P11-3B The partial monthly records of KSell Products show the following figures:Computing and reportingpayroll amountsEmployee EarningsRegular earningsOvertime payTotal employee earnings$ 1,556(c)(a)Dental and drug insurance$13,994Total deductions(b)Net pay140,810Deductions and Net PayAccounts DebitedWithheld income tax$31,704Salaries Expense66,468Canada Pension Plan9,200(d)Wages ExpenseSales Commission ExpenseEmployment Insurance3,49259,356Required1. Determine missing amounts a, b, c, and d.2. Prepare the general journal entry on October 31 to record KSell Products' payrolfor the month. Credit Payroll Payable for net pay. No explanation is required.P11-4B Assume that Marcy Jones is a marketing director in Metro Mobility's head office inToronto. During 2018 she worked for the company all year at a $6,500 monthly sal-ary. She also earned a year-end bonus equal to 20 percent of her salary.Jones's monthly income tax withholding for 2018 was $1,762.28. Álso, she paida one-time withholding tax of $4,095.11 on her bonus cheque. She paid $307.31per month toward the CPP until the maximum ($2,593.80) had been withheld. Inaddition, Jones's employer deducted S$106.50 per month for El until the maximum($858.22) had been withheld. Jones authorized the following deductions: 1.5 percentper month of her monthly pay to Metro's charitable donation fund and $68 permonth for life insurance.Computing and recordingpayroll amountsMetro Mobility incurred CPP expense equal to the amount deducted from Jones'spay. El cost the company 1.4 times the amount deducted from Jones's pay. In addi-tion, the company provided Jones with the following benefits: dental and druginsurance at a cost of $65 per month, and pension benefits to be paid to Jones uponretirement. The pension contribution is based on her income and was $5,350 in 2018.Required1. Compute Jones's gross pay, payroll deductions, and net pay for the full year 2018.Round all amounts to the nearest cent.2. Compute Metro Mobility's total 2018 payroll cost for Jones.3. Prepare Metro Mobility's summary general journal entries at December 31(explanations are not required) to record its expense for the following:a. Jones's total earnings for the year, her payroll deductions, and her net pay.

Payroll Payroll is one of the important process in the business entity which has comprises of gross…

11-3B The partial monthly records of KSell Products show the following figures: Computing and reporting payroll amounts Employee Earnings Regular earnings Overtime pay Total employee earnings (a) $ 1,556 Dental and drug insurance Total deductions $13,994 (c) 140,810 (b) Net pay Deductions and Net Pay Accounts Debited Withheld income tax $31,704 Salaries Expense Wages Expense Sales Commission Expense 66,468 Canada Pension Plan 9,200 (d) 59,356 Employment Insurance 3,492 Required 1. Determine missing amounts a, b, c, and d. 2. Prepare the general journal entry on October 31 to record KSell Products' payroll for the month. Credit Payroll Payable for net pay. No explanation is required. 11-4B Assume that Marcy Jones is a marketing director in Metro Mobility's head office in Toronto. During 2018 she worked for the company all year at a $6,500 monthly sal- Computing and recording

11-3B The partial monthly records of KSell Products show the following figures: Computing and reporting payroll amounts Employee Earnings Regular earnings Overtime pay Total employee earnings (a) $ 1,556 Dental and drug insurance Total deductions $13,994 (c) 140,810 (b) Net pay Deductions and Net Pay Accounts Debited Withheld income tax $31,704 Salaries Expense Wages Expense Sales Commission Expense 66,468 Canada Pension Plan 9,200 (d) 59,356 Employment Insurance 3,492 Required 1. Determine missing amounts a, b, c, and d. 2. Prepare the general journal entry on October 31 to record KSell Products' payroll for the month. Credit Payroll Payable for net pay. No explanation is required. 11-4B Assume that Marcy Jones is a marketing director in Metro Mobility's head office in Toronto. During 2018 she worked for the company all year at a $6,500 monthly sal- Computing and recording

