Questionlee financial services pays employees monthly

Assignment Help Financial Accounting

Reference no: EM13348366

Question:

Lee Financial Services pays employees monthly. Payroll information is given below for January 2013, the first month of Lee's fiscal year. Consider that none of the employees exceeded any relevant wage base.

Salaries $500,000

Federal income taxes to be withheld 100,000

Federal unemployment tax rate 0.60%

State unemployment tax rate (after FUTA deduction) 5.40%

Social Security (FICA) tax rate 7.65%

Required:

Write the appropriate journal entries to record wages and salaries expense and payroll tax expense for the January 2013 pay period.

Reference no: EM13348366

Questions Cloud

Question1 trigen corp management can invest cash flows of : question1. trigen corp. management can invest cash flows of 213949 1405364 1108566 818400 1239644 and 1617848 in

Questionprepare the 2009 financial statements for the walt : questionprepare the 2009 financial statements for the walt disney company on the internet. use those financial

Questionon december 31 2012 dow steel corporation had : questionon december 31 2012 dow steel corporation had 730000 shares of common stock and 43000 shares of 9

Question late in 2009 joan seceda and four other investors : question late in 2009 joan seceda and four other investors took the chain of becker department stores private and the

Questionlee financial services pays employees monthly : questionlee financial services pays employees monthly. payroll information is given below for january 2013 the first

Questionduring april leary company sold 1000 units of : questionduring april leary company sold 1000 units of product q. its starting inventory and purchases during the month

Questionthe cuts-n-curves athletic club is a state-wide : questionthe cuts-n-curves athletic club is a state-wide chain of service fitness clubs that cater to the demographics

Questionellen brite and johnnbsp are married and file a : questionellen brite and johnnbsp are married and file a joint return. they have no dependents. john owns an

Question 1a explain the term risk assessment and outline : question 1a explain the term risk assessment and outline the provision of the occupational safety and health act 2005

User Account

All Pages