Henry striker manages a frosty boy drive-in his, Ask an Expert

Economics

Henry Striker manages a frosty boy drive-in. His straight-time pay is $10 per hour, with time and a half for hours in excess of 40 per week. Strikers payroll deductions include withheld income tax of 8%, OASDI of 6.2%, Medicare of 1.45% and a weekly deduction of $5 for a charitable contribution. Striker worked 52 hours during the week. Frosty boy has a FUTA rate of .8% and a SUTA rate of 5.6%

Journalize the entry for Striker's weekly payroll. Assume he is below the taxable limit for FICA, FUTA and SUTA taxes.

Journalize the employer portion of the payroll taxes.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91677999

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