A company has one employee. All wages for September are subject to 6.2% FICA Social Security taxes and 1.45% FICA Medicar taxes. The company's FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Gross Pay through August Gross Pay for September 31 $6,500 $ 1,900 Prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its related liabilities. Enter answers in the tabs below. Payroll Taxes General Expense Journal Prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its related liabilities. Note: Round answers to 2 decimals. No 1 Date September 30 X Answer is not complete. Salaries expense General Journal FICA-Social security taxes payable FICA-Medicare taxes payable Salaries payable < Payroll Taxes Expense ✓ X General Journal Debit 1,900.00 X Credit 117.80 27.55✔ 1,754.65 X

A company has one employee. All wages for September are subject to 6.2% FICA Social Security taxes and 1.45% FICA Medicar taxes. The company's FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Gross Pay through August Gross Pay for September 31 $6,500 $ 1,900 Prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its related liabilities. Enter answers in the tabs below. Payroll Taxes General Expense Journal Prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its related liabilities. Note: Round answers to 2 decimals. No 1 Date September 30 X Answer is not complete. Salaries expense General Journal FICA-Social security taxes payable FICA-Medicare taxes payable Salaries payable < Payroll Taxes Expense ✓ X General Journal Debit 1,900.00 X Credit 117.80 27.55✔ 1,754.65 X

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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River Signorini works for New & Old Apparel, which pays employees on a semimonthly basis. River's annual salary is $193,000. Required: Calculate the following: Note: Round your final answers to 2 decimal places. Pay Date October 13 Prior YTD Earnings Social Security Taxable Wages Medicare Taxable Wages Employer Share Social Security Tax Employer Share Medicare Tax December 29
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Alpine Company pays its employees time-and-a-half for hours worked in excess of 40 per week. The information available from time cards and employees’ individual earnings records for the pay period ended October 14 is shown in the following chart: Earnings at End Daily Time Income Tax Name of Previous Week M T W T F S Pay Rate Allowances or Amount Bardin, J. 43,627.00 8 8 8 8 8 2 21.30 2 Caris, A. 44,340.00 8 8 8 8 8 8 21.60 1 Drew, W. 43,845.00 8 10 10 8 8 0 21.50 1 Garen, S. 117,600.00 8 8 8 8 8 0 49.00 $227.83 North, O. 43,875.00 8 8 8 8 8 5 21.40 3 Ovid, N. 40,150.00 8 8 8 8 8 0 21.50 1 Ross, J. 6,430.00 8 8 8 8 8 4 20.50 1 Springer, O. 44,175.00 8 8 8 8 8 3 21.25 2 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. *Round to the nearest penny. Required: 1. Complete the payroll register…
During the month of January, an employee earned $4,400 of salary. Withholdings from the employee's salary consist of FICA Social Security taxes of $272.80, FICA Medicare taxes of $63.80, federal income taxes of $468.60, and medical insurance deductions of $187.00. Prepare the journal entry to record the employer's salaries expense and related liabilities assuming these wages will be paid in early February. Note: Round your final answers to 2 decimal places. View transaction list Journal entry worksheet 1 Record payroll for period. Note: Enter debits before credits. Date January 31 + General Journal Debit Credit X
Read following information to answer Question no. 6 and 7 Eva Itd. has three employees who are paid on an hourly basis. They receive a wage of 12 times the regular hourly rate for work in excess of 40 hours. Payroll data for the first week ended January 6, 2021, is given below. Hours Worked Emplovee Adam Hourly Rate $12.00 Union Fund $10.00 43 Anna 45 14.00 13.00 Era 46 13.00 7.00 The applicable taxes include: FICA 7.65%; state income taxes 1.5%; state unemployment taxes 5.4%; federal unemployment 0.8%; and Federal Income Tax. All employees are married. Adam claims 2 withholding allowances; Anna claims 5 allowances and Era claims 3 withholding allowances. (Federal Income tax table is given at the end of paper). Question No. 6 Prepare a payroll register for the weekly payroll. Question No. 7 (a) Journalize the payroll on January 6, 2021. (b) Journalize the accrual of employer payroll taxes on January 6, 2021. (c) Journalize the payment of the payroll on January 12, 2021.
During the month of January, an employee earned $5, 800 of salary. Withholdings from the employee's salary consist of FICA Social Security taxes of $359.60, FICA Medicare taxes of $84.10, federal income taxes of $617.70, and medical insurance deductions of $246.50. Prepare the journal entry to record the employer's salaries expense and related liabilities assuming these wages will be paid in early February. Note: Round your final answers to 2 decimal places.
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Calculation and Journal Entry for Employer Payroll Taxes 1. Calculate the employer's payroll taxes expense. Round your answer to the nearest cent. 2. Prepare the journal entry to record the employer's payroll taxes expense for the week ended July 15 of the current year. Round your answers to the nearest cent, if required. If an amount box does not require an entry, leave it blank. Portions of the payroll register for Barney’s Bagels for the week ended July 15 are shown below. The SUTA tax rate is 5.4%, and the FUTA tax rate is 0.6%, both of which are levied on the first $7,000 of earnings. The Social Security tax rate is 6.2% on the first $118,500 of earnings. The Medicare rate is 1.45% on gross earnings. Barney’s BagelsPayroll Register Total Taxable Earnings of All Employees Total Earnings Unemployment Compensation Social Security $12,200 $10,500 $12,200
Prepare general journal entries to record these transactions. You do have to enter descriptions for the entries for this problem.
XYZ Company is processing payroll for the week ending January 9th. Employee earnings total $5,000. Federal income tax withheld from employee paychecks totaled $1,100. The social security tax rate is 6%, the Medicare tax rate is 1.5%, the state unemployment tax rate is 5.4% and the federal unemployment tax rate is .8%. a) Journalize the payroll entry for the week. DATE Debit Credit X/X b) Journalize the payroll tax entry for the week. DATE Debit Credit X/X