OHome Insert Draw Page LayoutAFontA1Paste3 Employee No.45101167 55688598795688212223689245895571242526272829XLD♡GEOP…X12 Income tax rate: 11%13 FICA rate: 7.65%14 State tax rate: 3%151617181920✓BEmployeeNaameAlvarez, J.Beguletti, F.Dunn, M.Park. T.Vanouer, G.Wong, M.VAlignmentfx Payroll RegisterCDRegular$2,115.001,287,002,850.002,050.001,200.003,250.004 ▶ Payroll Register +0/%NumberOvertimeFormulas125.00Vch14_payroll ✓Data Review » Tell mePayroll RegisterJaniary 31, 20-Conditional Formatting vFormat as Table vCell Styles ✓CopyGTotal Income Tax FICA$2,115.00 $232.65 $161.800.000.000.000.000.000.000.000.000.000.00HState tax$63.450.000.000.000.000.00CellsIEditingJHealthInsurance net Pay$123.00 $1,534.10123.0076.00123.000.00123.00CommentsFD-MAnalyzeDataKaSensitivityL28ShareAll employee earnings are subject toFICA deductions totaling 7.65 percent.Complete the payroll register. Correcterrors in formatting, spelling, andcapitalization. Check or enter formulasto complete the register.

Payroll costs are employee costs in the organisation. It means cost of salaries to be paid to…

All employee earnings are subject to FICA deductions totaling 7.65 percent. Complete the payroll register. Correct errors in formatting, spelling, and capitalization. Check or enter formulas to complete the register.

All employee earnings are subject to FICA deductions totaling 7.65 percent. Complete the payroll register. Correct errors in formatting, spelling, and capitalization. Check or enter formulas to complete the register.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: The following salaried employees of Mountain Stone Brewery in Fort Collins, Colorado, are paid…

A: The percentage method has no wage or allowance limit. therefore firm can use it if the employee's…

Q: Lauprechta Incorporated has the following employees on payroll. Assume that all the employees has…

Q: The payroll register of Seaside Architecture Company indicates $980 of social security taxes and…

A: Withheld tax applicable to employment income. A withheld tax is a type of income tax which paid to…

Q: The payroll register of Seaside Architecture Company indicates $990 of social security and $252 of…

A: Payroll Accounting: The process of payroll accounting includes the computation and payment of…

Q: Performs an analysis of the rules and laws that regulate mandatory discounts and payments that…

A: Payroll Rules: According to the FLSA, people who are subject to its provisions must maintain…

Q: Given the following data from the payroll register of Johnson Construction, prepare the journal…

A: Wages: Wages are the earnings of the employees for their work to the company they serve. These are…

Q: Determine the amount of Social Security and Medicare taxes to be withheld. If required, round your…

A: Particulars Wages % Amount Social Security Tax $ 7,600 6.20% $ 471.20 Medicare Tax $ 8,400…

Q: Record the journal entries for each of the following payroll transactions. If an amount box does not…

A: Journal entries: - Journal entries are the initial entries that we make for the business…

Q: The following employees of Concordian Construction of Walla Walla, Washington, are paid biweekly.…

A: Employee Filing Status Dependents Annual pay Union Dues per Period Garnishment per Period Net PayJ.…

Q: ligan's pays its employees weekly. Use the wage-bracket tables

A: As per Internal Revenue Service [IRS] rules for the year 2022 [assumed…

Q: BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its…

A: The question has asked to compute the employment taxes for three separate situations. Employment…

Q: In the following summary of data for a payroll period, some amounts have been intentionally omitted.…

A: Total Earnings = Net Amount Paid + Total Deductions Earnings at regular rate = Total earnings -…

Q: Milligan's Millworks pays its employees weekly. Use the wage-bracket tables from Appendix C to…

A: salary dropped to at least $ 830 but less than $ 854 and exemption = 4. salary falls at least $ 1178…

Q: Lauprechta Incorporated has the following employees on payroll. Assume that all the employees has…

A: Taxable income refers to the income on which the tax payer is liable to pay the desired tax as…

Q: What is included in the journal entry to record the employer amount of the payroll? Assume gross…

A: Solution- Payroll journal entries are used to record the compensation paid to employees. These…

Q: Complete the top portion and earnings section of a payroll register for the five employees below.…

A: Federal withholding tax is the amount of tax that is withheld by the employer from the pay of the…

Q: The payroll journal for Northport Enterprises, Inc., is shown. Social Security and Medicare are…

A: Income tax refers to the amount charged by the government from the individual and organizations on…

