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Dixon Sales has six employees that receive weekly paychecks. Each employee earns $14.00 per hour and has worked 40 hours in the pay period. Total federal income tax withholdings are $403.20. Each employee pays 3.09% in state income tax, 6.0% in Social Security tax, 1.5% in Medicare tax, and 0.5% toward retirement savings. Journalize the recognition of the pay period ending January 19 that will be paid to the employees on January 26 using the chart of accounts below. Cash Employees Federal Income Tax Expense Employees Federal Income Tax Payable Sales Wages Expense Sales Wages Payable Social Security Tax Expense Medicare Tax Payable Payroll Tax Expense Payroll Tax Payable Prepaid Payroll Taxes Retirement Savings Payable Sales Social Security Tax Payable Unearned Sales Wages mployees State Income Tax Expense mployees State Income Tax Payable edicare Tax Expense er your answers into the table below. the account names carefully (exactly as shown above) and follow formatting instructions below. VOT USE A DECIMAL WITH ZEROES FOR WHOLE DOLLAR AMOUNTS AND USE COMMAS APPROPRIATELY. EN THE DEBIT/CREDIT DOES NOT REQUIRE AN ENTRY, LEAVE IT BLANK. quired, round your answers to two decimal places. Debit Credit Account ate

Dixon Sales has six employees that receive weekly paychecks. Each employee earns $14.00 per hour and has worked 40 hours in the pay period. Total federal income tax withholdings are $403.20. Each employee pays 3.09% in state income tax, 6.0% in Social Security tax, 1.5% in Medicare tax, and 0.5% toward retirement savings. Journalize the recognition of the pay period ending January 19 that will be paid to the employees on January 26 using the chart of accounts below. Cash Employees Federal Income Tax Expense Employees Federal Income Tax Payable Sales Wages Expense Sales Wages Payable Social Security Tax Expense Medicare Tax Payable Payroll Tax Expense Payroll Tax Payable Prepaid Payroll Taxes Retirement Savings Payable Sales Social Security Tax Payable Unearned Sales Wages mployees State Income Tax Expense mployees State Income Tax Payable edicare Tax Expense er your answers into the table below. the account names carefully (exactly as shown above) and follow formatting instructions below. VOT USE A DECIMAL WITH ZEROES FOR WHOLE DOLLAR AMOUNTS AND USE COMMAS APPROPRIATELY. EN THE DEBIT/CREDIT DOES NOT REQUIRE AN ENTRY, LEAVE IT BLANK. quired, round your answers to two decimal places. Debit Credit Account ate

College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter9: Payroll Accounting: Employer Taxes And Reports
Section: Chapter Questions
Problem 1CP
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Dixon Sales has six employees that receive weekly paychecks. Each employee earns $14.00 per hour and has worked 40 hours in the pay period. Total federal income tax withholdings are $403.20. Each employee pays 3.0% in state income tax, 6.0%% in Social Security tax, 1.5% in Medicare tax, and 0.5% toward retirement savings. Journalize the recognition of the pay period ending January 19 that will be paid to the employees on January 26 using the chart of accounts below. Medicare Tax Payable Payroll Tax Expense Payroll Tax Payable Sales Wages Expense Sales Wages Payable Social Security Tax Expense Cash Employees Federal Income Tax Expense Employees Federal Income Tax Payable Social Security Tax Payable mployees State Income Tax Expense Prepaid Payroll Taxes Unearned Sales Wages nployees State Income Tax Payable edicare Tax Expense Retirement Savings Payable Sales er your answers into the table below. the account names carefully (exactly as shown above) and follow formatting instructions below. NOT USE A DECIMAL WITH ZEROES FOR WHOLE DOLLAR AMOUNTS AND USE COMMAS APPROPRIATELY. EN THE DEBIT/CREDIT DOES NOT REQUIRE AN ENTRY, LEAVE IT BLANK. quired, round your answers to two decimal places. Debit Credit Account ate - 19
Transcribed Image Text:Dixon Sales has six employees that receive weekly paychecks. Each employee earns $14.00 per hour and has worked 40 hours in the pay period. Total federal income tax withholdings are $403.20. Each employee pays 3.0% in state income tax, 6.0%% in Social Security tax, 1.5% in Medicare tax, and 0.5% toward retirement savings. Journalize the recognition of the pay period ending January 19 that will be paid to the employees on January 26 using the chart of accounts below. Medicare Tax Payable Payroll Tax Expense Payroll Tax Payable Sales Wages Expense Sales Wages Payable Social Security Tax Expense Cash Employees Federal Income Tax Expense Employees Federal Income Tax Payable Social Security Tax Payable mployees State Income Tax Expense Prepaid Payroll Taxes Unearned Sales Wages nployees State Income Tax Payable edicare Tax Expense Retirement Savings Payable Sales er your answers into the table below. the account names carefully (exactly as shown above) and follow formatting instructions below. NOT USE A DECIMAL WITH ZEROES FOR WHOLE DOLLAR AMOUNTS AND USE COMMAS APPROPRIATELY. EN THE DEBIT/CREDIT DOES NOT REQUIRE AN ENTRY, LEAVE IT BLANK. quired, round your answers to two decimal places. Debit Credit Account ate - 19
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