1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
babunello [35]
3 years ago
11

Dixon Sales has four sales employees that receive weekly paychecks. Each earns $14 per hour and each has worked 40 hours in the

pay period. Each employee pays 12% of gross in federal income tax, 3% in state income tax, 6.0% of gross in social security tax, 1.5% of gross in Medicare tax, and 0.5% in state disability insurance. Required: Journalize the recognition of the pay period ending January 19 that will be paid to the employees January 26. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to two decimal places.
Business
1 answer:
Alexeev081 [22]3 years ago
8 0

Answer:

The journal would be as follows:

                                         Debit Credit

sales wages expenses $2,240.00  

Federal income tax payable   $268.80

State income tax payable                   $67.20

Social security tax payable                    $134.40

Medicare tax payable                       $33.60

State disability insurance payable   $11.20

Sales Wages payable                   $1,724.80

Explanation:

In order to make the journal entry of the recognition of the pay period ending January 19 that will be paid to the employees January 26 we would have to calculate the records as follows:

sales wages expenses=4 * $14 * 40 hours=$2,240.00  

Federal income tax payable= 2,240* 12%=$268.80

State income tax payable= 2,240 * 3%=$67.20

Social security tax payable= 2240 * 6%=$134.40

Medicare tax payable=2240 * 1.5%=$33.60

State disability insurance payable=2240 * 0.5%=$11.20

Sales Wages payable=$1,724.80

Therefore the journal would be as follows:

                                         Debit Credit

sales wages expenses $2,240.00  

Federal income tax payable   $268.80

State income tax payable                   $67.20

Social security tax payable                    $134.40

Medicare tax payable                       $33.60

State disability insurance payable   $11.20

Sales Wages payable                   $1,724.80

You might be interested in
If an industry is characterized by low entry barriers, strong supplier and buyer positions, high threat of substitutes and inten
rodikova [14]

The industry is likely to be a monopolistic industry.

<h3>What is a monopolistic competition?</h3>


A monopolistic industry is when there are many firms selling differentiated products in an industry. A monopolistic competition has characteristics of both a monopoly and a perfect competition. There is an intense completion among firms in this industry. An example of monopolistic industry are restaurants

To learn more about monopolistic industry, please check: brainly.com/question/21052250

#SPJ1

6 0
2 years ago
The federal funds rate target is the most frequently used monetary policy tool.
Nikitich [7]
False is correct answer.

Because the federal funds rate target is not the most frequently used their monetary policy tool.

Hope it helped you.

-Charlie
5 0
3 years ago
Purchasing Power Parity (PPP) theory states that A. the exchange rate between currencies of two countries should be equal to the
natulia [17]

Answer:

The correct answer is A and B

Explanation:

PPP stands for Purchasing Power Parity, which is a theory that states or define as the exchange rate among the currencies of 2 countries, which should be equal to the ratio of the price levels of the countries.

It is grounded on The Law of One Price, which states all the identical goods  have the same price.

As the purchasing power of the currency which sharply decrease because of hyperinflation, that currency will be depreciated against the stable currencies.

8 0
3 years ago
Emy is at dinner with her group of friends when one of them pulls out a new pen that not only writes but takes pictures. It also
eduard

Answer:

Late Majority.

Explanation:

The adoption of a product by consumers is divided into five categories, namely, <u>innovators, early adopters, early majority, late majority, and laggards</u>. Such customers are known as adopters who adopt to new technology differently. The category of adopters was proposed by Everett Rogers in 1962.

In the given scenario, Emy exemplifies Late majority adopter.

Late Majority adopters are those adopters who adopts new innovation or technology after observing that the product has been adopted fruitfully by the majority of society. They rank on the second last position of the adopters. They are more skeptical to the product before adopting it. So, Emy fits the late majority category of adopters as she is skeptical about the fancy device shown by her friend.

7 0
3 years ago
When comparing two investments with the same effective rate, one with a 4-year term and semi-annual compounding and one with a 2
Delicious77 [7]

The 4-year term instrument's nominal rate is higher than the 2-year term instrument's nominal rate.

What is nominal rate?

The increase in payment you make to the lender for using the borrowed funds is known as the nominal interest rate.

The rate of compounding is higher for 2-year investments than for 4-year investments, which are compounded semi-annually.

As a result, option (b) is correct.

Learn more about on nominal rate, here:

brainly.com/question/13324776

#SPJ1

6 0
2 years ago
Other questions:
  • Raul is an executive at a car rental company. He has the ability to get his staff excited about their work. He sees his own emot
    13·2 answers
  • An HR manager for PepsiCo, a company known for its commitment to diversity, is seeking to hire employees who are very comfortabl
    12·1 answer
  • Which of the following is a distinctive feature of metes and bounds descriptions?
    7·1 answer
  • Which compression type causes audio files to lose (typically unnoticeable) quality?
    11·1 answer
  • Millstone Company produces only one product. Normal capacity is 20,000 units per year, and the unit sales price is $5. Relevant
    15·1 answer
  • The style of large pieces will determine the style of the room. True or false?
    12·1 answer
  • Promoting college and career readiness, influencing the achievement of a shared goal, and assuming the responsibilty for the cre
    9·1 answer
  • Why do you think Artificial Intelligence does not work for every face?
    6·1 answer
  • it is often said that the poor are economically vulnerable and thus are the ones most affected by recession. Why is it so?​
    14·1 answer
  • Was the economic growth and tax relief reconciliation act of 2001 expansionary or contractionary
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!