EL Payroll Entries Widmer Company had gross wages of $153,000 during the week ended June 17. The amount of wages subject to social security tax was $137,700, while the amount of wages subject to federal and state unemployment taxes was $19,000. Tax rates are as follows: Social security Medicare 1.5% State unemployment 5.4% Federal unemployment 0.8% The total amount withheld from employee wages for federal taxes was $30,600. > If an amount box does not require an entry, leave it blank. If required, round answers to two decimal places. a. Journa entry to record the payroll for the week of June 17. June 7 b. Journalize the entry to record the payroll tax expense incurred for the week of June 17. June 7

EL Payroll Entries Widmer Company had gross wages of $153,000 during the week ended June 17. The amount of wages subject to social security tax was $137,700, while the amount of wages subject to federal and state unemployment taxes was $19,000. Tax rates are as follows: Social security Medicare 1.5% State unemployment 5.4% Federal unemployment 0.8% The total amount withheld from employee wages for federal taxes was $30,600. > If an amount box does not require an entry, leave it blank. If required, round answers to two decimal places. a. Journa entry to record the payroll for the week of June 17. June 7 b. Journalize the entry to record the payroll tax expense incurred for the week of June 17. June 7

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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A company's payroll for the month ended January 31 is summarized as follows: Total wages Federal income tax withheld FICA taxes (employee portion withheld) FICA taxes (employer portion) $10,000 $1,200 $700 $700 The company remits payroll taxes on the 15th of the following month. In its financial statements for the month ended January 31, what amounts should the company report as total payroll tax liability and as payroll tax expense? O Payroll tax liability: $1,400; Payroll tax expense: $700 O Payroll tax liability: $1,900; Payroll tax expense: $1,400 O Payroll tax liability: $2,600; Payroll tax expense: $700 O Payroll tax liability: $1,900; Payroll tax expense: $700 O Payroll tax liability: $1,200; Payroll tax expense: $1,400
The following information about the payroll for the week ended December 30 was obtained from the records of Pharrell Co.: Salaries: Sales salaries $350,000 Warehouse salaries 182,000 Office salaries 136,000 $668,000 Deductions: Federal income tax withheld $117,000 Social security tax withheld 40,080 Medicare tax withheld 10,020 Retirement savings 14,696 Group insurance 12,024 $193,820 Tax rates assumed: Social security 6% Medicare 1.5% State unemployment (employer only) 5.4% Federal unemployment (employer only) 0.6% Required: equired: 1. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the following entries (refer to the chart of accounts for the exact wording of the account titles. 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 31. Of the total payroll for the last week of…
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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
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what am i supposed to start my journal entry with ? forUrban Window Company had gross wages of $360,000 during the week ended July 15. The amount of wages subject to social security tax was $360,000, while the amount of wages subject to federal and state unemployment taxes was $30,000. Tax rates are as follows: Social security 6.0% Medicare 1.5% State unemployment 5.4% Federal unemployment 0.6% The total amount withheld from employee wages for federal taxes was $48,000.