Sweetman's Recording Studio payroll records show the following information:
Assume the following:
a)FICA: OASDI, 6.2% on a limit of $106,800; Medicare, 1.45%
b)Each employee contributes $40 per week for union dues
c)State income tax is 5% of gross pay
d)Federal income tax is 20% of gross pay
Prepare a general journal payroll entry.
Definitions:
Q1: The entry to close the Fees Earned
Q14: Indicate which adjustments would require a journal
Q21: A deposit must be made when filing
Q53: Sales discounts are not taken on which
Q55: Businesses will make their payroll tax deposits
Q66: The employer's payroll taxes are deducted from
Q71: The employees collectively earn a gross wage
Q72: Closing entries:<br>A)need not be journalized since they
Q100: Prepare the necessary general journal entry for
Q105: What are the major goals of the