The following information pertains to a weekly payroll of Fanelli Fashion Company: a. The total...
60.1K
Verified Solution
Link Copied!
Question
Accounting
The following information pertains to a weekly payroll of Fanelli Fashion Company:
a. The total wages earned by employees are $2,910. b. The state unemployment insurance contribution rate is 3.75%. c. The entire amount of wages is taxable under FICA, FUTA, and SUTA. d. The amount withheld from the employees' wages for federal income taxes is $491; for state income taxes, $49.10; and for group insurance, $87.10.
Journalize the payment of wages, and record the payroll taxes for this payroll.
If an amount box does not require an entry, leave it blank. Round your answers to the nearest cent.
Account Debit Credit Payment of wages
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: Flex AI - Your personal assistant for all your inquiries!
