What is the amount of net pay recorded by hernandez

Assignment Help Financial Accounting

Reference no: EM13938453

PAYROLL TAXES

Hernandez Builders has a gross payroll for June amounting to $400,000. The following amounts have been withheld:

Federal income tax $70,000

State income tax 30,000

Social Security 9,000

Medicare 3,000

Charitable contributions 1% of gross pay

Union dues 2% of gross pay

Also, the unemployment tax rate is 3 percent, and applies to all but $50,000 of the gross payroll.

Required:

1. What is the amount of net pay recorded by Hernandez?

2. Make the journal entry to record the payroll.

Reference no: EM13938453

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