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After Beam Corporation paid its employees on July 15 and recorded the corporation's share of payroll taxes for the payroll paid the date, the firm's general ledger showed a balance of $19,900 in the Social Security Tax Payable account, a balance of $4,206 in th Medicare Tax Payable account, and a balance of $18,460 in the Employee Income Tax Payable account. On July 16, the business issued a check to deposit the taxes owed in the First Texas Bank. Record this transaction in general journal form.

After Beam Corporation paid its employees on July 15 and recorded the corporation's share of payroll taxes for the payroll paid the date, the firm's general ledger showed a balance of $19,900 in the Social Security Tax Payable account, a balance of $4,206 in th Medicare Tax Payable account, and a balance of $18,460 in the Employee Income Tax Payable account. On July 16, the business issued a check to deposit the taxes owed in the First Texas Bank. Record this transaction in general journal form.

FINANCIAL ACCOUNTING
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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After Beam Corporation paid its employees on July 15 and recorded the corporation's share of payroll taxes for the payroll paid that date, the firm's general ledger showed a balance of $19,900 in the Social Security Tax Payable account, a balance of $4,206 in the Medicare Tax Payable account, and a balance of $18,460 in the Employee Income Tax Payable account. On July 16, the business issued a check to deposit the taxes owed in the First Texas Bank. Record this transaction in general journal form. View transaction list Journal entry worksheet 1 Record entry for depositing payroll taxes. Note: Enter debits before credits. Date July 16 Cash General Journal General Journal Column Options: Employee income tax payable Federal unemployment tax payable Interest expense Interest payable Medicare tax payable Notes payable Office salaries expense Payroll taxes expense Petty cash Debit Credit Prepaid expenses Prepaid worker's compensation insurance Rent expense Salaries expense Salaries payable Sales salaries expense Sales tax payable Social security tax payable State unemployment tax payable Utilities expense Workers' compensation insurance expense Workers' compensation insurance payable
Transcribed Image Text:After Beam Corporation paid its employees on July 15 and recorded the corporation's share of payroll taxes for the payroll paid that date, the firm's general ledger showed a balance of $19,900 in the Social Security Tax Payable account, a balance of $4,206 in the Medicare Tax Payable account, and a balance of $18,460 in the Employee Income Tax Payable account. On July 16, the business issued a check to deposit the taxes owed in the First Texas Bank. Record this transaction in general journal form. View transaction list Journal entry worksheet 1 Record entry for depositing payroll taxes. Note: Enter debits before credits. Date July 16 Cash General Journal General Journal Column Options: Employee income tax payable Federal unemployment tax payable Interest expense Interest payable Medicare tax payable Notes payable Office salaries expense Payroll taxes expense Petty cash Debit Credit Prepaid expenses Prepaid worker's compensation insurance Rent expense Salaries expense Salaries payable Sales salaries expense Sales tax payable Social security tax payable State unemployment tax payable Utilities expense Workers' compensation insurance expense Workers' compensation insurance payable
At the end of the weekly payroll period on June 30, the payroll register of Concord Consultants showed employee earnings of $71,600. Determine the firm's payroll taxes for the period. Use a social security rate of 6.2 percent, Medicare rate of 1.45 percent, FUTA rate of 0.6 percent, and SUTA rate of 5.4 percent. Consider all earnings subject to social security tax and Medicare tax and $41,256 subject to FUTA and SUTA taxes. (Round your answers to 2 decimal places.) Tax Base Rate Amount Social security Medicare FUTA SUTA Total % % % % 69 $ 0.00
Transcribed Image Text:At the end of the weekly payroll period on June 30, the payroll register of Concord Consultants showed employee earnings of $71,600. Determine the firm's payroll taxes for the period. Use a social security rate of 6.2 percent, Medicare rate of 1.45 percent, FUTA rate of 0.6 percent, and SUTA rate of 5.4 percent. Consider all earnings subject to social security tax and Medicare tax and $41,256 subject to FUTA and SUTA taxes. (Round your answers to 2 decimal places.) Tax Base Rate Amount Social security Medicare FUTA SUTA Total % % % % 69 $ 0.00
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