uirement 2. Journalize the accrual of salaries expense and the payment related to the employment...

70.2K

Verified Solution

Question

Accounting

image

image

image

image

uirement 2. Journalize the accrual of salaries expense and the payment related to the employment of Bennington. (Record de Check your spelling carefully and do not abbreviate, except for the following acronyms: FICA, OASDI.) in with the entry to accrue salaries expense and payroll withholdings for Juan Bennington. (Round all amounts to the nearest Ask my instructor Requirement 1. Compute Bennington's net pay for October. (Round all amounts to the nearest Requirement 2. Journalize the accrual of salaries expense and the payment related to the employ table. Check your spelling carefully and do not abbreviate, except for the following acronyms: FICF Payroll Tax Information For all payroll calculations, use the following tax rates and round amounts to the nearest cent: Employee: OASDI: 6.2% on first $147,000 earned; Medicare: 1.45% up to $200,000,2.35% on earnings above $200,000. Employer: OASDI: 6.2% on first $147,000 earned; Medicare: 1.45%; FUTA: 0.6% on first $7,000 earned; SUTA: 5.4% on first $7,000 earned. alaries expense and payroll withholdings for Juan Bennington. (Round all amounts to the nearest cel Juan Bennington works for TUV all year and earns a monthly salary of $14,500. There is no overtime pay. Bennington's income tax withholding rate is 12% of gross pay. In addition to payroll taxes, Benningto elects to contribute 2% monthly to a charity fund. TUV also deducts $100 monthly for co-payment of the health insurance premium. As of September 30 , Juan had $145,000 of cumulative earnings. Read the requirements

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!
Become a Member

Other questions asked by students