Cooper Kettle show that employees earned total salaries of $19,000.
Amounts withheld consisted of social security taxes computed at an assumed rate of 6.0%, Medicare taxes computed at an assumed rate of 1.5%, federal income taxes of $2,120, and child support payments of $1,250.
State unemployment taxes are levied at a rate of 5.4%, and federal unemployment taxes at a rate of 0.8%. As this is the first pay period within a new year, no employee has yet earned more than the $7,000 base for unemployment taxes. The premium rate for workers? compensation insurance is 2% of total wages.
The weekly payroll is recorded on Friday, January 6, and paychecks will be issued to employees on Monday, January 9.
-Prepare separate general journal entries to record the (1) salaries earned by employees, amounts withheld, and liability for net pay; (2) payroll taxes levied upon the employer; (3) issuance of paychecks.
-Compute the total cost to Cooper Kettle of employee compensation for the first week of January.
-Assuming no change in pay rates, tax rates, or number of employees, would you expect the total cost of Cooper Kettle?s weekly payroll to increase or decrease as the year progresses? Explain.
This question was answered on: Apr 19, 2020Buy this answer for only: $15
This attachment is locked
Pay using PayPal (No PayPal account Required) or your credit card . All your purchases are securely protected by .
About this QuestionSTATUS
Apr 19, 2020EXPERT
YES, THIS IS LEGAL
We have top-notch tutors who can do your essay/homework for you at a reasonable cost and then you can simply use that essay as a template to build your own arguments.
You can also use these solutions:
- As a reference for in-depth understanding of the subject.
- As a source of ideas / reasoning for your own research (if properly referenced)
- For editing and paraphrasing (check your institution's definition of plagiarism and recommended paraphrase).
NEW ASSIGNMENT HELP?
Order New Solution. Quick Turnaround
Click on the button below in order to Order for a New, Original and High-Quality Essay Solutions. New orders are original solutions and precise to your writing instruction requirements. Place a New Order using the button below.
WE GUARANTEE, THAT YOUR PAPER WILL BE WRITTEN FROM SCRATCH AND WITHIN A DEADLINE.