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(solution) Hernandez Builders has a gross payroll for June amounting to


Hernandez Builders has a gross payroll for June amounting to $400,000. The following amounts have been withheld: Federal income tax ……………………..$70,000 State income tax ……………………….. 30,000 Social Security …………………………. 9,000 Medicare ……………………………….. 3,000 Charitable contributions ……………….. 1% of gross pay Union dues …………………………….. 2% of gross pay Also, the unemployment tax rate is 3 percent, and applies to all but $50,000 of the gross payroll. Required: 1. What is the amount of net pay recorded by Hernandez? 2. Make the journal entry to record the payroll.

 

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Sep 13, 2020

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