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Diane Lane earns a salary of $9,900 per month during the year. FICA taxes are 7.65% on the first $117,000 of gross earnings and 1.45% in excess of $117,000. Federal unemployment insurance taxes are 6.2% of the first $7,000; however, a credit is allowed equal to the state unemployment insurance taxes of 5.4% on the $7,000. During the year, $32,300 was withheld for federal income taxes and $6,700 was withheld for state income taxes.
Instructions
(a) Prepare a journal entry summarizing the payment of Lane's total salary during the year.
(b) Prepare a journal entry summarizing the employer payroll tax expense on Lane's salary for the year.
(c) Determine the cost of employing Lane for the year.
Line Voltage
The voltage present in the main electrical power lines, typically higher than what is safe for direct consumer use without transformation.
Wye-Connected
A method of connecting three-phase motors or transformers where one end of each coil is connected to form a central junction point (neutral) and the other ends are connected to the power supply.
Single-Phase Loads
Loads that operate on only one phase of an AC power system.
Three-Phase Transformer
A transformer setup that uses three sets of primary and secondary coils to transfer electrical energy in a three-phase system, enhancing efficiency and reducing power loss.
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