None 5-$90.00 $1,590.00 $75.17 $29.89 $286.20 $190.80 $1,007.74Week of Jan 31 HoursEarningsHere is a sample Payroll Register for a weekly payroll of an Ontario company,Time left 1:11:55Employee Rate Reg OTRegот Vac Gross CPPPayE Fed ProvTax TaxNetA. Hoss $40.003750$1,500.00CDoer $15.00 20$300.00E.GJulesK$7.50 $132.50 $3.23 $2.49$ $18.00 $318.00 $12.41 $5.98 $31.80 $159.00 $108.81)Fickle $12.50375 85 $468.75 $159.38 $37.69 $665.81 $29.63 $12.52 $119.85 $79.90 $423.91Host $18.00 375 4 $675.00$108.00 $46.98Landing$829.98 $37.75 $15.60 $149.40 $99.60 $527.63$19.25/37.5 05721.88 $ $43.31 $765.19 $34.55 $14.39 $137.73 $91.82 $486.70$ $ $125.78$25.00 50 $125.00Total 175 12553,790.63 $267.38 $243.48 $4301.48 $192.94 $80.87$724.98 $621.12 $2681.57Use the information in this table to answer the following questionHow much will DC. Doer have deposited into their bank account for this pay cycle?O $423.91Ob $318.00$300 00Od $159.00$108.81

From the table, we can see:Gross Pay: $481.00CPP: $22.32EI: $8.60Federal Tax: $51.02Provincial Tax:…

Answered: 5-$90.00 $1,590.00 $75.17 $29.89…

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter8: Liabilities And Stockholders' Equity

Section: Chapter Questions

Problem 8.2.1P: Recording payroll and payroll taxes The following information about the payroll for the week ended...

