Auto companys sales employees earned salaries of 20000, Ask an Expert

Accounting

Auto Company's sales employees earned salaries of $20,000 during February 1-7, all of which are subject to %7.65 OASDI and HI tax withholdings. In addition, Auto Company has agreed with its employees to withhold the following amounts: $800 for hospital insurance, $3,200 for federal income taxes, and $240 for union dues. Which of the entries should be journalized to accrue the payroll?

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Accounting Basics, Accounting

Category:- Accounting Basics
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