Dixon Sales has six sales employees that receive weekly paychecks. Each eans $13

Question

Dixon Sales has six sales employees that receive weekly paychecks. Each eans $13.00 per hour 12% of gross in federal income tax, 3% of gross disability insurance. and each has worked 40 hours in the pay period. Each employee pays in state income tax, 6% of gross in Social Security tax, 1.5% of gross in Medicare tax, and 0.5% of gross in state Dournalize the recognition of the celling amount for social security. If an amount box does not require an entry, leave it blank or enter O. Present your answers to the nearest cent. Jan. 19 Previous Next

Explanation / Answer

Date Account Titles and Explanation Debit Credit Jan. 19 Sales wages expense ($13 x 40 x 6) 3120.00 Federal income tax payable ($3120 x 12%) 374.40 State income tax payable ($3120 x 3%) 93.60 Social security tax payable ($3120 x 6%) 187.20 Medicare tax payable ($3120 x 1.5%) 46.80 State disability insurance payable ($3120 x 0.5%) 15.60 Sales wages payable 2402.40 (To record payroll for period ending January 19)

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