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Accounting Problem 11-3 Twin City Enterprises had the following information available for the payroll of May 31st. Wages Earned $365,000 Federal Income Tax Withheld 54,750 State Income Tax Withheld 18,000 All wages are subject to Social Security and Medicare matching and withholding of 6.2% and 1.45%, respectively. Federal Unemployment Tax of 0.70% and State Unemployment Tax of 1.50% is payable on $240,000 of the wages. Calculate the following amounts. Social Security withholding Medicare withholding FUTA SUTA Total withholdings Net Wages Total cost to the company Prepare the journal entry to record wages and withholdings. Prepare the journal entry to record payroll taxes.
156 Principles of Cost Accounting Journal entries for payroll A partial summary of the payroll data for Burrington Manufactur- ing Company for each week of June is as follows: ЕЗ-5 LO2 LO3 June 7 June 14 June 21 June 28 Gross earnings . $ 36,500 $ 34,200 $ 37,300 $ 38,400 Deductions: FICA tax, 8% $? $? $? $? Tax-sheltered annuity. 1,825 1,780 1,855 1,870 Income tax 4,215 4,120 4,320 4,410 Health insurance 600 600 600 600 Total deductions $? $? $? $? Net earnings $? $? $? $? a. Compute the missing amounts in the summary, assuming that no employees have reached the $100,000 FICA maximum. b. For each payroll period, prepare journal entries to (1) record the payroll and (2) record the payments to employees.
DATE OF PAY PERIOD ENDING 20- 20 PAYMENT NET СК. EARNINGS DEDUCTIONS EMPLOYEE MAR. TOTAL NAME ALLOW RATE SOC. SEC. FED. INC. STATE INC. HOSP. INS OTHERS TOTAL PAY NO. NUMBER STATUS HOURS REGULAR OVERTIME TOTAL MED. TAX TAX TAX TAX 10 2 3 6. 9. 10 11 10 12 11 13 14 13 15 14 16 17 15 18 16 17 18 25 12 7.
Exercise 9-10 (Algo) Recording payroll LO P2, P3 The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $380,000; Office salaries, $76,000; Federal income taxes withheld, $114,000; State income taxes withheld, $25,500; Social security taxes withheld, $28,272; Medicare taxes withheld, $6,612; Medical insurance premiums, $9,000; Life insurance premiums, $6,000; Union dues deducted, $3,000; and Salaries subject to unemployment taxes, $54,000. The employee pays 40% of medical and life insurance premiums. Assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6%. 1. & 2. Using the above information, complete the below table and prepare the journal entries to record accrued payroll, including employee deductions, and cash payment of the net payroll (salaries payable) for July. 3. Using the above information, complete the below table. 4. Record the accrued employer payroll taxes and other related employment…
Example 6-5 The journal entry to record the payroll from Figure 6.1, on pages 6-2 and 6-3, would be: Debit Credit Wages Expense 24,762.70 FICA Taxes Payable—OASDI 1,535.29 FICA Taxes Payable—HI 359.06 FIT Payable 3,714.00 SIT Payable 55.25 Group Insurance Payments W/H 54.70 Cash 19,044.40 Example 6-7 The journal entry to record the payroll tax entry from Figure 6.1 on pages 6-2 and 6-3 would be (assume a SUTA tax rate of 3.0%): Debit Credit Payroll Taxes 2,785.81 FICA Taxes Payable—OASDI 1,535.29 FICA Taxes Payable—HI 359.06 FUTA Taxes Payable 148.58 SUTA Taxes Payable 742.88 Kip Bowman is owner and sole employee of KB Corporation. He pays himself a salary of $1,500 each week. Additional tax information includes: FICA tax—OASDI 6.2% on first $132,900 FICA tax—HI 1.45% on total pay Federal income tax $232.00 per pay State income tax 22% of the federal income tax withholding Federal unemployment…
Chp. 8
Question text Lidge Company of Texas (TX) is classified as a monthly depositor and pays its employees monthly. The following payroll information is for the second quarter of 20--. WITHHOLDINGS EMPLOYER'S Wages OASDI HI FIT OASDI HI April $86,100 $ 5,338.20 $1,248.46 $ 9,650 $ 5,338.20 $1,248.45 May 92,500 5,735.00 1,341.26 10,005 5,735.00 1,341.25 June 73,400 4,550.80 1,064.30 8,995 4,550.80 1,064.30 Totals $252,000 $15,624.00 $3,654.02 $28,650 $15,624.00 $3,654.00 The number of employees on June 12, 20-- was 11. a. Complete the following portion of Form 941. What are the payment due dates of each of the monthly liabilities assuming all deposits were made on time, and the due date of the filing of Form 941 (year 20--)?
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PAGE 11 ACCOUNTING FOUATION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY Widmer Company had gross wages of $200,000 during the week ended June 17. The amount of wages subject to social security tax was $200,000, while the amount of wages subject to federal and state unemployment taxes was $30,000. Tax rates are as follows: General Journal a. Journalize the entry to record the payroll for the week of June 17. b. Journalize the entry to record the payroll tax expense incurred for the week of June 17. Social security 6.0% Medicare 1.5% State unemployment 5.4% Federal unemployment 0.8% The total amount withheld from employee wages for federal taxes was $40,500. General Journal Instructions Required: a. Journalize the entry to record the payroll for the week of June 17. b. Journalize the entry to record the payroll tax expense incurred for the week of June 17 1 2 4 DATE DESCRIPTION 5 9 7 B 9 10 JOURNAL
Question 2 With the following data, compute the NET FUTA Tax. $6,750 Gross FUTA Tax DUE Credit against FUTA (assume $3,100 applicable) O $3,650 O $7,000 O $3,100 $6,750 MacBook Air 80 F3 F2 F4 F5 F6 F7 FB F9 3 4. 5 7 8 9. E T Y D G < 6 F.