14. Owl Corp. has the following data for the month of March 2021:Gross PayrollEmployee's deductions:SSS ContributionP2,000,000P20,000Philhealth10,000Pag-ibigWitholding taxes10,000100,000The employer share of mandatory deductions are as follows:SSS ContributionP40,00010,000PhilhealthPag-ibig10,000The company distributes its total payroll as follows: 50% to direct labor; 20% to indirect labor; 25% toadministrative and 5% to sales salary. The company also apportions employer's contribution asfollows: 70% to factory overhead; 25% to administrative and 5% to selling expenses.Determine the following:A. total accrued payroll.B. the amount charged to Worked in Process account.C. the amount charged to Factory Overhead.D. the employer's share charged to Factory Overhead.E. the employer's share charged to Selling and Administrative Expenses

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Answered: 14. Owl Corp. has the following data…

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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N4. Account
he following is a payroll sheet for Teal Imports for the month of September 2020. The company is allowed a 1% unemployment compensation rate by the state; the federal unemployment tax rate is 0.8% and the maximum for both is $7,000. Assume a 10% federal income tax rate for all employees and a 7.65% FICA tax on employee and employer on a maximum of $128,400. In addition, 1.45% is charged both employer and employee for an employee’s wages in excess of $128,400 per employee. Unemployment Tax Name Earnings Aug. 31 September Earnings B. D. Williams $6,800 $900 D. Raye 6,300 800 K. Baker 7,400 1,200 F. Lopez 14,700 1,800 A. Daniels 116,600 12,900 B. Kingston 121,300 16,400 (a) Complete the payroll sheet. (Round answers to 2 decimal places Income Tax Withholding FICA State Federal
Great Lakes Tours' total payroll for the month of January was $440,000. The following withholdings, fringe benefits, and payroll taxes apply: Federal and state income tax withheld Health insurance premiums paid by employer (payable to Blue Cross) Contribution to retirement plan paid by employer (payable to Fidelity) FICA tax rate (Social Security and Medicare) Federal and state unemployment tax rate $44,000 Required: 1. Record the employee salary expense, withholdings, and salaries payable. 2. Record the employer-provided fringe benefits. 3. Record the employer payroll taxes. 7,920 17,600 7.65% 6.20% Assume that none of the withholdings or payroll taxes has been paid by the end of January (record them as payables), and no employee's cumulative wages exceed the relevant wage bases. Record the necessary entry for the scenarios given above. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
ESPAÑOL INGLÉS FRANCÉS ABC pays its employees monthly. The payroll information shown below is for December 2021, the last month of the ABC fiscal year 1. Total gross wages: $400,000 2. income tax withholding: $80,000 3. Federal Unemployment Tax Rate (FUTA) 0.60%, $30,000 of total payroll exceeds $7,000 limit 4. State Unemployment Tax Rate (SUTA) 5.4%, $30,000 of total payroll exceeds $7,000 limit 5. Social Security Tax Rate: 6.20%, $8,000 of total payroll exceeds the $147,000 limit. 6. Medicare tax rate: 1.45% unlimited Determine the total employee withholdings Enviar comentar MacBook Air 10
14. Éthel Corp. Has the following data for the month of March 2021: Gross Payroll P1,000,000 Employee's deductions: SSS Contribution P20,000 Philhealth 10,000 PAg-ibig 10,000 Witholding taxes 100,000 The employer share of mandatory deductions are as follows: SSS Contribution P40,000 Philhealth 10,000 Pag-ibig 10,000 The company distributes its total payroll as foilows: 50% to direct labor; 20% to indirect labor; 25% to administrative and 5% to sales salary. The company also apportions employer's contribution as follows: 70% to factory overhead; 25% to administrative and 5% to selling expenses. What is the total accrued payroll?
6
Greensburg Inc. had the following payroll for October 2020: Employee Wages $90,000 Federal income tax withheld 23,000 FICA 5,000 Health premiums deducted 3,000 Salaries (included above) subject federal unemployment taxes 90,000 Salaries (included above) subject to state unemployment taxes 90,000 REQUIRED: Present journal entries on October 31, 2020 to record: Accrual of the monthly payroll. Accrual of the employer's payroll tax. (Assume that the employer matches health premiums and the federal unemployment tax is 0.8%, and the state unemployment tax is 5.4%.)
1)Chester Company reported payroll for the month of January 2022 as follows: Total Wages Income taxes withheld 500,000 60,000 All wages paid were subject to SSS. The SSS tax rates were 7% each for employee and employer. Chester remits payroll taxes on the 15" of the following month. In the financial statements for the month ended January 31, 2022, what amount should be reported respectively as total payroll tax liability and payroll tax expense? C. 95,000 and 35,000 D. 130,000 and 35,000 A. 60,000 and 70,000 B. 95,000 and 70,000
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Required Information [The following information applies to the questions displayed below.] BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. செ Gross Pay through August 31 Gross Pay for September $ 6,800 2,400 131,800 $ 700 2.500 8.400 Compute BMX's amounts for each of these four taxes as applied to the employee's gross earnings for September under each of three separate situations (a), (b), and (c). Note: Round your answers to 2 decimal places. a) Tax September Earnings Subject to Tax Tax Rate Tax Amount FICA-Social Security FICA-Medicare FUTA SUTA b) September Earnings Tax Tax Rate Tax Amount Subject to Tax FICA-Social Security FICA-Medicare FUTA BUTA
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. a. b. c. Gross Pay through August 31 $ 6,400 2,700 133,300 Gross Pay for September $1,700 2,800 9,900 Assuming situation (a), prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its related liabilities. Complete this question by entering your answer in the tabs below. Employer Payroll taxes Payroll Taxes General Journal Expense Assuming situation (a), compute the payroll taxes expense. (Round your answers to 2 decimal places.) September earnings subject to tax Tax Rate
[The following information applies to the questions displayed below.] BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Gross Pay through August 31 Gross Pay for September a. $ 6,000 $ 1,500 b. 2,000 2,100 c. 132,900 9,500 Exercise 11-9 (Algo) Payroll-related journal entries LO P3 Assuming situation (a), prepare the employer’s September 30 journal entry to record the employer’s payroll taxes expense and its related liabilities. Record the employer's September 30 payroll taxes expense and its related liabilities. Note: Enter debits before credits. Date General Journal Debit Credit September 30 Payroll taxes expense FICA—Social security taxes payable FICA—Medicare taxes payable Federal…

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