Selected data from a February payroll register for Vaughn Company are presented below. Some amounts are intentionally omitted. Gross earnings: State income taxes $(3) Regular $6,000 Union dues 330 Overtime (1) Total deductions (4) Total (2) Net pay $6,505 Deductions Account debited: FICA taxes $ 765 Salaries and wages expense (5) Federal income taxes 2,000 The 7.65% FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and wages up to $128,400 and the Medicare tax rate of 1.45% on all salaries and wages. State income taxes are 4% of gross earnings. Fill in the missing amounts. (Round answers to 0 decimal places, e.g. 125.) Gross earnings: State income taxes $enter a dollar amount (3) Regular $6,000 Union dues 330 Overtime enter a dollar amount (1) Total deductions enter a total amount (4) Total enter a total amount (2) Net pay $6,505 Deductions Account debited: FICA taxes $765 Salaries and wages expense enter a dollar amount (5) Federal income taxes 2,000 Journalize the February payroll and the payment of the payroll. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit Feb. 28 enter an account title to record payroll enter a debit amount enter a credit amount enter an account title to record payroll enter a debit amount enter a credit amount enter an account title to record payroll enter a debit amount enter a credit amount enter an account title to record payroll enter a debit amount enter a credit amount enter an account title to record payroll enter a debit amount enter a credit amount enter an account title to record payroll enter a debit amount enter a credit amount (To record payroll.) Feb. 28 enter an account title to record payment of payroll enter a debit amount enter a credit amount enter an account title to record payment of payroll enter a debit amount enter a credit amount (To record payment of payroll.)

Selected data from a February payroll register for Vaughn Company are presented below. Some amounts are intentionally omitted. Gross earnings: State income taxes $(3) Regular $6,000 Union dues 330 Overtime (1) Total deductions (4) Total (2) Net pay $6,505 Deductions Account debited: FICA taxes $ 765 Salaries and wages expense (5) Federal income taxes 2,000 The 7.65% FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and wages up to $128,400 and the Medicare tax rate of 1.45% on all salaries and wages. State income taxes are 4% of gross earnings. Fill in the missing amounts. (Round answers to 0 decimal places, e.g. 125.) Gross earnings: State income taxes $enter a dollar amount (3) Regular $6,000 Union dues 330 Overtime enter a dollar amount (1) Total deductions enter a total amount (4) Total enter a total amount (2) Net pay $6,505 Deductions Account debited: FICA taxes $765 Salaries and wages expense enter a dollar amount (5) Federal income taxes 2,000 Journalize the February payroll and the payment of the payroll. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit Feb. 28 enter an account title to record payroll enter a debit amount enter a credit amount enter an account title to record payroll enter a debit amount enter a credit amount enter an account title to record payroll enter a debit amount enter a credit amount enter an account title to record payroll enter a debit amount enter a credit amount enter an account title to record payroll enter a debit amount enter a credit amount enter an account title to record payroll enter a debit amount enter a credit amount (To record payroll.) Feb. 28 enter an account title to record payment of payroll enter a debit amount enter a credit amount enter an account title to record payment of payroll enter a debit amount enter a credit amount (To record payment of payroll.)

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter7: Employee Earnings And Deductions

Section: Chapter Questions

Problem 6E: On January 21, the column totals of the payroll register for Great Products Company showed that its...

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Selected data from a February payroll register for Vaughn Company are presented below. Some amounts are intentionally omitted.

Gross earnings:		State income taxes	$(3)
Regular	$6,000	Union dues	330
Overtime	(1)	Total deductions	(4)
Total	(2)	Net pay	$6,505
Deductions		Account debited:
FICA taxes	$ 765	Salaries and wages expense	(5)
Federal income taxes	2,000

The 7.65% FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and wages up to $128,400 and the Medicare tax rate of 1.45% on all salaries and wages. State income taxes are 4% of gross earnings.

Fill in the missing amounts. (Round answers to 0 decimal places, e.g. 125.)

Gross earnings:			State income taxes	$enter a dollar amount	(3)
Regular	$6,000		Union dues	330
Overtime	enter a dollar amount	(1)	Total deductions	enter a total amount	(4)
Total	enter a total amount	(2)	Net pay	$6,505
Deductions			Account debited:
FICA taxes	$765		Salaries and wages expense	enter a dollar amount	(5)
Federal income taxes	2,000

Journalize the February payroll and the payment of the payroll. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,275.)

Date	Account Titles and Explanation	Debit	Credit
Feb. 28	enter an account title to record payroll	enter a debit amount	enter a credit amount
	enter an account title to record payroll	enter a debit amount	enter a credit amount
	enter an account title to record payroll	enter a debit amount	enter a credit amount
	enter an account title to record payroll	enter a debit amount	enter a credit amount
	enter an account title to record payroll	enter a debit amount	enter a credit amount
	enter an account title to record payroll	enter a debit amount	enter a credit amount
	(To record payroll.)
Feb. 28	enter an account title to record payment of payroll	enter a debit amount	enter a credit amount
	enter an account title to record payment of payroll	enter a debit amount	enter a credit amount
	(To record payment of payroll.)

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