14. On March 21st Jamukha recorded salaries owed to employees and payroll taxes. Employee's gross salaries were $8,300. FICA tax was withheld at a rate of 7.65%. Federal income taxes (FIT) of $1,500 were withheld, and state income taxes (SIT) of $600 were withheld. The federal unemployment tax (FUTA) rate was 1%, and the state unemployment tax (SUTA) rate was 3.25% No cash has been paid yet, so record all the amounts due in the appropriate payable accounts

14. On March 21st Jamukha recorded salaries owed to employees and payroll taxes. Employee's gross salaries were $8,300. FICA tax was withheld at a rate of 7.65%. Federal income taxes (FIT) of $1,500 were withheld, and state income taxes (SIT) of $600 were withheld. The federal unemployment tax (FUTA) rate was 1%, and the state unemployment tax (SUTA) rate was 3.25% No cash has been paid yet, so record all the amounts due in the appropriate payable accounts

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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Gamma, Inc., has the following information from the payroll of June 30. Following are the details of federal taxes: Employees' federal income taxes withheld Employees' FICA taxes withheld Employer's share of FICA taxes $2,108.48 1,104.36 1,104.36 Determine the total federal undeposited taxes of Gamma, Inc., for the payroll period ended June 30. a. $2,108.48 b. $3,212.84 c. $2,208.72 d. $4,317.20
Gary Noll's gross earnings for the week were $3,400, his federal income tax withholding was $612, and his FICA total was $260. There were no state income taxes. What was Noll's net pay for the week? Net pay $
On January 21, the column totals of the payroll register for Great Products Company showed that its sales employees had earned $14,710, its truck driver employees had earned $10,300, and its office employees had earned $8,240. Social Security taxes were withheld at an assumed rate of 6.2 percent, and Medicare taxes were withheld at an assumed rate of 1.45 percent. Other deductions consisted of federal income tax, $3,990; and union dues, $540. Determine the amount of Social Security and Medicare taxes withheld and record the general journal entry for the payroll, crediting Salaries Payable for the net pay. All earnings were taxable. If necessary, round intermediate calculations and the final answer to the nearest cent. If an amount box does not require an entry, leave it blank.
Based on the payroll information above... Total gross earnings of all employees: $ 9,814.40 Total social security tax withheld: 608.49 Total medicare tax withheld 142.31 Total federal income tax withheld 1,766.00 Total insurance premiums withheld 804.00 Based on the payroll information above, calculate and record the employer's payroll taxes for the period on the general journal. The state unemployment tax rate is 5.4 percent, and the federal unemployment tax rate is 0.8 percent. (Round your answers to 2 decimal places. Omit the "$" sign in your response.)
The payroll of Ivanhoe Company for September 2019 is as follows. Total payroll was $468,000, of which $104,000 is exempt from Social Security tax because it represented amounts paid in excess of $128,400 to certain employees. The amount paid to employees in excess of $7,000 (the maximum for both federal and state unemployment tax) was $406,000. Income taxes in the amount of $76,500 were withheld, as was $9,800 in union dues. The state unemployment tax is 3.5%, but Ivanhoe Company is allowed a credit of 2.3% by the state for its unemployment experience. Also, assume that the current FICA tax is 7.65% on an employee's wages to $128,400 and 1.45% in excess of $128,400. No employee for Ivanhoe makes more than $135,000. The federal unemployment tax rate is 0.8% after state credit. Prepare the necessary journal entries if the wages and salaries paid and the employer payroll taxes are recorded separately. (Round answers to 0 decimal places, e.g. 5,275. If no entry is required, select "No…
Vulcra, Inc., has a semimonthly payroll of $67,960 on September 15, 20--. The total payroll is taxable under FICA Taxes-HI; $63,780 is taxable under FICA Taxes-OASDI; and $10,250 is taxable under FUTA and SUTA. The state contribution rate for the company is 4.1%. The amount withheld for federal income taxes is $9,932. The amount withheld for state income taxes is $1,448. Journalize the payment of the wages, and record the payroll taxes on September 15. If an amount box does not require an entry, leave it blank. Round your answers to the nearest cent. Account Debit Credit Payment of wages fill in the blank 64ee8a05df97fa2_2 fill in the blank 64ee8a05df97fa2_3 fill in the blank 64ee8a05df97fa2_5 fill in the blank 64ee8a05df97fa2_6 fill in the blank 64ee8a05df97fa2_8 fill in the blank 64ee8a05df97fa2_9 fill in the blank 64ee8a05df97fa2_11 fill in the blank 64ee8a05df97fa2_12 fill in the blank 64ee8a05df97fa2_14 fill in the blank…
30. Banner Company had the following payroll data for the year: Gross eamings of employees Employee earnings not subject to Social Security tax Employee earnings not subject to FUTA or SUTA tax Assume the following: FICA tax rate on first $110,100 State Unemployment tax rate Federal Unemployment tax $900,000 100,000 610,000 7.65% (1.45% over $110,100) 5.4% (SUTA) (FUTA) .8% rate Instructions Compute Banner's payroll tax expense for the year. Make a summary journal entry to record the payroll tax expense.
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The payroll of Novak Company for September 2019 is as follows.Total payroll was $454,000, of which $122,000 is exempt from Social Security tax because it represented amounts paid in excess of $128,400 to certain employees. The amount paid to employees in excess of $7,000 (the maximum for both federal and state unemployment tax) was $399,000. Income taxes in the amount of $73,400 were withheld, as was $9,800 in union dues. The state unemployment tax is 3.5%, but Novak Company is allowed a credit of 2.3% by the state for its unemployment experience. Also, assume that the current FICA tax is 7.65% on an employee’s wages to $128,400 and 1.45% in excess of $128,400. No employee for Novakmakes more than $135,000. The federal unemployment tax rate is 0.8% after state credit.Prepare the necessary journal entries if the wages and salaries paid and the employer payroll taxes are recorded separately.