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finance assignment




Question;I do not understand how to work this problem with just the information that I have been given. these numbers are different so I just need to be shown how to do the problem.1. Payroll accounting. Assume that the following tax rates and payroll information pertain to Brookhaven Publishing:? Social Security taxes: 6% on the first $55,000 earned? Medicare taxes: 1.5% on the first $130,000 earned? Federal income taxes withheld from wages: $7,500? State income taxes: 5% of gross earnings? Insurance withholdings: 1% of gross earnings? State unemployment taxes: 5.4% on the first $7,000 earned? Federal unemployment taxes: 0.8% on the first $7,000 earnedThe company incurred a salary expense of $50,000 during February. All employees had earned less than $5,000 by month-end.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 withholdingsb. Prepare the journal entry to record Brookhaven?s payroll tax expense. The entry will include the following:? Matching Social Security taxes? Matching Medicare taxes? State unemployment taxes? Federal unemployment taxes


Paper#50972 | Written in 18-Jul-2015

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