3. Ethel Corp. Has the following data for the month of March 2021:Gross PayrollEmployee's deductions:SSS ContributionPbibsathPAgikisWitholding taxesP1,000,000P20,00010,00010,000100,000The employer share of mandatory deductions are as follows:SSS ContributionPbilbealthPag-jkigP40,00010,00010,000The 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 as follows: 70% tofactory 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: 3. Ethel Corp. Has the following data…

FINANCIAL ACCOUNTING

10th Edition

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Author:Libby

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Chapter1: Financial Statements And Business Decisions

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For all payroll calculations, use the following tax rates and round amounts to the nearest cent. Employee: OASDI: 6.2% on first $132,900 earned; Medicare: 1.45% up to $200,000, 2.35% on earnings above $200,000. Employer: OASDI: 6.2% on first $132,900 earned; Medicare: 1.45%; FUTA: 0.6% on first $7,000 earned; ŞUTA: 5.4% on first $7,000 earned. E-F:11-19 Recording employer payroll taxes and employee benefits (Learning Objective 2) Ricardo's Mexican Restaurant incurred salaries expense of $62,000 for 2024. The payroll expense includes employer FICA tax, in addition to state unemployment tax and federal unemployment tax. Of the total salaries, $22,000 is subject to unemployment tax. Also, the company provides the following benefits for employees: health insurance (cost to the company, $3,000), life insurance (cost to the company, $330), and retirement benefits (cost to the company, 10% of salaries expense). Requirements 1. Journalize Ricardo's expenses for employee benefits and for…
on 4 An employee has total gross wages of $7,000, Federal Unemployment Expense, and State Unemployment Expense. What is the correct journal entry for the employer's payroll taxes and otl expenses? Debit Crédit $535.50 $420.00 FICA Expenses Federal Unemployment Expense State Unemployment $378.00 Expense FICA Payable Federal Unemployment Expense State Unemployment Expense $535.50 $420.00 $378.00 Debit Credit FICA Expenses Federal Unemployment $535.50 $420.00 Expense State Unemployment Expense $378.00 Cash $1,333.50 Debit Credit FICA Payable Federal Unemployment $535.50 $420.00 Expense State Unemployment Payable FICA Expenses Federal Unemployment Expense State Unemployment Expense $378.00 $535.50 $420.00 $378.00 MacBook Air
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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?
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Samantha Lindsay works at College of Austin and is paid $15 per hour for a 40-hour workweek and time-and-a-half for hours above 40. (Click the icon to view payroll tax rate information.) Read the requirements. CEN Requirement 1. Compute Lindsay's gross pay for working 52 hours during the first week of February. Straight-time pay for 40 hours $ 600.00 270.00 Overtime pay for 12 hours 870.00 Gross Pay Requirement 2. Lindsay is single, and her income tax withholding is 15% of total pay. Lindsay's only payroll deductions are payroll taxes. Compute Lindsay's net (take-home) pay for the week. Assume Lindsay's earnings to date are less than the OASDI limit. (Round all amounts to the nearest cent) Gross pay Withholding deductions: Employee income tax Employee OASDI tax Employee Medicare tax Total withholdings Net (take-home) pay 4
am. 121.
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
Payroll Tax Entries According to a summary of the payroll of Mountain Streaming Co., $582,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax. Also, $19,000 was subject to state and federal unemployment taxes. a. Calculate the employer's payroll taxes, using the following rates: state unemployment, 4.2%; federal unemployment, 0.8%. $ b. Journalize the entry to record the accrual of payroll taxes. If an amount box does not require an entry, leave it blank. ▼
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2. Below is the payroll register for Akai company's September 30, 2024, weekly payroll: Deductions Gross Employee Federal Income Marital Tax Status Earnings Withheld Social State Tax Withheld Security Medicare Tax Withheld Tax Medical Insurance Withheld Dental Insurance Withheld Withheld Net Pay a. Akai, J. Single $1,200.00 $168.00 $96.00 $74.40 $17.40 $80.00 $20.00 $744.20 b. Green, W. Single 840.00 117.60 67.20 52.08 12.18 80.00 20.00 490.94 c. Hernandez, L. Married 1,280.00 128.00 102.40 79.36 18.56 125.00 30.00 796.68 d. Vang, G. Married 1,100.00 110.00 88.00 68.20 15.95 125.00 30.00 662.85 e. Hurst, A. Married 680.00 68.00 54.40 42.16 9.86 125.00 30.00 350.58 Totals $5,100.00 $591.60 $408.00 $316.20 $73.95 $535.00 $130.00 $3,045.25 A. Based on the information in the September 30, 2024, payroll register, and the list of general ledger accounts below, record the payroll journal entry below DATE 20-- Sept. 30 GENERAL JOURNAL PAGE DESCRIPTION DOC. NO. POST. REF. DEBIT CREDIT General…
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