A Company Has Two Employees Whose Total January Salaries Totaled

question 190

Essay

A company has two employees whose total January salaries totaled $8,000.The federal income tax rate for both employees is 15%.The FICA Social Security tax is 6.2% and the FICA Medicare tax is 1.45%.Calculate the amount of employee taxes withheld and prepare the company's journal entry to accrue the January salaries expense and withholding of January taxes.

---

Definitions:

Skin Impairment

Damage or disorder affecting the skin's integrity, health, or appearance.

Mobile Patient

A patient who has the ability to move around, either independently or with minimal assistance, enhancing recovery and reducing the risk of complications related to immobility.

Corn Pads

Small, cushioned plasters designed to relieve pressure and reduce friction on corns on the feet.

Oval Corn Pads

Cushioned pads shaped specifically to cover and protect corns on feet, reducing pressure and pain.