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Answer #1
(a) 2. Total gross earnings=FICA taxes/FICA tax rate=2340/8%=$ 29250
1. Overtime=Total-Regular=29250-24000=$ 5250
3. State income taxes=Total gross earnings*4%=29250*4%=$ 1170
4.Total deductions=Total gross earnings-Net pay=29250-23540=$ 5710
5. Amount debited to salaries/Wages expense=Total gross earnings=$ 29250
(b) Date Account titles Debit Credit
XXX Salaries/Wages expense 29250
FICA taxes payable 2340
Federal income taxes payable 2000
State income taxes payable 1170
Union dues payable 200
Salaries/Wages payable 23540
(February payroll recorded)
XXX Salaries/Wages payable 23540
Cash 23540
(Payroll paid)
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