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Compute the take-home salaries of the employees

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Question - Short-term employee benefits - Daybreak Co.'s payroll for the period is as follows:

Basic salaries 460,000

Cost of living allowances (COLA) 20,000

SSS contribution (employee's share) 11,626

SSS contribution (employer's share) 24,173

PhilHealth contribution (employee's share) 6,000

PhilHealth contribution (employer's share) 6,000

Pag-IBIG (employee's share) 2,000

Pag-IBIG (employer's share) 2,000

Withholding taxes on salaries 9,112

Required -

a. Compute the salaries expense.

b. Compute the "take-home" salaries of the employees.

c. Provide the journal entry.

Reference no: EM133101293

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