3. Jackson Sanders works for Myers Company all year and earns a monthly salary of $3,800. There is no overtime pay. Based on Jackson's W-4, Myers withholds income taxes at 10% of his gross pay. As of July 31, Jackson had $28,000 of cumulative earnings. (Click the icon to view payroll tax rate information.) Journalize the accrual of salary expense for Myers Company related to the employment of Jackson Sanders for the month of August. (Record debits first, then credits. Round all amounts to the nearest cent. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit
3. Jackson Sanders works for Myers Company all year and earns a monthly salary of $3,800. There is no overtime pay. Based on Jackson's W-4, Myers withholds income taxes at 10% of his gross pay. As of July 31, Jackson had $28,000 of cumulative earnings. (Click the icon to view payroll tax rate information.) Journalize the accrual of salary expense for Myers Company related to the employment of Jackson Sanders for the month of August. (Record debits first, then credits. Round all amounts to the nearest cent. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit
Chapter4: Income Tax Withholding
Section: Chapter Questions
Problem 8PB
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Transcribed Image Text:3. Jackson Sanders works for Myers Company all year and earns a monthly salary of $3,800. There is no overtime
pay. Based on Jackson's W-4, Myers withholds income taxes at 10% of his gross pay. As of July 31, Jackson had
$28,000 of cumulative earnings.
(Click the icon to view payroll tax rate information.)
Journalize the accrual of salary expense for Myers Company related to the employment of Jackson Sanders for the
month of August. (Record debits first, then credits. Round all amounts to the nearest cent. Select the explanation on
the last line of the journal entry table.)
Date
Accounts and Explanation
Debit
Credit
More info
For all payroll calculations, use the following tax rates and round amounts to the
nearest cent:
Employee: OASDI: 6.2% on first $117,000 earned; Medicare: 1.45% up
to $200,000, 2.35% on earnings above $200,000.
Employer: OASDI: 6.2% on first $117,000 earned; Medicare: 1.45%; FUTA:
0.6% on first $7,000 earned; SUTA: 5.4% on first $7,000 earned.
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