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Calculate b vaughns net pay and journalize the entries

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Reference no: EM132486089

Parry Paint LLC started operations on January 1, 2019. It had the following payroll transactions during the year.

Jan 15 - Paid an employee B. Vaughn gross pay of $1,560 for January 1-15 salary, calculated as follows:

Gross Pay Deductions

Income taxes              15%

FICA Social Security     6.2%

FICA Medicare             1.45%

Total deductions

Net Pay          $2,000

  • The company matches FICA deductions.

Required:

Question 1: Calculate B. Vaughn's net pay and journalize the entries to record her payroll.

Question 2: Prepare journal entries to record the above transactions. Show necessary calculations.

Reference no: EM132486089

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