Other accrued liabilities—payroll The following summary data for the payroll period ended on November 14, 2009, are available for Brac Construction Ltd.:
Gross pay | $ ? |
FICA tax withholdings | ? |
Income tax withholdings | 13,760 |
Medical insurance contributions | 1,120 |
Union dues | 640 |
Total deductions | 21,640 |
Net pay | 58,360 |
Required:
a. Calculate the missing amounts and then determine the FICA tax withholding percentage.
b. Use the horizontal model (or write the journal entry) to show the effects of the payroll accrual.
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