Question

An employee has total gross wages of $7,000, federal withholding of 15% and state withholding of 5%. Using this information, what is the correct journal entry for gross pay, federal and state withholdings, and FICA?

Name: an employee has total gross wages of 7000 federal withholding of 15 and state withholding of 5 using this information what is the correct journal entry for gross pay federal and state withho 40194
Uploaded: 2022-12-10T21:51:52-08:00
Duration: 43 s
Channel: Nick Johnson
Description: an employee has total gross wages of 7000 federal withholding of 15 and state withholding of 5 using this information what is the correct journal entry for gross pay federal and state withho 40194

          An employee has total gross wages of $7,000, federal withholding of 15% and state withholding of 5%. Using this information, what is the correct journal entry for gross pay, federal and state withholdings, and FICA?

Added by Chad C.

Horngren’s Cost Accounting

Srikant M. Datar, Madhav V. Rajan 16th Edition

Instant Answer

Solved by Expert Nick Johnson

12/10/2022

Step 1

The total gross wages are $7,000. Therefore, the calculation is as follows: Federal Withholding = Total Gross Wages * Federal Withholding Rate Federal Withholding = $7,000 * 15% Federal Withholding = $7,000 * 0.15 Federal Withholding = $1,050 Step 2: Calculate Show more…

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An employee has total gross wages of $7,000, federal withholding of 15% and state withholding of 5%. Using this information, what is the correct journal entry for gross pay, federal and state withholdings, and FICA?