Laura Strand’s regular hourly wage rate is $20, and she receives an hourly rate of $30 for work in excess of 40 hours. During a January pay period, Laura works 45 hours. Laura’s federal income tax withholding is $94, and she has no voluntary deductions. Assume that the FICA tax rate is 7.65%. Prepare the employer’s journal entry to record payroll taxes for the period. Ignore unemployment taxes. (Round answers to 2 decimal places, e.g. 15.15. Credit account titles are Date Account Titles and Explanation Debit Credit Jan. 15
Laura Strand’s regular hourly wage rate is $20, and she receives an hourly rate of $30 for work in excess of 40 hours. During a January pay period, Laura works 45 hours. Laura’s federal income tax withholding is $94, and she has no voluntary deductions. Assume that the FICA tax rate is 7.65%. Prepare the employer’s journal entry to record payroll taxes for the period. Ignore unemployment taxes. (Round answers to 2 decimal places, e.g. 15.15. Credit account titles are Date Account Titles and Explanation Debit Credit Jan. 15
Chapter4: Income Tax Withholding
Section: Chapter Questions
Problem 5SSQ
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Laura Strand’s regular hourly wage rate is $20, and she receives an hourly rate of $30 for work in excess of 40 hours. During a January pay period, Laura works 45 hours. Laura’s federal income tax withholding is $94, and she has no voluntary deductions. Assume that the FICA tax rate is 7.65%.
Prepare the employer’s journal entry to record payroll taxes for the period. Ignore unemployment taxes. (Round answers to 2 decimal places, e.g. 15.15. Credit account titles are
Date Account Titles and Explanation Debit Credit
Jan. 15
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