8:48 1l LTE DDoneA v2.cengagenow.comAA C.ALGOWorkers' Compensation Insurance and Adjustment.ALGOSpecialty Manufacturing estimated that its total payroll.ALGOfor the coming year would be $447,500. The workers'„ALGOcompensation insurance premium rate is 0.2%.„ALGORequired:ALGO1. Calculate the estimated workers' compensationinsurance premium.Prepare the journal entry for the payment as of January2, 20--.Page:DOC. POST.NO.REF.DATEACCOUNT TITLEDEBITCREDIT20--1Jan. 2122332. Assume that Specialty Manufacturing's actual payrollfor the year is $452,500.00. Calculate the totalinsurance premium owed.$1Prepare a journal entry as of December 31, 20--, torecord the adjustment for the underpayment. The actualpayment of the additional premium will take place inJanuary of the next year.Page:DOC. POST.DATEACCOUNT TITLEDEBITCREDITNO.REF.20--1Dec. 311233Check My WorkPrevious6/6 itemspre: 0.0%Save and ExitSubmit Assignment for Grading

Journal is a place where journal entries are recorded in the book keeping system before ledger…

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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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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
premiums. LO 11-8 The following information relates to Ponte Manufacturing Company's workers' compensation insurance premiums for 20X1. On January 15, 20X1, the company estimated its premium for workers' compensation insurance for the year on the basis of that data. Amount of Look Work Estimated Insurance Classification Rates rint Wages Office work $ 64,000 Shop work $0.30/$100 308,000 $6.00/$100 rences Required: 1. Compute the estimated premiums. 2. Record in general journal form payment of the estimated premium on January 15, 20X1. 3. On January 4, 20X2, an audit of the firm's payroll records showed that it had actually paid wages of $69,960 to its office employees and wages of $315,320 to its shop employees. Compute the actual premium for the year and the balance due the insurance company or the credit due the firm. 4. Prepare the general journal entry on December 31, 20X1, to adjust the Workers' Compensation Insurance Expense account. Analyze: If all wages were attributable to shop…
employees' individual earnings records for the pay period ended September 21 is shown LO 1, 2, 3, 4, 5 PROBLEM 7-3B Williams Company pays its employees time-and-a-half for houre worked in excess of 40 per week. The information available from time records and in the following chart: Daily Time Earnings at End of Income Tax Pay Allowances or Previous W F S. Rate Amount Name Week 8. 8. 10 8. 0. 25.00 1 Bolt, D. 6,745.00 8 8. 8. 8 8. 8. 49.50 $252.30 Dore, C. 136,240.00 Gayle, A. 32,730.00 8 10 8 8 8. 0. 24.50 2 Hale, R. 117,560.00 8 8 8 8. 4. 40.00 $195.50 Jilly, B. 8. 8 8. 8. 8 49.50 $291.25 35,154.00 Karn, S. 29,938.00 8. 8 9. 8. 8 20.50 2 Ober, N. 6,795.00 8. 8 8. 9. 9. 4 21.00 1 Wong, J. 27,252.00 8. 8. 10 8. 8. 0. 20.00 Taxable earnings for Social Security are based on the first $118,500. Taxable earnings for Medicare are based on all earnings. Taxable earnings for federal and state unemployment are based on the first $7,000. Required 1. Complete the payroll register using the…
ngageNOWv2 |Online teachir x b d21 mnsu - Bing E.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSes. o A company whose fiscal year ends December 31, has a weekly payroll of $100,000. Employees work 5 days per week, Monday through Friday and payday is every Friday. How much wages expense will be recorded on the Friday, January 3 payday? Oa. $60,000 Ob. $100,000 Oc. $40,000 Od. $0
Specialty Manufacturing estimated that its total payroll for the coming year would be $482,500. The workers' compensation insurance premium rate is 0.2%. Required: 1. Calculate the estimated workers' compensation insurance premium.$ Prepare the journal entry for the payment as of January 2, 20--. If an amount box does not require an entry, leave it blank. Page: DATE ACCOUNT TITLE DOC.NO. POST.REF. DEBIT CREDIT 1 20-- Jan. 2 1 2 2 3 3 2. Assume that Specialty Manufacturing's actual payroll for the year is $487,000. Calculate the total insurance premium owed.$ Prepare a journal entry as of December 31, 20--, to record the adjustment for the underpayment. The actual payment of the additional premium will take place in January of the next year. If an amount box does not require an entry, leave it blank. Page: DATE ACCOUNT TITLE DOC.NO. POST.REF. DEBIT CREDIT 1 20-- Dec. 31 1 2…
S eBook Ask Print eferences Mc Graw Hill :: -WKCTC_....txt FI 2 W S KMH Industries is a monthly schedule depositor of payroll taxes. For the month of August 2021, the payroll taxes (employee and employer share combined) were as follows: X Social Security tax: $5,056.78 Medicare tax: $1,182.63 Employee Federal income tax: $3,960.00 Required: Create the General Journal entry for the remittance of the taxes. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to 2 decimal places.) View transaction list A Journal entry worksheet 4² Record the remittance of August payroll taxes. Note: Enter debits before credits. # 3 1 E D Data C 8.0 F3 $ 4 JUL 22 R F a F4 V General Inurnal % 5 T F5 G 8 DII FB M 1 ( 9 K ران DD F9 O ) O A F10 L P Ⓡ command C F11 - 9 F12 option
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…
P11-3B The partial monthly records of KSell Products show the following figures: Computing and reporting payroll amounts Employee Earnings Regular earnings Overtime pay Total employee earnings $ 1,556 (c) (a) Dental and drug insurance $13,994 Total deductions (b) Net pay 140,810 Deductions and Net Pay Accounts Debited Withheld income tax $31,704 Salaries Expense 66,468 Canada Pension Plan 9,200 (d) Wages Expense Sales Commission Expense Employment Insurance 3,492 59,356 Required 1. Determine missing amounts a, b, c, and d. 2. Prepare the general journal entry on October 31 to record KSell Products' payrol for the month. Credit Payroll Payable for net pay. No explanation is required. P11-4B Assume that Marcy Jones is a marketing director in Metro Mobility's head office in Toronto. During 2018 she worked for the company all year at a $6,500 monthly sal- ary. She also earned a year-end bonus equal to 20 percent of her salary. Jones's monthly income tax withholding for 2018 was $1,762.28.…
Compute Payroll Floatin Away Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee: Regular earnings rate Overtime earnings rate* Number of withholding allowances Consultant Computer Programmer Administrator $3,010 per week $30 per hour $50 per hour Not applicable 1.5 times hourly rate 2 times hourly rate 3 2 1 *For hourly employees, overtime is paid for hours worked in excess of 40 hours per week. For the current pay period, the computer programmer worked 60 hours and the administrator worked 50 hours. The federal income tax withheld for all three employees, who are single, can be determined by adding $276.54 to 24% of the difference between the employee's amount subject to withholding and $1,692.00. Assume further that the social security tax rate was 6.0%, the Medicare tax rate was 1.5%, and one withholding allowance is $81. Determine the gross pay and the net pay for each of the three…
Calculate Payroll An employee earns $44 per hour and 1.75 times that rate for all hours in excess of 40 hours per week. Assume that the employee worked 50 hours during the week. Assume that the social security tax rate was 6.0%, the Medicare tax rate was 1.5%, and federal income tax to be withheld was $581.90. a. Determine the gross pay for the week. $ If applicable, round your final answer to two decimal places. b. Determine the net pay for the week. $
Question text Lidge Company of Texas (TX) is classified as a monthly depositor and pays its employees monthly. The following payroll information is for the second quarter of 20--. WITHHOLDINGS EMPLOYER'S Wages OASDI HI FIT OASDI HI April $86,100 $ 5,338.20 $1,248.46 $ 9,650 $ 5,338.20 $1,248.45 May 92,500 5,735.00 1,341.26 10,005 5,735.00 1,341.25 June 73,400 4,550.80 1,064.30 8,995 4,550.80 1,064.30 Totals $252,000 $15,624.00 $3,654.02 $28,650 $15,624.00 $3,654.00 The number of employees on June 12, 20-- was 11. a. Complete the following portion of Form 941. What are the payment due dates of each of the monthly liabilities assuming all deposits were made on time, and the due date of the filing of Form 941 (year 20--)?
The following totals for the month of June were taken from the payroll register of Arcon Company: $11,940.00 Salaries expense Social security and Medicare taxes withheld Income taxes withheld 895.50 289.00 531.00 Retirement savings The entry to record the payment of net pay would include a O a. debit to Salaries Payable for $11,940.00. Ob. credit to Salaries Expense for $10,224.50. O c. debit to Salaries Payable for $10,224.50. Od. credit to Salaries Payable for $10,224.50.

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