3.) B&B Company has numerous employees who are paid on a weekly basis. Payroll information...
50.1K
Verified Solution
Link Copied!
Question
Accounting
3.) B&B Company has numerous employees who are paid on a weekly basis. Payroll information for the most recent week ending November 15th is given below: Employee compensation (gross pay) Union Dues Charitable contributions $122,000 $1,250 $ 22.5% 855 Federal Income Tax Rate FICA-Social Security Tax Rate FICA-Medicare Tax Rate 6.2% 1.45 % 0.8% FUTA Rate SUTA Rate 5.4% Prepare the journal entry to record the 1) employee deduction entry and 2) the payroll tax expense entry for B & B Company for November 15th. Credit Debit Account Name Date
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
