Question

3.

TylerTyler

PhillipsPhillips

works for

RamirezRamirez

Company all year and earns a monthly salary of

$ 3 comma 500$3,500.

There is no overtime pay. Based on

TylerTyler​'s

​W-4,

RamirezRamirez

withholds income taxes at

2020​%

of his gross pay. As of July​ 31,

TylerTyler

had

$ 24 comma 500$24,500

of cumulative earnings.

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​(Click the icon to view payroll tax rate​ information.)Journalize the accrual of salary expense for

RamirezRamirez

Company related to the employment of

TylerTyler

PhillipsPhillips

for the month of August. ​(Record debits​ first, then credits. Round all amounts to the nearest cent. Select the explanation on the last line of the journal entry​ table.)

Date

Accounts and Explanation

Debit

Credit

For all payroll​ calculations, use the following tax rates and round amounts to the nearest​ cent:

​Employee:	​OASDI: 6.26.2​% on first $ 118 comma 500$118,500 ​earned; Medicare: 1.451.45​% up to​$200,000, 2.35% on earnings above​ $200,000.
​Employer:	​OASDI: 6.26.2​% on first $ 118 comma 500$118,500 ​earned; Medicare: 1.451.45​%; ​FUTA: 0.60.6​% on first $ 7 comma 000$7,000 ​earned; SUTA: 5.45.4​% on first $ 7 comma 000$7,000 earned.

Answer 1