll data for August. Because August is their vacation period, vacation pay is also listed. Assume that the federal income tax withheld is 10% of wages. Union dues withheld are 2% of wages. Vacations are taken the second and third weeks of August by Robbins, Kirk, and Sprouse. The state unemployment tax rate is 2.5% and the federal is 0.8%, both ond $7,000 maximum. The FICA rate is 7,65% on employee and employer on a maximum of $128,400 per employee. In addition,a1,45\% rate is charged both employer and employee for an employees wages in excess of $128,400. Make the journal entries necessary for each of the four August payrolls. The entries for the payroll and for the company sliability are made separately. Also make the entry to record the monthly payment of accrued payroll liabilities, (Round answers to 2 decimol ploces e.8. 15.25. If no entry Is required, select "No Entry" for the account titles ond enter Ofor the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
