Question

brooke Newton works for JMK all year and earns a monthly salary of $12,800. There is...

brooke Newton works for JMK all year and earns a monthly salary of $12,800. There is no overtime pay. Brooke's income tax withholding rate is 20% of gross pay. In addition to payroll taxes, Brooke elects to contribute 2% monthly to United Way. JMK also deducts $300 monthly for co-payment of the health insurance premium. As of September 30, Brooke had $115,200 of cumulative earnings.

Compute Brookes net pay for october.

Journalize the accrual of salaries expense and the payment related to the employment of BrookeNewton. Begin with the entry to accrue salaries expense and payroll withholdings for brooke newton.

Now record the entry to record the payment of wages to Brooke

Homework Answers

Answer #1

Hi

Let me know in case you face any issue:

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Johnson Corp. prepares monthly financial statements and ends its fiscal year on June 30. In July,...
Johnson Corp. prepares monthly financial statements and ends its fiscal year on June 30. In July, your first month as accountant for the company, you find that the company has not previously accrued estimated liabilities. You discover that the company allows employees who have worked for the company for one year to take two weeks' paid vacation each year. The cost of these vacations had been charged to expense in the month of payment. Approximately 85 percent of the employees...
Record Payroll Expense and Payroll Tax Expense The following totals for the month of September were...
Record Payroll Expense and Payroll Tax Expense The following totals for the month of September were taken from the payroll register of Mindless Company. Use this information to answer questions 6 and 7. Salaries                           $24,000       Federal income taxes withheld      5,000 FICA taxes withheld                       1,100       Federal Unemployment Taxes            64 State Unemployment Taxes              432 6. What is the journal entry to record the monthly payroll expense on September 30? a. Increase Salaries and Wages Expense $24,000; Decrease...
Answer the following questions: 41.- Kathryn Holmes cumulative earnings are $45,000 and her gross pay for...
Answer the following questions: 41.- Kathryn Holmes cumulative earnings are $45,000 and her gross pay for the week is $500 if the FICA rates are Social Security 6.2% on a limit Security and FICA-Medicare taxes for the week? a) $31.00 $7.25 b) $310.00 $72.50 c) $3.10 $0.73 d) $25.50   $8.00 42.- The balance in the Salaries and Wages Payable account is equal to net pay True False 43.- The Federal Unemployment Tax is a) paid by the employer b) paid...
Comprehensive Problem 1 [The following information applies to the questions displayed below.] On December 1, Year...
Comprehensive Problem 1 [The following information applies to the questions displayed below.] On December 1, Year 1, John and Patty Driver formed a corporation called Susquehanna Equipment Rentals. The new corporation was able to begin operations immediately by purchasing the assets and taking over the location of Rent-It, an equipment rental company that was going out of business. The newly formed company uses the following accounts. Cash Capital Stock Accounts Receivable Retained Earnings Prepaid Rent Dividends Unexpired Insurance Income Summary...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT