Homework Answers
1. Net pay: $460100
| Gross pay | 600000 | |
| Less: Deductions | ||
| Federal income taxes | 76000 | |
| Social security | 37200 | |
| Medicare | 8700 | |
| Charitable contributions (1% x $600000) | 6000 | |
| Union dues (2% x $600000) | 12000 | 139900 |
| Net pay $ | 460100 |
2.
| Wages expense | 600000 | |
| Federal income taxes payable | 76000 | |
| Social security payable | 37200 | |
| Medicare payable | 8700 | |
| Charitable contributions payable | 6000 | |
| Union dues payable | 12000 | |
| Wages payable | 460100 | |
| (Record wages and liabilities) | ||
| Payroll tax expense | 79380 | |
| Social security payable | 37200 | |
| Medicare payable | 8700 | |
| Federal unemployment tax payable* | 33480 | |
| (Record employer payroll taxes) |
*Federal unemployment tax payable = [6.2% x ($600000 - $60000)] = 6.2% x $540000 = $33480
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I just need to know what number to input into the blank spaces,
please!!!
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I just need to know what number to input into the blank spaces,
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overstated, understated Assume that the Cole Designs Inc.
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