Homework Answers
Answer -
(a) Answer -
1. Overtime earnings :
= Total gross earnings - Regular earnings
= $29250 - $24000
= $5250
2. Total gross earnings :
FICA taxes 8% on total gross earnings
So,
Total gross earnings = $2340 / 8%
Total gross earnings = $29250
3. State income taxes :
State income taxes 4% on total gross earnings
So,
State income taxes = $29250 * 4%
State income taxes = $1170
4. Total deductions :
Total deductions = Total gross earnings - Net pay
Total deductions = $29250 - $23540
Total deductions = $5710
5. Salaries / Wages expense :
Salaries / Wages expense = Total gross earnings
So,
Salaries / Wages expense = $29250
(b) Answer -
| Date | Account titles | Debit | Credit |
| Feb. 28 | Salaries and wages expense | $29250 | |
| FICA taxes payable | $2340 | ||
| Federal income taxes payable | $2000 | ||
| State income taxes payable | $1170 | ||
| Union dues payable | $200 | ||
| Salaries and wages payable | $23540 | ||
| Feb. 28 | Salaries and wages payable | $23540 | |
| Cash | $23540 |
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