Chapter Eight Handout Three-1

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Apr 3, 2024

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Payroll: Kris Kringle Company has one employee who is paid a salary of $8,000 per month. Federal income tax withheld was $220. State income tax withheld was $60.The FICA social security tax rate is 6.2% and the FICA Medicare tax rate is 1.45%. The federal unemployment (FUTA) tax rate is 0.8% on the first $7,000 of wages. The state unemployment (SUTA) tax rate is 5.4% on the first $7,000 of wages. In addition, $590 of medical insurance was withheld from the employees pay. Prepare Kringle’s journal entry to record the first month’s salary expense. Round to the nearest cent. Date A L SE R E NI CF Account DR CR 11/30 Prepare Kringle’s journal entry to record the employer’s payroll taxes for the first week’s payroll. Date A L SE R E NI CF Account DR CR 11/30

Bona Foodie Company has one employee who is paid a salary of $10,000 per month. Payroll information for the first month of the year is: Federal income tax withheld $3,600 FICA social security tax rate 6.2% FICA medicare tax rate 1.45% Federal unemployment (FUTA) tax rate (on the 1 st $7,000 of wages) 0.8% State unemployment (SUTA) tax rate (on the 1 st $7,000 of wages) 5.4% Medical insurance deduction (paid by employee) $600 Medical insurance paid by the employer $800 Part I: Prepare Bona Foodie Company’s journal entry to record the first month’s salary expense and employee withholdings. Payroll tax expense will be recorded in part 2. Date A L SE R E NI CF Account DR CR 11/30 Part 2: Prepare Bona Foodie Company’s journal entry to record employer payroll taxes for the first month’s payroll.

Date A L SE R E NI CF Account DR CR 11/30

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