Q: An employee has a net payroll amount of $5,064.50. What is the correct journal entry to record this…

A: The journal entries are a crucial step of the accounting process as it records the accounting…

Q: The payroll records of Brownlee Company provided the following Information for the weekly pay period…

A: Employment Insurance(EI) Deduction: The EI deduction rate for employees in Canada in 2021 is 1.58%…

Q: The payroll register of Heritage Co. indicates $4,800 of social security withheld and $1,200 of…

A: Answer:- Journal entry meaning:- The act of maintaining or creating records of any transaction,…

Q: In January, the payroll supervisor determines that gross earnings for Sheridan Company are $68,000.…

A: Payroll: Payroll refers to the total amount that is required to be paid by the company to its…

Q: Determine the employer's depos

A: Note 1] In general, you must deposit federal income tax and additional Medicare tax withheld as…

Q: If a CPP amount is missing from a payroll journal entry, it is most likely that - Ono linked account…

A: The most likely explanation for a missing Canada Pension Plan (CPP) amount from a payroll journal…

Q: The following salaried employees of Mountain Stone Brewery in Fort Collins, Colorado, are paid…

A: Answer:- Income tax refers to a charge levied by the government on the income earned by the…

Q: Eaton Enterprises uses the wage-bracket method to determine federal income tax withholding on its…

A: Federal Income Tax Withhold The proportion of federal taxes deducted from an employee's wages is…

Q: Find the employer’s FICA deduction for each of the following employees. Find the amounts of the FUTA…

A: Federal Unemployment Taxes (FUTA) The threshold limit for the Federal Unemployment taxes (FUTA) is $…

Q: Employers are required to keep records of all of the following except: Select one: Personal data…

A: Employer should maintain all the data related to there business activities which helps during the…

Q: The payroll register of Patel Engineering Co. indicates $2,916 of social security withheld and $729…

A: Social security and Medicare tax: To give payments to retirees, widows, and surviving children, the…

Q: The payroll register of Seaside Architecture Company indicates $860 of Social Security and $211 of…

A: Federal tax=Unemployment compensation tax×0.8%=$5,300×0.8%=$42.4

Q: a. Social security taxes are 4.2% of monthly gross pay up to a cumulative total pay of $106,800 for…

A: Case 1: Cumulative Gross Pay at October 31 = $15,570Social Security Tax:The Social Security tax rate…

Q: I am working on the chapter 7 payroll project for cengage and I don't know how to do Holdiay pay for…

A: Payroll register: Payroll register can be defined as the hard copy or a register that records all…

Q: The payroll register of Seaside Architecture Company indicates $920 of social security and $256 of…

A: Journal Entry It is used to record the business transactions of an enterprises

Q: Employee D. Balestreri Y. Milligan H. Curran D. Liberti Single Single Filing Status Married/Joint…

A: The Internal Revenue Service is the statutory body which monitors on U.S.' civil tax laws and…

Q: Determine the employer's deposit

A: Note 1] In general, you must deposit federal income tax and additional Medicare tax withheld as…

Q: The following salaried employees of Mountain Stone Brewery in Fort Collins, Colorado, are paid…

A: Answer:- Percentage method in accounting refers to the way estimated or calculating certain…

Q: For each numbered item, indicate the immediate (versus ultimate) source of the item.

A: A payroll application is a software system designed to manage and automate the process of paying…

Q: Record the journal entries for each of the following payroll transactions. If an amount box does not…

A: Payroll: Payroll refers to the total amount that is required to be paid by the company to its…

Q: This problem continues the process of preparing the Kipley Company's Employee Payroll Register for…

A: Employee payroll register is a book in which all the records of all the employees for the particular…

Q: The payroll register of Heritage Co. indicates $3,900 of social security withheld and $975 of…

A: Net Salaries Payable = Total salaries for the period - Total amount withheld = $65,000 - ($3,900 +…

