BMX Company has one employee. FICA Social Security taxes are withheld in the amount of $322.40. FICA Medicare taxes are withheld in the amount of $75.40. Federal unemployment taxes are $31.20 and State unemployment taxes are $280.80 for this pay period. Medical Insurance of $242.25 is withheld as requested by the employee and federal income taxes are $607.05. Use this information to record below the journal entry for the employer's payroll tax expense for this first pay period of the year in January. Note: Round your answers to 2 decimal places. View transaction list Journal entry worksheet 1 Record employer payroll tax expense. Note: Enter debits before credits Date January 31 General Journal Debit Credit

BMX Company has one employee. FICA Social Security taxes are withheld in the amount of $322.40. FICA Medicare taxes are withheld in the amount of $75.40. Federal unemployment taxes are $31.20 and State unemployment taxes are $280.80 for this pay period. Medical Insurance of $242.25 is withheld as requested by the employee and federal income taxes are $607.05. Use this information to record below the journal entry for the employer's payroll tax expense for this first pay period of the year in January. Note: Round your answers to 2 decimal places. View transaction list Journal entry worksheet 1 Record employer payroll tax expense. Note: Enter debits before credits Date January 31 General Journal Debit Credit

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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On September 30, Cody Company's selected account balances are as follows: Employees' Federal Income Tax Payable $4,738.00 FICA Social Security Tax Payable (employer, $2,110.80; employee, $2,110.80) 4,221.60 FICA Medicare Tax Payable (employer, $493.66; employee, $493.66) 987.32 State Unemployment Tax Payable 2,200.00 (Some employees have Federal Unemployment Tax Payable 570.00 reached the limit.) Required: In general journal form, prepare the entries to record the following: If an amount box does not require an entry, enter '0' or leave it blank. Oct. 15 Payment of liabilities for FICA taxes and the federal income tax. 31 Payment of liability for state unemployment tax. 31 Payment of liability for federal unemployment tax.
4. The payroll register of Clapton Co. indicates $11,340 of social security withheld and $2,835 of Medicare tax withheld on total salaries of $189,000 for the period. Earnings of $19,000 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.
The employees of Lillian's Interiors are paid on a semimonthly basis. All employees are single. Required: Compute the FICA taxes for the employees for December 31, 2021, pay period. All employees have been employed for the entire calendar year. (Round "Social Security Tax" and "Medicare Tax" to 2 decimal places.) Employee W. Babish G. Hanoush R. Fezzeti T. Gomez N. Bertraud R. LaPonte Semimonthly Pay $ $ $ $ 69 69 $ X Answer is complete but not entirely correct. Social Security Tax $ YTD Pay for 12-15- 2021 8,345 $191,935 $ 6,295 $ 144,785 $ 9,270 $ 213,210✔✔ $ $ 105,110 $ 4,570 5,725 $ 131,675$ 4,970 $ 114,310 $ Medicare Tax for 12- 31-2021 Pay for 12-31- 2021 Pay 0.00 $ 0.00 $ 0.00 $ 283.34 354.95 $ $ 308.14 $ 121.00 x 91.28 217.85✔ 66.27✔ 83.01✔ 72.07✔
Im not sure how to calculate YTD
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 following salaried employees of Mountain Stone Brewery in Fort Collins, Colorado, are paid semimonthly. Some employees have union dues or garnishments deducted from their pay. Required: Calculate their net pay using the percentage method for manual payroll systems with Forms W-4 from 2020 or later in Appendix Cito determine federal income tax. Assume box 2 is not checked for any employee. Include Colorado income tax of 4.55 percent of taxable pay. No employee has exceeded the maximum FICA limit. (Round your intermediate calculations and final answers to 2 decimal places.) Employee S. Bergstrom C. Pare L. Van der Hooven S. Lightfoot Filing Status, Dependents MJ-0 MJ-2 (<17) S-1 (Other) MJ-0 Pay $ $ 1,715 3,880 $ 3,605 $ 3,230 Union Dues per Period $ $ GA Garnishment per Period $ 120 240 $ $ 50 75 100 $ $ $ $ Net Pay 1,398.35 3,117.86 2,541.37 2,760.04
N2. Account
. 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.
The payroll register of Salem Communications Co. indicates $29,580 of social security withheld and $7,650 of Medicare tax withheld on total salaries of $510,000 for the period. Retirement savings withheld from employee paychecks were $30,600 for the period. Federal withholding for the period totaled $100,980. Provide the journal entry for the period’s payroll.
Required information Use the following information for the Exercises below. (Algo) Skip to question [The following information applies to the questions displayed below.] BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Gross Pay through August 31 Gross Pay for September a. $ 6,400 $ 1,700 b. 2,700 2,800 c. 133,300 9,900 Exercise 11-8 (Algo) Payroll-related journal entries LO P2 Assuming situation (a), prepare the employer’s September 30 journal entry to record salary expense and its related payroll liabilities for this employee. The employee’s federal income taxes withheld by the employer are $60 for this pay period.
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. 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. KIPLEY COMPANY, INC.Employee Payroll RegisterFor Period Ending January 8, 20-- EARNINGS DEDUCTIONS NET PAY Name Gross OASDI HI FIT SIT SUTA CIT SIMPLE Grp. Ins. Health Ins. Ck. No. Amount Carson, F. $700.00 $43.40 $10.15 $48.00 $21.49 $21.00 $20.00 Wilson, W. 897.04 55.62 13.01 68.00 27.54 26.91 50.00 Utley, H. 678.75 42.08 9.84 14.00 20.84 20.36 40.00 Fife, L. 877.10 54.38 12.72 33.00 26.93 26.31 50.00 Smith, L. 790.00 48.98 11.46 59.00 24.25 23.70 20.00 Fay, G. 539.15 33.43 7.82 0.00 16.55…
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