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Brookhaven Publishing_ Payroll accounting




Question;Payroll accounting. Assume that the following tax rates and payroll;information pertain to Brookhaven Publishing;?;Social Security taxes: 4% on the first $55,000 earned per;employee;?;Medicare taxes: 1.5% on the first $130,000 earned per;employee;?;Federal income taxes withheld from wages: $7,500;?;State income taxes: 4% of gross earnings;?;Insurance withholdings: 1% of gross earnings;?;?;State unemployment taxes: 5.4% on the first $7,000 earned per employee;?;Federal unemployment taxes: 0.8% on the first $7,000earned per employee;The company;incurred a salary expense of $50,000 during February. All;employees had earned less than $5,000 by month-end and no;wages have been paid during the month.;a.;Prepare the necessary entry;to record Brookhaven?s February payroll. The entry will include deductions;for the following;?;Social Security taxes;?;Medicare taxes;?;Federal income taxes withheld;?;State income taxes;?;Insurance withholdings


Paper#37249 | Written in 18-Jul-2015

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