4. The employees of UMPISA NA NG KALBARYO COMPANY are paid biweekly. Occasionally, advances made to employees are paid back by payroll deductions. Information relating to salaries for the calendar years 2018 and 2019 are as follows. On December 31, 2019, what amount should the company report as accrued salaries payable? *
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- The monthly and hourly wage schedule for the employees of Quirk, Inc., follows. No employees are due overtime pay.Compute the following for the last monthly pay of the year:a. The total wages of each part-time employee for December 2019.b. The OASDI and HI taxable wages for each employee.c. The FICA taxes withheld from each employee’s wages for December.d. Totals of columns.e. The employer’s FICA taxes for the month.During the month of May 2022, Kingsway Ltd's employees earned total salaries and wages of $50,000. Payroll deductions were $3,500 for PAYG withheld tax and $2,500 for superannuation. Assume that salaries and wages earned will not be paid until at the end of June 2022. Required: a) Prepare the necessary 31 May journal entry to record payroll. b) Prepare journal entry to record the payroll payment on 30 June 2022.Don't give solution in image format..
- Larkspur Enterprises' payroll for the month ended March 31, 2024, is shown below. Salaries for the month of March 2024 Income Taxes withheld from employees El withheld from employees CPP withheld from employees Union dues withheld from employees Worker's compensation Vacation pay Date Account Titles $200,000 March 31 45,000 1.58 % 5.45 % 11,500 2% Record the payroll on March 31, 2024. Ignore the annual exemption for CPP deductions payable. Assume the payroll was paid the same day. (Round answers to 2 decimal places, e.g. 52.75. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) 4 % Debit CreditAssume that the payroll records of Bramble Oil Company provided the following information for the weekly payroll ended November 30, 2020. Employee T. King T. Binion N.Cole C. Hennesey Hours Worked Date 44 46 Nov. 30 40 Show Transcribed Text Nov. 30 42 Your answer is partially correct. Hourly Pay Rate $69 Salaries and Wages Expense FICA Taxes Payable Account Titles and Explanation Federal Income Taxes Payable Union Dues Payable Salaries and Wages Payable (To record weekly payroll) Payroll Tax Expense 34 FICA Taxes Payable 39 Additional information: All employees are paid overtime at time and a half for hours worked in excess of 40 per week. The FICA tax rate is 7.65% for the first $132,900 of each employee's annual earnings and 1.45% on any earnings over $132,900. The employer pays unemployment taxes of 6.0% (5.4% for state and .6% for federal) on the first $7,000 of each employee's annual earnings. 44 State Income Taxes Payable Federal Income Taxes Payable Federal Income Tax Prepare…Mullen Company pays its employees every other Friday, December 31, 2020, was a Sunday. On Friday, January 5, 2021, Mullen paid wages of $147,000, which covered the 14-day period from December 20, 2020, through January 2, 2021. Wages were eamed evenly across all days, including Saturdays and Sundays. Employee income taxes withheld for this payroll period totaled $17,185, while the FICA tax withheld was $13,300. (Ignore the employer payroll taxes in this exercise.) Prepare the entry to accrue the company's wages and payroll taxes at December 31, 2020. (Assume the $147,000 in wages was the gross amount of the payroll. Record debits first, then credits. Exclude explanations from any journal entries.) Dec Date 2020 31 Salary Expense Salary Payable Journal Entry Accounts Employee Income Tax Payable FICA Tax Payable Y Debit Credit
- An employee receives a bi-weekly gross salary of $2,000. The employee’s deductions include income tax of $218, CPP of $99, EI of $36, and union dues of $50. The employer’s share of the deductions includes CPP of $139 and EI of $36. What is the total amount of salaries and employee benefits expense that X Corp. would record on its income statement as a result of the employee's bi-weekly salary? answers a. $1,597 b. $1,772 c. $2,000 d. $2,175DIRECTIONS: Taxable earnings should be computed on the basis of a 40-hour week with overtime earnings being paid at time and one-half for all hours over 40 each workweek (no overtime for salaried employees). All employees' wages are subject to the OASDI tax of 6.2% and the HI tax of 1.45%. The supplemental HI rate of 0.9% is not applicable. Click here to access the Left Side of Payroll Register Table Use the partial wage-bracket tables provided to determine the amount of federal income tax to be withheld. For the salaried employees (#32 and #10), use the percentage method table. All workers are employed in a state that imposes a 2% income tax on the gross wages earned by each worker. Click here to access the Percentage Method Tables. Click here to access the Wage-Bracket Method Tables. If an amount box does not require an entry, enter "0". Round your answers to 2 decimal places. If problem PR.04.31AT wasn't assigned, you will first need to use the link to the left side of the payroll…Selected information from the payroll register of Barbara's Stables for the week ended September 28, 20--, is as follows: Social Security tax is 6.2% on the first $128,400 of earnings for each employee. Medicare tax is 1.45% of gross earnings, FUTA tax is 0.8%, and SUTA tax is 5.4% each on the first $7,000 of earnings. Cumulative Pay Current Taxable Earnings Employee Name Before CurrentEarnings GrossPay UnemploymentCompensation SocialSecurity Carlosi, Peggy $ 84,240 $2,350 Sanchez, Carmela 81,900 2,100 Delaney, Roger 109,800 3,320 Weitz, Alana 6,300 1,100 Dunhill, Craig 6,800 1,000 Bella, Stephen 42,330 1,850
- The following information about the weekly payroll was obtained from the records of Boltz Co.: Salaries: Sales salaries Deductions: $540,000 Income tax withheld $160,000 Warehouse salaries 155,000 U.S. savings bonds 10,500 Office salaries 85,000 Group insurance $780,000 9,000 Tax rates assumed: Social security 6% State unemployment (employer only) 5.4% Medicare 1.5% Federal unemployment (employer only) 0.8% Required: 1. Assuming that the payroll related to the first full week of the year and was paid on January 7, journalize the following entries: a. January 7, to record the payroll. b. January 7, to record the employer's payroll taxes on the payroll for the first week of the year. Since it is a new fiscal year, all $780,000 in salaries is subject to unemployment compensation taxes. 2. Assuming that the payroll related to the last week of the year and was paid on December 31, journalize the following entries: a. December 31, to record the payroll. b. December 31, to record the…Assume the following totals for Roadkill Restaurant for the payroll quarter ended March 31, 2020: Gross earnings $70,000 Employee FICA tax $5,355 Federal income tax $13,000 State income tax $1,300 Employer FICA tax $5,355 Federal unemployment tax $300 State unemployment tax $2,700 If all taxes were paid on the same day (April 15), what entry does Roadkill make? (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit April 15Drew Company pays all salaried employees on a biweekly basis. Overtime pay, however, is paid in the next biweekly period. Drew accrues salaries expense only at its December 31 year-end. Data relating to salaries earned on December 2021 are as follows:A. Last payroll was paid on December 26, 2021for the 2-week period ended December 26, 2021.B. Overtime pay earned in the 2-week period ended December 26, 2021 was P5,000.C. Remaining work days in 2021 were December 29, 30, 31, on which days there was no overtime.D. The recurring biweekly salaries total P90,000 a. Assuming a five-day work week, D should record a liability at year end for accrued salaries: