Question

CALCULATOR PRINTER VERSION BACK Brief Exercise 10-7 Betsy Strand's regular hourly wage rate is $18, and she receives an hourly rate of $27 for work in excess of 40 hours. During a January pay period, Betsy works 47 hours Betsy's federal income tax withholding is $98, and she has no voluntary deductions. Assume that the FTCA 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.. 15.15. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 15 Click if you would like to Show Work for this question Open Show Work SHOW LIST OF ACCOUNTS

Answer 1

Date	Account Tittle	Debit	Credit
15-Jan	Salaries and wages expense (18*40+27*7)	$909.00
	Federal Income tax payable		98
	FICA Tax payable (909*7.65%)		69.5385
	Salaries and wages payable		$741.46
15-Jan	Salaries and wages payable	$741.46
	Cash		$741.46