A Company Has 2 Employees Whose Total January Salaries Are

question 90

Essay

A company has 2 employees whose total January salaries are 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.

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Definitions:

Saved Exports

Preserved configurations or settings used to export data from a software application to another format or location.

External Data Tab

A feature in applications that allows users to manage connections to data stored outside the application, such as importing or linking to external databases.

Rerun Button

A user interface element that allows the user to execute an action or process again with a single click.

Linking

The process of connecting or associating two or more elements, such as database tables or objects, for the purpose of data reference or integration.