Payroll Accounting and Journal Entries
Asked Mar 23, 2012, 02:54 PM
A homework problem that I am trying to do is asking me to prepare a journal entry to record salaries payable for the month of January for 3 employees. In the question it gives me the amounts earned by each employee and also the percentages of Federal Income Tax Withholdings, State Income Tax Withholdings and FICA Tax. I'm not really sure how to bring this altogether in a journal entry and calculating the numbers. Please help.