3) Aira Company reported gross payroll of P600,000 for the month of January. The entity paid the payroll net of the following deductions: Income tax P80,000 20,000 SSS Philhealth 6,000 Pag-ibig/HDMF 8,500 In addition, the entity recognized its additional contributions for the following in relation to January payroll: SSS Philhealth P25,000 7,000 9,000 Pag-ibig/HDMF The net pay and mandatory deductions and contributions were paid on February. What is the total

3) Aira Company reported gross payroll of P600,000 for the month of January. The entity paid the payroll net of the following deductions: Income tax P80,000 20,000 SSS Philhealth 6,000 Pag-ibig/HDMF 8,500 In addition, the entity recognized its additional contributions for the following in relation to January payroll: SSS Philhealth P25,000 7,000 9,000 Pag-ibig/HDMF The net pay and mandatory deductions and contributions were paid on February. What is the total

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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Journalize Payroll Tax The payroll register of Patel Engineering Co. indicates $1,698 of social security withheld and $424.50 of Medicare tax withheld on total salaries of $28,300 for the period. Earnings of $8,200 are subject to state and federal unemployment compensation taxes at the federal rate of 0.6% and the state rate of 5.4%. Provide the journal entry to record the payroll tax expense for the period. If an amount box does not require an entry, leave it blank. Round to two decimal places. Payroll Tax Expense v Social Security Tax Payable v Medicare Tax Payable v State Unemployment Tax Payable v Federal Unemployment Tax Payable v DEFER
Sandler Company completed the following two transactions. The annual accounting period endsDecember 31.a. On December 31, calculated the payroll, which indicates gross earnings for wages ($260,000),payroll deductions for income tax ($28,000), payroll deductions for FICA ($20,000), payrolldeductions for United Way ($4,000), employer contributions for FICA (matching), and stateand federal unemployment taxes ($2,000). Employees were paid in cash, but payments for thecorresponding payroll deductions have not been made and employer taxes have not yet beenrecorded.b. Collected rent revenue of $1,500 on December 10 for office space that Sandler rented toanother business. The rent collected was for 30 days from December 11 to January 10 and wascredited in full to Unearned Revenue.Required:1. Give the entries required on December 31 to record payroll.2. Give ( a ) the journal entry for the collection of rent on December 10 and ( b ) the adjusting journal entry on December 31.3. Show how any…
The following totals for the month of June were taken from the payroll register of Concord Company. Salaries and wages FICA taxes withheld Income taxes withheld Medical insurance deductions Federal unemployment taxes State unemployment taxes$640004896 17600 3200 384 3456 The entry to record the accrual of Concord's Company's payroll taxes would include a credit to FICA Taxes Payable for$3840. credit to Payroll Tax Expense for$3840. debit to Payroll Tax Expense for$8736. credit to Payroll Tax Expense for$8736
Lakeview Company completed the following two transactions. The annual accounting period ends December 31. a. On December 31, calculated the payroll, which indicates gross earnings for wages ($80,000), payroll deductions for income tax ($8,000), payroll deductions for FICA ($6,000), payroll deductions for American Cancer Society ($3,000), employer contributions for FICA (matching), and state and federal unemployment taxes ($600). Employees were paid in cash, but payments for the corresponding payroll deductions have not yet been made and employer taxes have not yet been recorded. b. Collected rent revenue of $6,000 on December 10 for office space that Lakeview rented to another business. The rent collected was for 30 days from December 11 to January 10 and was credited in full to Deferred Revenue. Required: 1. & 2. Prepare the journal entries to record payroll on December 31, the collection of rent on December 10 and adjusting journal entry on December 31. 3. Show how any of the…
The payroll register for Star Express & Company for the pay period ended January 31, 20--, showed the following: Total Earnings $834,000.00 Taxable Earnings: FUTA 6,700.00 SUTA 6,700.00 Social Security 787,000.00 Deductions: Federal income tax 129,600.00 Social Security tax 48,794.00 Medicare tax 11,411.50 Pension plan 38,450.00 Health insurance 23,400.00 United Way 16,000.00 The Social Security tax rate is 6.2%, Medicare tax is 1.45%, FUTA tax is 0.8%, and SUTA tax is 5.4%.Required: 1. Prepare a journal entry to record the payroll on January 31, 20--. If required, round your answers to the nearest cent. If an amount box does not require an entry, leave it blank.
A company's payroll for the month ended January 31 is summarized as follows: Total wages Federal income tax withheld FICA taxes (employee portion withheld) FICA taxes (employer portion) $10,000 $1,200 $700 $700 The company remits payroll taxes on the 15th of the following month. In its financial statements for the month ended January 31, what amounts should the company report as total payroll tax liability and as payroll tax expense? O Payroll tax liability: $1,400; Payroll tax expense: $700 O Payroll tax liability: $1,900; Payroll tax expense: $1,400 O Payroll tax liability: $2,600; Payroll tax expense: $700 O Payroll tax liability: $1,900; Payroll tax expense: $700 O Payroll tax liability: $1,200; Payroll tax expense: $1,400
The following totals for the month of April were taken from the payroll register of Concord Company. Salaries and wages FICA taxes withheld Income taxes withheld Medical insurance deductions Federal unemployment taxes State unemployment taxes $72500 5514 15400 2610 194 1301 The entry to record the Payroll Tax Expense would include a O credit to Salaries and Wages Payable. O debit to Federal Unemployment Payable. credit to FICA Taxes Payable. O credit to Payroll Tax Expense. 99+
The payroll register of Salem Communications Co. indicates $29,580 of social security withheld and $7,650 of Medicare tax withheld on total salaries of $510,000 for the period. Retirement savings withheld from employee paychecks were $30,600 for the period. Federal withholding for the period totaled $100,980. Provide the journal entry for the period’s payroll.
am. 121.
Vulcra, Inc., has a semimonthly payroll of $67,000 on September 15, 20--. The total payroll is taxable under FICA Taxes-HI; $63,850 is taxable under FICA Taxes-OASDI; and $10,300 is taxable under FUTA and SUTA. The state contribution rate for the company is 4.1%. The amount withheld for federal income taxes is $9,911. The amount withheld for state income taxes is $1,410. b. Assume that the employees of Vulcra, Inc., must also pay state contributions (disability insurance) of 1% on the taxable payroll of $62,100 and that the employees' contributions are to be deducted by the employer. Journalize the September 15 payment of wages, assuming that the state contributions of the employees are kept in a separate account.
Rand Company’s payroll on December 31 of the current year is as follows: • total payroll, $500,000 • payroll in excess of $128,400 to each employee, $350,000 • payroll in excess of $7,000 to each employee, $400,000 • income taxes withheld, $85,000 • union dues withheld, $10,000 • tax rates: state unemployment tax, 5.4%; FICA tax, 8% for employees and 8% for employers for any amounts over $117,000; federal unemployment tax, 0.6% Required: Prepare the journal entries for Rand’s payroll and payroll taxes.