A Company Has Three Employees

question 67

Essay

A company has three employees.Total salaries for the month of January were $8,000.The federal income tax rate for all employees is 15%.The FICA-social security tax rate is 6.2% and the FICA-Medicare tax rate is 1.45%.Calculate the amount of employee taxes withheld and prepare the company's journal entry to record the January payroll assuming these were the only deductions.

---

Definitions:

Symbols

Objects, characters, figures, or colors used to represent abstract concepts or ideas.

Emotion Work

The process of managing one's own feelings and expressions to fulfill the emotional requirements of a job or role.

Socially Appropriate

Behaviors or actions that are accepted and expected by society or a specific social group.

Socially Inappropriate

Behavior or language that is not acceptable or considered offensive by societal norms and expectations.