LZ Uonsəno Total gross earnings of all employees: $ 9,814.40 608.49 Total social security tax withheld. Total medicare tax withheld 142.31 Total federal income tax withheld Total insurance premiums withheld 804.00 Based on the payroll information above, calculate and record the employer's payroll taxes for the period on the general journal. The state unemployment tax rate is 5.4 percent, and the federal unemployment tax rate is 0.8 percent. (Round your answers to 2 decimal places. Omit the "$" sign in your response.) Date General Journal Debit Credit June 14 (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) 02021 McGraw-Hill Education. All ights reservee P Type here to search 查 0

LZ Uonsəno Total gross earnings of all employees: $ 9,814.40 608.49 Total social security tax withheld. Total medicare tax withheld 142.31 Total federal income tax withheld Total insurance premiums withheld 804.00 Based on the payroll information above, calculate and record the employer's payroll taxes for the period on the general journal. The state unemployment tax rate is 5.4 percent, and the federal unemployment tax rate is 0.8 percent. (Round your answers to 2 decimal places. Omit the "$" sign in your response.) Date General Journal Debit Credit June 14 (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) 02021 McGraw-Hill Education. All ights reservee P Type here to search 查 0

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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Summary Payroll Data Assume that the social security tax rate is 6% and the Medicare tax rate is 1.5%. In the following summary of data for a payroll period, some amounts have been intentionally omitted: Earnings: 1. At regular rate ? 2. At overtime rate $80,000 3. Total earnings ? Deductions: 4. Social security tax 32,400 5. Medicare tax 8,100 6. Federal income tax withheld 135,000 7. Medical insurance 18,900 8. Union dues ? 9. Total deductions 201,150 10. Net amount paid 338,850 Accounts debited: 11. Factory Wages 285,000 12. Sales Salaries ? 13. Office Salaries 120,000 a. Determine the amounts omitted in lines (1), (3), (8), and (12). (1) $fill in the blank 87b534fc705303d_1 (3) $fill in the blank 87b534fc705303d_2 (8) $fill in the blank 87b534fc705303d_3 (12) $fill in the blank 87b534fc705303d_4 b. Journalize the entry to record the payroll accrual. If an amount box does not require…
ournalize Payroll Tax The payroll register of Patel Heritage Co indicates $1,986 of social security withheld and $496.50 of Medicare tax withheld on total salaries of $33,100 for the period. Earnings of $9,600 are subject to state and federal unemployment compensation taxes at the federal rate of 0.8% and the state rate of 5.4%. Provide the journal entry to record the payroll tax expense for the period. If an amount box does not require an entry, leave it blank. Round to two decimal places. Payroll Tax Expense Payroll Tax Expense Social Security Tax Payable Social Security Tax Payable Medicare Tax Payable Medicare Tax Payable State Unemployment Tax Payable State Unemployment Tax Payable Federal Unemployment Tax Payable Federal Unemployment Tax Payable
Journalize Payroll Tax The payroll register of Chen Heritage Co indicates $1,950 of social security withheld and $487.50 of Medicare tax withheld on total salaries of $32,500 for the period. Earnings of $9,800 are subject to state and federal unemployment compensation taxes at the federal rate of 0.8% and the state rate of 5.4%. Provide the journal entry to record the payroll tax expense for the period. If an amount box does not require an entry, leave it blank. Round to two decimal places.
Payroll Tax Entries According to a summary of the payroll of Guthrie Co., $587,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax. Also, $19,000 was subject to state and federal unemployment taxes. Question Content Area a. Compute the employer's payroll taxes, using the following rates: state unemployment, 5.4%; federal unemployment, 0.6%.$fill in the blank 04825efc801a047_1 Question Content Area b. Journalize the entry to record the accrual of payroll taxes. If an amount box does not require an entry, leave it blank.
The totals from the first payroll of the year are shown below. TotalEarnings FICAOASDI FICAHI FITW/H StateTax UnionDues NetPay $36,195.10 $2,244.10 $524.83 $6,515.00 $361.95 $500.00 $26,049.22 Journalize the entry to deposit the FICA and FIT taxes. For a compound transaction, if an amount box does not require an entry, leave it blank. Round your answers to two decimal places.
