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$64,0003. Total earnings?Deductions: 4. Social security tax30,2405. Medicare tax7,5606. Federal income tax withheld128,0007. Medical insurance17,6408. Union dues?9. Total deductions190,19010. Net amount paid313,810Accounts debited: 11. Factory Wages264,00012. Sales Salaries?13. Office Salaries110,000 Required:a.Determine the amounts omitted in lines (1), (3), (8), and (12).b.On December 19, journalize the entry to record the payroll accrual.*c.On December 20, journalize the entry to record the payment of the payroll.* Students Home← →MY LAB IT1. EX.11.02CengageNOWv2 X✰ v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionChapter 11 HomeworkXInternational Colleg...2. EX.11.05.BLANKSHEET.AL...3. EX.11.08.ALGO4. EX.11.10.ALGOChapter 11 Adap X8. EX.11.165. EX.11.11.BLANKSHEET.ALGO6. EX.11.12.BLANKSHEET.AL...10. EX.11.197. EX.11.13.BLANKSHEET.AL...9. EX.11.17.BLANKSHEET.AL...11. EX.11.20.ALGO12. EX.11.23.EXCEL.ALGO13. PR.11.01.BLANKSHEET.A...New folder<eBookEarnings:1. At regular rate2. At overtime rate3. Total earningsCengage Learnin X ACCT Chapter 11 XDeductions: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 beenintentionally omitted:4. Social security tax5. Medicare tax6. Federal income tax withheld7. Medical insurance8. Union dues9. Total deductions10. Net amount paidAccounts debited:11. Factory Wages12. Sales Salaries13. Office SalariesRequired.1₁?$64,000?30,2407,560128,00017,640?190,190313,810264,000?110,000Mind Tap - Cenga x b Home | bartleby x +Locator=&inprogress=falseMAsseCur CarApr 9* :LO X11:49

Payroll refers to the formation of the list which includes the payment of salaries or wages to…

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 $64,000 3. Total earnings ? Deductions: 4. Social security tax 30,240 5. Medicare tax 7,560 6. Federal income tax withheld 128,000 7. Medical insurance 17,640 8. Union dues ? 9. Total deductions 190,190 10. Net amount paid 313,810 Accounts debited: 11. Factory Wages 264,000 12. Sales Salaries ? 13. Office Salaries 110,000 Required: a. Determine the amounts omitted in lines (1), (3), (8), and (12). b. On December 19, journalize the entry to record the payroll accrual.* c. On December 20, journalize the entry to record the payment of the payroll.*

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 $64,000 3. Total earnings ? Deductions: 4. Social security tax 30,240 5. Medicare tax 7,560 6. Federal income tax withheld 128,000 7. Medical insurance 17,640 8. Union dues ? 9. Total deductions 190,190 10. Net amount paid 313,810 Accounts debited: 11. Factory Wages 264,000 12. Sales Salaries ? 13. Office Salaries 110,000 Required: a. Determine the amounts omitted in lines (1), (3), (8), and (12). b. On December 19, journalize the entry to record the payroll accrual.* c. On December 20, journalize the entry to record the payment of the payroll.*

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter2: Working With The Tax Law

Section: Chapter Questions

Problem 30P

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Earnings:
1. At regular rate	?
2. At overtime rate	$64,000
3. Total earnings	?
Deductions:
4. Social security tax	30,240
5. Medicare tax	7,560
6. Federal income tax withheld	128,000
7. Medical insurance	17,640
8. Union dues	?
9. Total deductions	190,190
10. Net amount paid	313,810
Accounts debited:
11. Factory Wages	264,000
12. Sales Salaries	?
13. Office Salaries	110,000

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