Josh Baker works for Jones Restaurant Supply all year and earns a monthly salary of $8,000. There is no overtime pay and Jones withholds income taxes at 12% of gross pay. Jones deducts $200 monthly for the co-payment of the health insurance premium. Employees are paid on the fifth day of each month. As of October, 31, Josh had $80,000 of cumulative earnings. Journalize the accrual of salaries expense on October 31. Omit explanations.
What will be an ideal response?
Salaries and Wages Expense 8,000
FICA-OASDI Payable ($8,000 × 6.2%) 496
FICA-Medicare Taxes Payable ($8,000 × 1.45%) 116
Employee Income Taxes Payable ($8,000 × 12%) 960
Employee Health Insurance Payable 200
Salaries and Wages Payable 6,228
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