Barbara Strand's regular hourly wage rate is $34, and she receives an hourly rate of $51 for work in excess of 40 hours. During a January pay period, Barbara works 49 hours. Barbara's federal income tax withholding is $94.00, and she has no voluntary deductions. Assume that the FICA tax rate is 7.65%. Prepare the employer's journal entries to record (a) Barbara's pay for the period and (b) the payment of Barbara'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 (a) Jan. 15 (b) Jan. 15 Debit Credit
Barbara Strand's regular hourly wage rate is $34, and she receives an hourly rate of $51 for work in excess of 40 hours. During a January pay period, Barbara works 49 hours. Barbara's federal income tax withholding is $94.00, and she has no voluntary deductions. Assume that the FICA tax rate is 7.65%. Prepare the employer's journal entries to record (a) Barbara's pay for the period and (b) the payment of Barbara'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 (a) Jan. 15 (b) Jan. 15 Debit Credit
Chapter1: Federal Income Taxation—an Overview
Section: Chapter Questions
Problem 73TA
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Transcribed Image Text:Barbara Strand's regular hourly wage rate is $34, and she receives an hourly rate of $51 for work in excess of 40 hours, During a
January pay period, Barbara works 49 hours. Barbara's federal income tax withholding is $94.00, and she has no voluntary deductions.
Assume that the FICA tax rate is 7.65%.
Prepare the employer's journal entries to record (a) Barbara's pay for the period and (b) the payment of Barbara'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
(a) Jan. 15
(b) Jan. 15
Debit
Credit
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