Question

O
Home Insert Draw Page Layout
A
Font
A1
Paste
3 Employee No.
4
5
10
11
6
7 5568
8
5987
9
5688
21
22
23
6892
4589
5571
24
25
26
27
28
29
X
LD
♡
GEOP…
X
12 Income tax rate: 11%
13 FICA rate: 7.65%
14 State tax rate: 3%
15
16
17
18
19
20
✓
B
Employee
Naame
Alvarez, J.
Beguletti, F.
Dunn, M.
Park. T.
Vanouer, G.
Wong, M.
V
Alignment
fx Payroll Register
C
D
Regular
$2,115.00
1,287,00
2,850.00
2,050.00
1,200.00
3,250.00
4 ▶ Payroll Register +
0/
%
Number
Overtime
Formulas
125.00
V
ch14_payroll ✓
Data Review » Tell me
Payroll Register
Janiary 31, 20-
Conditional Formatting v
Format as Table v
Cell Styles ✓
Copy
G
Total Income Tax FICA
$2,115.00 $232.65 $161.80
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
H
State tax
$63.45
0.00
0.00
0.00
0.00
0.00
Cells
I
Editing
J
Health
Insurance net Pay
$123.00 $1,534.10
123.00
76.00
123.00
0.00
123.00
Comments
FD-
M
Analyze
Data
K
a
Sensitivity
L
28
Share
All employee earnings are subject to
FICA deductions totaling 7.65 percent.
Complete the payroll register. Correct
errors in formatting, spelling, and
capitalization. Check or enter formulas
to complete the register.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1: Introduction:

VIEW

Step 2: Payroll Register:

VIEW

Solution

VIEW

Step by step

Solved in 3 steps with 3 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Federal Insurance Contributions Act (FICA)

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Journalize the payroll on March 15, and the accrual of employee payroll taxes
on 4 An employee has total gross wages of $7,000, Federal Unemployment Expense, and State Unemployment Expense. What is the correct journal entry for the employer's payroll taxes and otl expenses? Debit Crédit $535.50 $420.00 FICA Expenses Federal Unemployment Expense State Unemployment $378.00 Expense FICA Payable Federal Unemployment Expense State Unemployment Expense $535.50 $420.00 $378.00 Debit Credit FICA Expenses Federal Unemployment $535.50 $420.00 Expense State Unemployment Expense $378.00 Cash $1,333.50 Debit Credit FICA Payable Federal Unemployment $535.50 $420.00 Expense State Unemployment Payable FICA Expenses Federal Unemployment Expense State Unemployment Expense $378.00 $535.50 $420.00 $378.00 MacBook Air
The required deduction for Social Security is 6.2% OASDI (Old Age Survivors and Disability Insurance) of wages earned, to a maximum of $97,500 and 1.45% HI (Hospital Insurance, commonly known as "Medicare") for all earnings. Refer to the Social Security and Medicare information. Employers are required to match the employee's deductions and send the total to the IRS. Compute the maximum percent that can be sent to the IRS for any one employee during the period of a year. 13.3% 13.5% 15.3% 15.5%
s
Journalize the February payroll and the payment of the payroll. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Feb. 28 (To record payroll.) (To record payment of payroll.) Feb. 28
This problem continues the computing and recording employee payroll for the Olney Company for the pay period ending January 8th, 20--. Tasks previously performed include determining gross earnings, FICA withholding, federal, state and city taxes. These computations are shown in the Employee Payroll Register. Requirements: Compute and record the employee's SUTA contributions. Compute and record the Olney Company's SUTA and FUTA contributions. Payroll Register The State Unemployment Tax Act, better known as SUTA, is a form of payroll tax that all states require employers to pay for their employees. SUTA is a counterpart to FUTA, the federal unemployment insurance program. Your tasks now are to compute FUTA and SUTA. Complete the following step: Compute and record the employee's SUTA contributions (employees pay 0.06% on total gross pay). Note: Round your final answers to nearest cent. ONLEY COMPANY, INC.Employee Payroll Register For Period Ending January 8, 20-- EARNINGS…
The payroll register of Heritage Co. indicates $1,500 of social security withheld and $375 of Medicare tax withheld on total salaries of $25,000 for the period. Federal withholding for the period totaled $4,250. Retirement savings withheld from employee paychecks were $2,500 for the period. Journalize the entry to record the period’s payroll. If an amount box does not require an entry, leave it blank. blank Account Debit Credit blank
Compute the net pay for each employee and answer the additional requirements that follow: Deductions Employee Basic Pay SSS Philhealth Withholding Tax Ericka Bilango 40,300.00 581.30 550.00 100.00 P 3,933.84 Alani Ching 37,600.00 581.30 517.00 100.00 3,267.09 Audrey Tan 35,500.00 581.30 488.13 100.00 2,749.31 1. How much is the total Salaries Expense? 2. How much is the total payroll deductions? 3. How much is the total credit to Cash upon payment of salaries? Is this the same as the take-home pay? Pag-IBIG
. The payroll register of Seaside Architecture Company indicates $970 of social security and $257 of Medicare laxwithheld un tolal salaries of $16,500 for the period. Federal withholding for the period tolaled $4,235. Prepare thejournal entry for the period's payroll.
Only need help with the first question please.
Vala
D