O 3. Theodore Simpson works for Blair Company all year and earns a monthly salary...
90.2K
Verified Solution
Link Copied!
Question
Accounting
O 3. Theodore Simpson works for Blair Company all year and earns a monthly salary of $4,000. There is no overtime pay. Based on Theodore's W-4, Blair withholde income taxes at 18% of his gross pay. As of July 31, Theodore had $28,000 of cumulative earnings Click the icon to view payroll tax rate information.) Journalize the accrual of salary expense for Blair Company related to the employment of Theodore Simpson for the month of August. (Record debits first, then credits. Round al amounts to the nearest cont. Select the explanation on the last line of the journal entry table) Date Accounts and Explanation Debit Credit Choose from any list or enter any number in the input fields and then continue to the next question. For all payroll calculations, use the following tax rates and round amounts to the nearest cent: Employee: OASDI: 6.2% on first $132,900 earned; Medicare: 1.45% up to $200,000, 2.35% on earnings above $200,000. Employer: OASDI: 6.2% on first $132,900 earned; Medicare: 1.45%; FUTA: 0.6% on first $7,000 earned; SUTA: 5.4% on first $7,000 earned
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
