Alpha Geek
$10/per page/Negotiable
Other accrued liabilities—payroll The following summary data for the payroll period ended on November 14, 2012, are available for Brac Construction Ltd.:
Problem 7.26
LO 3
|
Gross pay . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
$ ? |
|
FICA tax withholdings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
? |
|
Income tax withholdings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
13,760 |
|
Medical insurance contributions. . . . . . . . . . . . . . . . . . . . . . . . . |
1,120 |
|
Union dues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
640 |
|
Total deductions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
21,640 |
|
Net pay . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
58,360 |
Required:
a.       Calculate the missing amounts and then determine the FICA tax withholding percentage.
b.      Use the horizontal model (or write the journal entry) to show the effects of the payroll accrual.
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