ACC 205 Week 4 Exercise 2 Payroll accounting

ACC 205 Week 4 Exercise 2 Payroll accounting

Product Description

WRITE THIS ESSAY FOR ME

Tell us about your assignment and we will find the best writer for your paper.

Get Help Now!

Payroll accounting. Assume that the following tax rates and payroll information pertain to Brookhaven Publishing:

• Social Security taxes: 6% on the first $55,000 earned
• Medicare taxes: 1.5% on the first $130,000 earned
• Federal income taxes withheld from wages: $7,500
• State income taxes: 5% of gross earnings
• Insurance withholdings: 1% of gross earnings
• State unemployment taxes: 5.4% on the first $7,000 earned
• Federal unemployment taxes: 0.8% on the first $7,000 earned

The company incurred a salary expense of $50,000 during February. All employees had earned less than $5,000 by month-end.

1. Prepare the necessary entry to record Brookhaven’s February payroll. The entry will include deductions for the following:

• Social Security taxes
• Medicare taxes
• Federal income taxes withheld
• State income taxes
• Insurance withholdings

1. Prepare the journal entry to record Brookhaven’s payroll tax expense. The entry will include the following:

Follow this link to get a similar paper written from scratch

Place an order for this assignment or any other paper with us. We guarantee that the paper will be delivered within the specified deadline. We also have a personalized customer support and you will be able to communicate with your writer throughout the order preparation process. Thank you for choosing us.