Module 6 Discussion Question #2 ProblemsProblem One(Course Outcome I, V / Learning Outcome VI,...

Question

Module 6 Discussion Question #2 Problems
Problem One
(Course Outcome I, V / Learning Outcome VI, VII)
Pa
y Paint LLC started operations on January 1, 2019. It had the following payroll transactions during the year.
Jan 15 – Paid an employee B. Vaughn gross pay of $2,000 for January 1-15 salary, calculated as follows:

Gross Pay
    Deductions

    Income taxes
15%
    FICA Social Security
6.2%
    FICA Medicare
1.45%
    Total deductions
    Net Pay

$2,000





The company matches FICA deductions.
Required:
a. Calculate B. Vaughn’s net pay and journalize the entries to record her payroll.
. Prepare journal entries to record the above transactions. Show necessary calculations.

module-6-disc2-probupdated-101219-1-vsijbaln.docx

Chirag · Accepted Answer

Sheet1
	a.
	Gross Pay	Deductions				Net Pay
		Income taxes 15%	FICA Social Security 6.2%	FICA Medicare 1.45%	Total deductions
	2000	300	124	29	453	1547
	b.
	Date	General Journal	Debit	Credit
	Jan.

Module 6 Discussion Question #2 Problems Problem One (Course Outcome I, V / Learning Outcome VI, VII) Parry Paint LLC started operations on January 1, 2019. It had the following payroll transactions...

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