Journalizing Payroll Transactions
1. Determine the amount of Social Security and Medicare taxes to be withheld. If required, round your answers to the nearest cent.
2. Record the journal entry for the payroll, crediting Cash for the net pay. When required, enter amounts in dollars and cents. If an amount box does not require an entry, leave it blank.
On December 31, the payroll register of Hamstreet Associates indicated the following information:
Wages and Salaries Expense $7,700
Employee Federal Income Tax Payable800
United Way Contributions Payable 190
Earnings subject to Social Security tax7,200
Answers: 3
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Journalizing Payroll Transactions
1. Determine the amount of Social Security and Medicare taxes to...
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