The key distinction between a salary and wages is that wage earners are compensated by the hour, whereas salaried employees receive set payments every pay period.
When someone receives a salary, they are paid a predetermined figure in each pay period, and the sum of these regular payments over the course of a full year equals the wage. This person is regarded as an exempt worker. The amount paid and the number of hours performed are unrelated. A salary-paying individual typically holds a management or professional position.
a deduction of $100,000 to salaries and wages
The entry is as follows:
Debit Credit
100000 in wages and salaries
(6,700 + 1450) = 8150 FICA Payable
18000 in federal income tax is due.
Payable state income tax is 3850
Payable Salaries and Wages
70000
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