Income tax payable and fica tax payable


Applied 3624.00 of direct materials and 8,120.00 of direct labor (time ticket no. 129) to Jo no. 403, which will complete the job.) The FICA rate is 7.65% of gross pay and the employees income tax rate is 18% of gross pay. When preparing the entry applying direct labor. debit Work in Process for the gross pay, and credit Employees; Income Tax Payable and FICA Tax payable for the appropriate amounts and Salaries Payable for net pay.

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Accounting Basics: Income tax payable and fica tax payable
Reference No:- TGS0710084

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