Prepare a General Journal Payroll Entry for Advanced Computer Programming

question 48

Essay

Prepare a general journal payroll entry for Advanced Computer Programming using the following information:
Assume the following:
a)FICA: OASDI, 6.2% on a limit of $106,800; Medicare, 1.45%
b)Federal income tax is 15% of gross pay
c)Each employee pays $20 per week for medical insurance

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Definitions:

Consumer Surplus

The gap between the price consumers are ready to pay for a good or service and the price they end up paying.

Market Demand

Represents the total quantity of a good or service that all consumers in a market are willing and able to purchase at various prices.

Music Downloads

Digital files of music tracks that can be legally or illegally downloaded from the internet to a computer or mobile device.

Sugar Quotas

Government-imposed limits on the amount of sugar that can be imported or produced, often to stabilize domestic prices.