During the month of January, an employee earned $4,000 of salary. Withholdings from the employee’s salary consist of FICA Social Security taxes of $248, FICA Medicare taxes of $58, federal income taxes of $426, and medical insurance deductions of $170. Prepare the journal entry to record the employer’s salaries expense and related liabilities assuming these wages will be paid in early February.

During the month of January, an employee earned $4,000 of salary. Withholdings from the employee’s salary consist of FICA Social Security taxes of $248, FICA Medicare taxes of $58, federal income taxes of $426, and medical insurance deductions of $170. Prepare the journal entry to record the employer’s salaries expense and related liabilities assuming these wages will be paid in early February.

Np Ms Office 365/Excel 2016 I Ntermed

1st Edition

ISBN:9781337508841

Author:Carey

Publisher:Carey

Chapter4: Analyzing And Charting Financial Data

Section: Chapter Questions

Problem 3RA

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