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Prepare the journal entry to record payroll for employee

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Reference no: EM133136256

Question - Most organizations hire at least one employee. Select one employee for your organization (it could be you!) and calculate the following:

Gross pay. You should do some research to determine the proper entry-level pay for a person in this field and type of organization. (Provide your source.) List the yearly pay, and the pay for the first month.

Determine a reasonable amount of benefits, such as medical/dental insurance and assume the organization will contribute half. Cite your source.

Determine the withholdings (deductions from gross pay) for federal taxes, states taxes, FICA taxes, and medical/dental for the first month of work. Show calculations for federal, state, FICA taxes and use the amount you determined for medical/dental in part "b".

Prepare the journal entry to record the payroll for the above "employee".

Reference no: EM133136256

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