Sweeney's Recording Studio payroll records show the following information: Assume the following:
a) FICA: OASDI, 6.2% on a limit of $128,400; Medicare, 1.45%.
b) Each employee contributes $40 per week for union dues.
c) State income tax is 5% of gross pay.
d) Federal income tax is 20% of gross pay.
Prepare a general journal payroll entry: for the payment of the above weekly salary only.

Question

Sweeney's Recording Studio payroll records show the following information:  Assume the following:
a) FICA: OASDI, 6.2% on a limit of $128,400; Medicare, 1.45%.
b) Each employee contributes $40 per week for union dues.
c) State income tax is 5% of gross pay.
d) Federal income tax is 20% of gross pay.
Prepare a general journal payroll entry: for the payment of the above weekly salary only.

Quizplus · Accepted Answer

The Answer of Sweeney's Recording Studio payroll records show the following information:  Assume the following:
a) FICA: OASDI, 6.2% on a limit of $128,400; Medicare, 1.45%.
b) Each employee contributes $40 per week for union dues.
c) State income tax is 5% of gross pay.
d) Federal income tax is 20% of gross pay.
Prepare a general journal payroll entry: for the payment of the above weekly salary only.

Sweeney's Recording Studio Payroll Records Show the Following Information