Betsy Strand’s regular hourly wage rate is $16, and she Help I S NEXT Your answe

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Betsy Strand’s regular hourly wage rate is $16, and she Help I S NEXT Your answer is partially correct. Try again. Betsy Strand's regular hourly wage rate is $16, and she receives an hourly rate of $24 for work in excess of 40 hours. During a January pay period, Betsy works 47 hours. Betsy's federal income tax withholding is $91, and she has no voluntary deductions. Assume that the FICA tax rate is 7.65%. Prepare the employer's journal entries to record (a) Betsy's pay for the period and (b) the payment of Betsy's wages. Use January 15 for the end of the pay period and the payment date. (Round answers to 2 decimal places, e.g. 15.25. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit (a) Jan. 15 Salaries and 808.00 ncome Taxes Payable FICA Taxes Payable 61.81 Salaries and Wages Payable (b) Jan. 15 Salaries and Wages Payable 723 PM DOLL

Explanation / Answer

15-Jan Salaries and wages expense 808 =(40*16)+(7*24)         Federal Income taxes payable 91         FICA taxes payable 61.81 =808*7.65%         Salaries and wages payable 655.19 15-Jan Salaries and wages payable 655.19          Cash 655.19

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