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Assume that Lyn Addie is an unmarried employee. Her $1,040 of wages are subject to no deductions other than FICA Social Security taxes, FICA Medicare taxes, and federal income taxes. Her federal income taxes for this pay period total $104. Compute her net pay for the eight days' work paid on February 26. FICA tax rates applicable are: 6.2% for Social security and 1.45% Medicare.
2.Record the journal entry to reflect the payroll payment to Lyn Addie as computed in part 1.Feb. 26
3.Record the journal entry to reflect the (employer) payroll tax expenses for the February 26 payroll payment. Assume Lyn Addie has not met earnings limits for FUTA and SUTA-the FUTA rate is 0.8% and the SUTA rate is 4% for Business Solutions.
Date General Journal Debit CreditFeb. 26
4.Record the entry(ies) for the merchandise sold on March 25 if a 4% sales tax rate applies.Date General Journal Debit CreditMar. 25
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