Homework SourseJournalize these transactions On April 27 Allied Industries
Journalize these transactions:
On April 27, Allied Industries pays its employees their monthly salaries. The gross salary is 254,000, employee in income tax is 26%, employee social tax is 12%. The employer payroll rate is 32%. Optional deductions (charity donations) are $1,100
Please help me with journal entries. Thank you.
Journalize these transactions:
On April 27, Allied Industries pays its employees their monthly salaries. The gross salary is 254,000, employee in income tax is 26%, employee social tax is 12%. The employer payroll rate is 32%. Optional deductions (charity donations) are $1,100
Please help me with journal entries. Thank you.
On April 27, Allied Industries pays its employees their monthly salaries. The gross salary is 254,000, employee in income tax is 26%, employee social tax is 12%. The employer payroll rate is 32%. Optional deductions (charity donations) are $1,100
Please help me with journal entries. Thank you.
Solution
Salaries a/c Dr 254,000
To Payroll a/c Cr 81,280(254000*32%)
To Employee Social Tax a/c Cr 30,480(254000*12%)
To Employee Income Tax Payable a/c Cr 66,040(254000*26%)
To Charities donations (if paid) Cr 1,100
To Salaries Payable a/c Cr 75,100(254000-81280-30480-66040-1100)
