Please Solve In 10mins I will Thumbs-up (a)Salaries and Wages ExpenseFICA Taxes PayableFederal Income Taxes PayableState Income Taxes PayableHealth Insurance PayableUnited Fund Contributions PayableSalaries and Wages Payable(b)Payroll Tax ExpenseFICA Taxes PayableFederal Unemployment Taxes PayableState Unemployment Taxes Payable For the year ended December 31, 2022, Vaughn Electrical Repair Company reports the following summary payroll data.Gross earnings:Administrative salaries$187,000Electricians' wages383,000Total$570,000Deductions:FICA taxes$38,459Federal income taxes withheld160,500State income taxes withheld (3%)17,100United Fund contributions payable27,500Health insurance premiums18,000Total$261,559Vaughn's payroll taxes are Social Security tax 6.2%, Medicare tax 1.45%, state unemployment 2.5% (due to a stable employmentrecord), and 0.6% federal unemployment. Gross earnings subject to Social Security taxes of 6.2% total $487,000, and gross earningssubject to unemployment taxes total $124,000. No employee exceeds the $132,900 limit related to FICA taxes.

Salaries and wages payable is amount of the salaries that are due but not paid by the company. this…

Answered: (a) Salaries and Wages Expense FICA…

(a) Salaries and Wages Expense FICA Taxes Payable Federal Income Taxes Payable State Income Taxes Payable Health Insurance Payable United Fund Contributions Payable Salaries and Wages Payable

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter13: Accounting For Payroll And Payroll Taxes

Section: Chapter Questions

Problem 4AP

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The following are data available for the month of September 2021 of Saint James Corp. Gross Earnings P8,500,000 Deductions: SSS Contribution 425,000 Philhealth 85,000 Pag-ibig 85,000 Witholding taxes 2,125,000 Determine the following: Accrued payroll Amount charged to Worked in Process account
The following summary data for the payroll period ended December 27, 2021, are available for Cayman Coating Company: Gross pay FICA tax withholdings Income tax withholdings Group hospitalization insurance Employee contributions to pension plan Total deductions Net pay $ 93,000 ? 15,480 1,650 ? 25,455 ? Additional information: • For employees, FICA tax rates for 2021 were 7.65% on the first $142,800 of each employee's annual earnings. However, no employees had accumulated earnings for the year in excess of the $142,800 limit. • For employers, FICA tax rates for 2021 were also 7.65% on the first $142,800 of each employee's annual earnings. • The federal and state unemployment compensation tax rates are 0.6% and 5.4%, respectively. These rates are levied against the employer for the first $7,000 of each employee's annual earnings. Only $15,600 of the gross pay amount for the December 27, 2021, pay period was owed to employees who were still under the annual limit. b-2. Assuming that…
1. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the following entries: Salaries: Sales salaries $625,000Warehouse salaries $240,000Office salaries $320,000 Total $1,185,000 Deductions: Federal income tax withheld $232,260Social security tax withheld $71,100Medicare tax withheld $17,775Retirement savings $35,500Group insurance $53,325 Total $409,960 Tax rates assumed: Social security, 6% Medicare, 1.5%State unemployment (employer only), 5.4% Federal unemployment (employer only), 0.6% Instructions 1. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the following entries: a. December 30, to record the payroll. b. December 30, to record the employer’s payroll taxes on the payroll to be paid on December…
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