Other accrued liabilities—payroll The following summary data for the payroll period ended on November 14, 2009, are available for Brac Construction Ltd.:
|
Gross pay |
$ ? |
|
FICA tax withholdings |
? |
|
Income tax withholdings |
13,760 |
|
Medical insurance contributions. |
1,120 |
|
Union dues |
640 |
|
Total deductions |
21,640 |
|
Net pay |
58,360 |
Required:
a. Calculate the missing amounts and then determine the FICA tax withholding percentage.
b. Use the horizontal model (or write the journal entry) to show the effects of the payroll accrual.