on 4An employee has total gross wages of $7,000, Federal Unemployment Expense, and StateUnemployment Expense. What is the correct journal entry for the employer's payroll taxes and otlexpenses?DebitCrédit$535.50$420.00FICA ExpensesFederal UnemploymentExpenseState Unemployment$378.00ExpenseFICA PayableFederal UnemploymentExpenseState UnemploymentExpense$535.50$420.00$378.00DebitCreditFICA ExpensesFederal Unemployment$535.50$420.00ExpenseState Unemployment Expense$378.00Cash$1,333.50DebitCreditFICA PayableFederal Unemployment$535.50$420.00ExpenseState Unemployment PayableFICA ExpensesFederal UnemploymentExpenseState UnemploymentExpense$378.00$535.50$420.00$378.00MacBook Air

FICA ( Federal Insurance Contribution Act) taxes refers to the deductions from the gross earnings of…

Answered: An employee has total gross wages of…

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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> The payroll register of Seaside Architecture Company indicates $830 of social security taxes and $225 of Medicare taxes withheld on total salaries of $15,500 for the period. Assume earnings subject to state and federal unemployment compensation taxes are $5,200 at the federal rate of 0.8% and state rate of 5.4%. Journalize the entry for the employer's payroll taxes. If an amount box does not require an entry, leave it blank. If required, round your answers to two decimal places. 00000 ?
An employee receives an hourly wage rate of $18, with time and a half for all hours worked in excess of 40 hours during a week. Payroll data for the current week are as follows: hours worked, 45; federal income tax withheld, $349; social security tax rate, 6.0%; and Medicare tax rate, 1.5% on all earnings. What is the net amount to be paid to the employee? Select the correct answer. $442 $855 $1,151 $1,207
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On January 13, at the end of the second weekly pay period of the year, a company's payroll register showed that its 39 employees had earned $27.070 of sales salaries and $9,230 of office salaries. Assume withholdings from the employees' salaries were to include $602.58 of EL $1,666.91 of CPP, S7470 of income taxes, $1,230 of hospital insurance, and $720 of union dues. Required: 1. Prepare the General Journal entry to record the January 13 payroll. (Do not round intermediate calculations. Round your answers to 2 decimal places) View transaction list Journal entry worksheet Record payroll deductions for the pay period ending Jan 13. Notel Enter debts before oredits. Date General Journal Debit Credit Jan 13 View general journal Clear entry Record entry Nevt On January 13, at the end of the second weekly pay period of the year, a company's payroll register showed that its 39 earned $27,070 of sales salaries and $9,230 of office salaries. Assume withholdings from the employees' salaries…
Using the percentage method for manual payroll systems with Forms W-4 from 2020 or later in Appendix C, calculate the federal withholding amounts for the following employees. No box was checked in Step 2, and no additional information was included in Step 4 (Round your intermediate calculations and final answers to 2 decimal places.) Pay Frequency Amount per Pay Period Federal Income Tax Employee Filing Status Dependents L. Abbey Head of Household 2 <17 Semimonthly $ 4,300 G. Narleski Married/Joint None Weekly $ 2,000 T. Leider Single None Monthly 4,200
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Journalize the following data taken from the payroll register of CopyMasters as of April 15, 20—. When required, enter amounts in dollars and cents. If an amount box does not require an entry, leave it blank. Regular earnings $ 5,715.00 Overtime earnings 790.00 Deductions: Federal income tax 625.00 Social Security tax 403.31 Medicare tax 94.32 Pension plan 80.00 Health insurance premiums 270.00 United Way contributions 100.00 Journalize the following data taken from the payroll register of CopyMasters as of April 15, 20—. When required, enter amounts in dollars and cents. If an amount box does not require an entry, leave it blank. Page: DATE ACCOUNT TITLE DOC. NO. POST. REF. DEBIT CREDIT 1 20-- Apr. 15 Wages and salaries expense 1 2 Employee federal income tax payable 625 2 3 Social Security tax payable 403.31 3 4 Medicare tax payable 94.32 4 5…
Calculation and Journal Entry for Employer Payroll Taxes 1. Calculate the employer's payroll taxes expense. Round your answer to the nearest cent. 2. Prepare the journal entry to record the employer's payroll taxes expense for the week ended July 15 of the current year. Round your answers to the nearest cent, if required. If an amount box does not require an entry, leave it blank. Portions of the payroll register for Barney’s Bagels for the week ended July 15 are shown below. The SUTA tax rate is 5.4%, and the FUTA tax rate is 0.6%, both of which are levied on the first $7,000 of earnings. The Social Security tax rate is 6.2% on the first $118,500 of earnings. The Medicare rate is 1.45% on gross earnings. Barney’s BagelsPayroll Register Total Taxable Earnings of All Employees Total Earnings Unemployment Compensation Social Security $12,200 $10,500 $12,200
Journalizing Payroll Transactions 1. Determine the amount of Social Security and Medicare taxes to be withheld. If required, round your answers to the nearest cent. 2. Record the journal entry for the payroll, crediting Cash for the net pay. When required, enter amounts in dollars and cents. If an amount box does not require an entry, leave it blank. On December 31, the payroll register of Hamstreet Associates indicated the following information: Wages and Salaries Expense $7,900 Employee Federal Income Tax Payable 900 United Way Contributions Payable 190 Earnings subject to Social Security tax 7,200 Payroll Withholdings 1. Determine the amount of Social Security and Medicare taxes to be withheld. If required, round your answers to the nearest cent. Social Security Tax $fill in the blank 6752ad03b03cf89_1 Medicare Tax $fill in the blank 6752ad03b03cf89_2 General Journal 2. Record the journal entry for the payroll,…
The following information about the payroll for the week ended December 30 was obtained from the records of Boltz Co.: Salaries: Deductions: Sales salaries $350,000 Income tax withheld $117,000 Warehouse salaries 182,000 U.S. savings bonds 14,696 Office salaries 136,000 Group insurance 12,024 $668,000 Tax rates assumed: Social security 6% State unemployment (employer only) 5.4% Medicare 1.5% Federal unemployment (employer only) 0.8% Required:
Prepare a payroll check using the information from the payroll register for Bill Brown for the pay period ending on August 31. Fill out the check stub using information from the payroll register. Prepare the check. Sign your name. Use name Yaira Hundley. Completed payroll register is attached.

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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 expenses? Debit Crédit FICA Expenses Federal Unemployment $535.50 $420.00