Bart Consulting Firm has the following payroll information for the week ended March 20th: Name Earnings at the end of the previous week Sun. Mon. Tues. Wed. Thurs. Fri. Sat. Pay Rate Federal Income Tax Lauren, F 14,400 8 8 8 8 8 30.00 222.52 Baylor, M 12,000 8 8 8 8 8 25.00 178.55 Lims, T 7,200 8 8 8 8 8 15.00 78.00 Tate, C 6,000 8 8 8 8 8 15.00 62.00 Musker, J 4,320 8 8 8 15.00 15.00 Mako, W 3,888 8 8 8 13.50 11.00 Additional Information: Taxable earnings for Social Security are based on the first $132,900. Taxable earnings for Medicare are based on all earnings. Taxable earnings for federal and state unemployment are based on the first $7,000. Employees are paid time-and-a-half for work in excess of 40 hours per week. Round amounts to the nearest penny. What you must do: Complete the attached Payroll Register (Excel Spreadsheet). Use the following information to help: The Social Security tax rate is 6.2 percent. The Medicare tax…
Gamma, Inc., has the following information from the payroll of June 30. Following are the details of federal taxes: Employees' federal income taxes withheld Employees' FICA taxes withheld Employer's share of FICA taxes $2,108.48 1,104.36 1,104.36 Determine the total federal undeposited taxes of Gamma, Inc., for the payroll period ended June 30. a. $2,108.48 b. $3,212.84 c. $2,208.72 d. $4,317.20
Journalize Period Payroll The payroll register of Wang Engineering Co. indicates $1,860 of social security withheld and $465 of Medicare tax withheld on total salaries of $31,000 for the period. Federal withholding for the period totaled $5,270. Provide the journal entry for the period's payroll. If an amount box does not require an entry, leave it blank. cash/employees federal income tax payable/payroll tax expense/salaries expense/salaries payable/social security tax expense/socail securtiy tax payable/medicare tax expense/medicare tax payable 10 blanks you have to fill out and indiacted which one it is.
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Journalize Payroll Tax The payroll register of Wang Engineering Co. indicates $2,700 of social security withheld and $675.00 of Medicare tax withheld on total salaries of $45,000 for the period. Earnings of $12,600 are subject to state and federal unemployment compensation taxes at the federal rate of 0.6% and the state rate of 5.4%. Provide the journal entry to record the payroll tax expense for the period. If an amount box does not require an entry, leave it blank. Round to two decimal places. cash/employees federal income tax payable/payroll tax expense/salaries expense/salaries payable/social security tax expense/socail securtiy tax payable/medicare tax expense/medicare tax payable/state umployment tax expense/state unemployment tax payable/federal unemployment tax expense 10 spaces you need to fill in with numbers and which one belongs to which
McLaughlin Manufacturing has the following data available for its March 31 payroll: *All subject to Social Security and Medicare matching and withholding at 6.2% and 1.45%, respectively. Federal unemployment taxes of 0.50% and state unemployment taxes of 0.80% are payable on the first $1,000,000. 1 Wages earned Federal income taxes withheld 2 3 4 General Journal Instructions 5 Required: 1. Compute the taxes payable and wages that will be paid to employees. Then prepare the journal entries to record the wages earned and the payroll taxes 1b. Prepare the journal entries for the transactions on March 31. 2. Conceptual Connection: McLaughlin Manufacturing would like to hire a new employee at a salary of $60,000. Assuming Social Security and Medicare taxes are as described earlier in the problem (with unemployment taxes paid on the first $7,000) and fringe benefits (e.g., health insurance, retirement, etc.) are 28% of gross pay, what will be the total cost of this employee for McLaughlin?…
Entries for payroll and payroll taxes The following information about the weekly payroll was obtained from the records of Saine Co.: Salaries: Sales salaries Warehouse salaries Office salaries Deductions: Income tax withheld U.S. savings bonds Group insurance Tax rates assumed: $214,000 118,000 109,000 $441,000 $77,616 9,702 7,938 Social security, 6% Medicare, 1.5% State unemployment (employer only), 5.4% Federal unemployment (employer only), 0.8% Required: If an amount box does not require an entry, leave it blank. 1a. Assuming that the payroll related to the first full week of the year and was paid on January 11, journalize the entry on January 11, to record the payroll.