During the month of March, Olinger Company’s employees earned wages of $62,200.
ID: 2469393 • Letter: D
Question
During the month of March, Olinger Company’s employees earned wages of $62,200. Withholdings related to these wages were $4,758 for Social Security (FICA), $7,289 for federal income tax, $3,013 for state income tax, and $389 for union dues. The company incurred no cost related to these earnings for federal unemployment tax but incurred $680 for state unemployment tax.
(a)
Date
Account Titles and Explanation
Debit
Credit
SHOW LIST OF ACCOUNTS
During the month of March, Olinger Company’s employees earned wages of $62,200. Withholdings related to these wages were $4,758 for Social Security (FICA), $7,289 for federal income tax, $3,013 for state income tax, and $389 for union dues. The company incurred no cost related to these earnings for federal unemployment tax but incurred $680 for state unemployment tax.
Explanation / Answer
Date
Account Titles and Explanation
Debit
Credit
Mar. 31
Wages A/C
62000
Wages payable A/C
62000
Date
Account Titles and Explanation
Debit
Credit
Mar. 31
Wages A/C
62000
Wages payable A/C
62000
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