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mariarad [96]
3 years ago
9

Mobile Sales has five employees which receive weekly paychecks. Each earns $11.50 per hour and each has worked 40 hours in the p

ay period. Each employee pays 12% of gross in Federal Income Tax, 3% in State Income Tax, 6% of gross in Social Security Tax, 1.5 % of gross in Medicare Tax, and 1/2% in State Disability Insurance. None of the employees is subject to a ceiling amount for Social Security. What is the amount of Sales Wages Expense
Business
1 answer:
Oliga [24]3 years ago
3 0

Answer:

$2,300

Explanation:

Sales wages expense = Number of employees * Hourly rate * Number of hours worked = 5 * $11.50 * 40 = $2,300

Note: The calculated $2,300 is the actual Sales Wage Expense. Other rates are just withholding tax that will be deducted before the net pay is paid to the employees.

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Solution :

Date       Account                                                           Debit($)           Credit($)

April 2     Cash                                                               27,330

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               Capital                                                                                      41,980

April 2     No journal is required on hiring employee

April 3     Supplies                                                         338

                Accounts payable                                                                    338

April 7     Rent expense                                                590

              Cash                                                                                            590

April 11   Accounts receivable                                       929

             Service revenue                                                                          929

April 12  Cash                                                                3021

             Unearned service revenue                                                        3021

April 17  Cash                                                                2535

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