Question

Nancy Strand’s regular hourly wage rate is $32, and she receives an hourly rate of $48 for work in excess of 40 hours. During a January pay period, Nancy works 46 hours. Nancy’s federal income tax withholding is $87, 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 automatically indented when amount is entered. Do not indent manually.).

What Do I enter on wiley plus? I see the solution but I'm not sure how to enter on wiley. There is only 6 boxes to enter.

Date

Jan 15

account title and explanation	Credit	Debit

Answer 1

Accounts Titles and Explanation	Debit	Credit
Salaries and Wages Expense	$1,568.00
FICA Taxes Payable		$119.95
Federal Income Tax Payable		$87.00
Salaries and Wages Payable		$1,361.05
Salaries and Wages Payable	$1,361.05
Cash		$1,361.05
Working
Regular pay (40 × $32)		$1,280
Overtime pay (6 × $48)		$288
Gross earnings		$1,568
Less: FICA taxes payable	$119.95
($1,568 × 7.65%)
Federal income taxes payable	$87.00	$206.95
Net Pay		$1,361.05