Nashville Publishing Company pays its employees monthly. Payments made by the company on October 31, 2019, follow. Cumulative amounts paid to the persons named prior to October 31 are also given.
Required:
Journal entry worksheet
Note: Enter debits before credits.
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Journal entry worksheet
Note: Enter debits before credits.
|
Employee | Cumulative earnings prior to Oct 31. | Gross earnings | Income tax withholdings | Social security taxes payable | Medicare taxes payable | Net amount payable | |||
a | b | c | d=b*6.2%subject to a < 122700 | e=b*1.45% | |||||
Paul Parker | 160000 | 20000 | 5600 | 0 | 290 | 14110 | |||
Carolyn wells | 150000 | 15000 | 4200 | 0 | 217.5 | 10582.5 | |||
James Wu | 60000 | 6000 | 1320 | 372 | 87 | 4221 | |||
41000 | 11120 | 372 | 594.5 | 28913.5 | |||||
Michelle clark is an independent auditor.Hence, he is not an employee of the company and will not be in payroll | |||||||||
Jo Bradley is an independent editorial expert.Hence, he is not an employee of the company and will not be in payroll | |||||||||
Date | General journal | Debit | Credit | ||||||
Oct 31. | Salaries expense | 41000 | |||||||
Employee income tax payable | 11120 | ||||||||
Social security tax payable | 372 | ||||||||
Medicare tax payable | 594.5 | ||||||||
Salaries payable | 28913.5 | ||||||||
(Payroll recorded) | |||||||||
Oct 31. | Salaries payable | 28913.5 | |||||||
Cash | 28913.5 | ||||||||
(Paid to employees) | |||||||||
Nashville Publishing Company pays its employees monthly. Payments made by the company on October 31, 2019,...
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