Maurice Tutor

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Teaching Since: May 2017
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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 11 Aug 2017 My Price 11.00

Brookhaven Publishing

Payroll accounting. Assume that the following tax rates and payroll information pertain to Brookhaven Publishing:

A?· Social Security taxes: 6% on the first $55,000 earned

A?· Medicare taxes: 1.5% on the first $130,000 earned

A?· Federal income taxes withheld from wages: $7,500

A?· State income taxes: 5% of gross earnings

A?· Insurance withholdings: 1% of gross earnings

A?· State unemployment taxes: 5.4% on the first $7,000 earned

A?· Federal unemployment taxes: 0.8% on the first $7,000 earned

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The company incurred a salary expense of $50,000 during February. All employees had earned less than $5,000 by month-end.

a. Prepare the necessary entry to record Brookhaven's February payroll. The entry will include deductions for the following:

A?· Social Security taxes

A?· Medicare taxes

A?· Federal income taxes withheld

A?· State income taxes

A?· Insurance withholdings

 

 

 

b. Prepare the journal entry to record Brookhaven's payroll tax expense. The entry will include the following:

A?· Matching Social Security taxes

A?· Matching Medicare taxes

A?· State unemployment taxes

A?· Federal unemployment taxes

Answers

Maurice Tutor
(5)
Status NEW Posted 11 Aug 2017 01:08 PM My Price 11.00

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