Swifty Corbin'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, Swifty works 43 hours. Swifty's federal income tax withholding is $98, and she has no voluntary deductions. 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. Prepare the journal entries to record (a) Swifty's pay for the period and (b) the payment of Swifty's wages. Use January 15 for the end of the pay period and the payment date. (Round Intermediate calculation and final answers to 2 decimal places, e.g. 15.25. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation (a) Jan. 15 Debit Credit
Swifty Corbin'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, Swifty works 43 hours. Swifty's federal income tax withholding is $98, and she has no voluntary deductions. 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. Prepare the journal entries to record (a) Swifty's pay for the period and (b) the payment of Swifty's wages. Use January 15 for the end of the pay period and the payment date. (Round Intermediate calculation and final answers to 2 decimal places, e.g. 15.25. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation (a) Jan. 15 Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Swifty Corbin'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, Swifty works 43 hours. Swifty's federal income tax withholding is $98, and she has no voluntary deductions. 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.
Prepare the journal entries to record (a) Swifty's pay for the period and (b) the payment of Swifty's wages. Use January 15 for the end
of the pay period and the payment date. (Round Intermediate calculation and final answers to 2 decimal places, e.g. 15.25. Credit account
titles are automatically indented when amount is entered. Do not indent manually.)
No.
Date
Account Titles and Explanation
(a)
Jan. 15
Debit
Credit
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