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JOURNAL Page 43 DATE DESCRIPTION POST. REF. DEBIT CREDIT 20-- Nov. 6 Payroll Cash 12 12,296.97 Cash 11 12,296.97 6 Administrative Salaries 51 2,307.69 Office Salaries 52 4,677.85 Sales Salaries 53 3,600.00 Plant Wages 54 4,898.00 FICA Taxes Payable - OASDI 20.1 959.99 FICA Taxes Payable - HI 20.2 224.53 Employees FIT Payable 24 902.00 Employees SIT Payable 25 475.37 Employees SUTA Payable 25.1 9.27 Employees CIT Payable 26 599.41 Union Dues Payable 28 16.00 Payroll Cash 12 12,296.97 6 Payroll Taxes 56 1,362.30 FICA Taxes Payable - OASDI 20.1 959.98 FICA Taxes Payable - HI 20.2 224.51 SUTA Taxes Payable - Employer 22 177.81 13 Payroll Cash 12 1,570.27 Cash 11 1,570.27 1. What is the total gross…
Example 6-5 The journal entry to record the payroll from Figure 6.1, on pages 6-2 and 6-3, would be: Debit Credit Wages Expense 24,762.70 FICA Taxes Payable—OASDI 1,535.29 FICA Taxes Payable—HI 359.06 FIT Payable 3,714.00 SIT Payable 55.25 Group Insurance Payments W/H 54.70 Cash 19,044.40 Example 6-7 The journal entry to record the payroll tax entry from Figure 6.1 on pages 6-2 and 6-3 would be (assume a SUTA tax rate of 3.0%): Debit Credit Payroll Taxes 2,785.81 FICA Taxes Payable—OASDI 1,535.29 FICA Taxes Payable—HI 359.06 FUTA Taxes Payable 148.58 SUTA Taxes Payable 742.88 Kip Bowman is owner and sole employee of KB Corporation. He pays himself a salary of $1,500 each week. Additional tax information includes: FICA tax—OASDI 6.2% on first $132,900 FICA tax—HI 1.45% on total pay Federal income tax $232.00 per pay State income tax 22% of the federal income tax withholding Federal unemployment…
Example 6-5 The journal entry to record the payroll from Figure 6.1, on pages 6-2 and 6-3, would be: Debit Credit Wages Expense 24,762.70 FICA Taxes Payable—OASDI 1,535.29 FICA Taxes Payable—HI 359.06 FIT Payable 3,714.00 SIT Payable 55.25 Group Insurance Payments W/H 54.70 Cash 19,044.40 Example 6-7 The journal entry to record the payroll tax entry from Figure 6.1 on pages 6-2 and 6-3 would be (assume a SUTA tax rate of 3.0%): Debit Credit Payroll Taxes 2,785.81 FICA Taxes Payable—OASDI 1,535.29 FICA Taxes Payable—HI 359.06 FUTA Taxes Payable 148.58 SUTA Taxes Payable 742.88 Vulcra, Inc., has a semimonthly payroll of $66,920 on September 15, 20--. The total payroll is taxable under FICA Taxes-HI; $63,290 is taxable under FICA Taxes-OASDI; and $10,400 is taxable under FUTA and SUTA. The state contribution rate for the company is 4.1%. The amount withheld for federal income taxes is $9,838. The amount withheld for state…
JOURNAL Page 42 DATE DESCRIPTION POST. REF. DEBIT CREDIT 20-- Oct. 23 Administrative Salaries 51 2,307.69 Office Salaries 52 4,723.08 Sales Salaries 53 3,600.00 Plant Wages 54 5,219.60 FICA Taxes Payable - OASDI 20.1 982.72 FICA Taxes Payable - HI 20.2 229.84 Employees FIT Payable 24 871.00 Employees SIT Payable 25 486.63 Employees SUTA Payable 25.1 9.50 Employees CIT Payable 26 613.60 Group Insurance Premiums Collected 27 182.10 Union Dues Payable 28 16.00 Payroll Cash 12 12,458.98 23 Payroll Taxes 56 1,395.19 FICA Taxes Payable - OASDI 20.1 982.72 FICA Taxes Payable - HI 20.2 229.83 FUTA Taxes Payable 21 3.72 SUTA Taxes Payable - Employer 22 178.92 Nov. 4 Employees SIT Payable 25 486.63 Cash 11 486.63 6 Union Dues…
Concerning payroll accounting - What is the order of calculation on Quarter-hour method & Hundreth-hour method? For example: IN 8:08 OUT 11:57 IN 12:59 OUT 4:57 IN 9:04 OUT 12:17 IN 1:28 OUT 5:18 IN 7:45 OUT 11:45 IN 12:43 OUT 4:01 IN 7:57 OUT 12:04 IN 1:03 OUT 5:06 Thank you for your assistance. Jewelee Marple
ll Register, Employee Earnings Record, a... Required information [The following information applies to the questions displayed below.] Alanis Morgan owns White Mountain Assessments in Laconia, New Hampshire. The standard workweek is 40 hours. Use the wage bracket method in the federal tax table from Appendix C. No employee has exceeded the Social Security tax wage base. All employees submitted a 2021 Form W-4, and no box was checked in Step 2. (Round your intermediate calculations and final answers to 2 decimal places.) View transaction list Saved lournal entry worksheet Required: Using the employee payroll entry from Problem 7-3A, complete the General Journal entry for the issuance of the pay for the September 10 payroll end date. The date of the checks is September 15, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Help 3 P O Save &
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Journalize period payroll The payroll register of Heritage Co. indicates 3,900 of social security withheld and 975 of Medicare tax withheld on total salaries of 65,000 for the period. Federal withholding for the period totaled 14,250. Retirement savings withheld from employee paychecks were 2,600 for the period. Journalize the entry to record the periods payroll.
Recording payroll and payroll taxes The following information about the payroll for the week ended October 4 was obtained from the records of Simkins Mining Co.: Instructions For the October 4 payroll, determine the employee FICA tax payable.
Payment and distribution of payroll The general ledger of Berskshire Mountain Manufacturing Inc. showed the following credit balances on January 15: Direct labor earnings amounted to 10,500 from January 16 to 31. Indirect labor was 5,700, and sales and administrative salaries for the same period amounted to 3,800. All wages are subject to FICA, FUTA, state unemployment taxes, and 10% income tax withholding. Required: 1. Prepare the journal entries for the following: a. Recording the payroll. b. Paying the payroll. c. Recording the employers payroll tax liability. d. Distributing the payroll costs for January 1631. 2. Prepare the journal entry to record the payment of the amounts due for the month to the government for FICA and income tax withholdings. 3. Calculate the amount of total earnings for the period from January 1 to 15. 4. Should the same person be responsible for computing the payroll, paying the payroll and making the entry to distribute the payroll? Why or why not?
Recording payroll and payroll taxes The following information about the payroll for the week ended October 4 was obtained from the records of Simkins Mining Co.: Instructions Illustrate the effect on the accounts and financial statements of recording the October 4 payroll.
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