Calculation of Taxable Earnings and Employer Payroll Taxesand Preparation of Journal EntrySelected information from the payroll register of Joanie'sBoutique for the week ended September 14, 20--, is asfollows: Social Security tax is 6.2% on the first $128,400 ofearnings for each employee. Medicare tax is 1.45% of grossearnings. FUTA tax is 0.6% and SUTA tax is 5.4% on thefirst $7,000 of earnings.Taxable EarningsCumulative PayBefore CurrentCurrent UnemploymentSocialEmployee NameEarningsGross Pay CompensationSecurityJordahl, Stephanie$6,480$1,210Keesling, Emily6,1101,100Palmer, Stefan55,3102,390Soltis, Robin54,4102,270Stout, Hannah29,1302,010Xia, Xu127,4003,5201. Calculate the amount of taxable earnings forunemployment, Social Security, and Medicare taxes.Taxable EarningsCurrentUnemploymentSocialEmployee NameEarningsCompensationSecurityJordahl, Stephanie $Keesling, EmilyPalmer, StefanSoltis, RobinStout, HannahXia, XuTotal$Social Security taxMedicare taxFUTA taxSUTA taxTotal employer payroll taxes2. Prepare the journal entry to record the employer'spayroll taxes as of September 14, 20--.Page:DOC. POST.DATEACCOUNT TITIEDEBITCREDIT September 14, 20--, is as follows: Social Security tax is 6.2% on the first $128,400 ofearnings for each employee. Medicare tax is 1.45% of gross earnings. FUTA tax is 0.6%and SUTA tax is 5.4% on the first $7,000 of earnings.Taxable EarningsCumulative PayBefore CurrentCurrent UnemploymentSocialEmployee NameEarningsGross Pay Compensation SecurityJordahl, Stephanie$6,480$1,210Keesling, Emily6,1101,100Palmer, Stefan55,3102,390Soltis, Robin54,4102,270Stout, Hannah29,1302,010Xia, Xu127,4003,5201. Calculate the amount of taxable earnings for unemployment, Social Security, andMedicare taxes.Taxable EarningsCurrent UnemploymentSocialEmployee Name Earnings Compensation SecurityJordahl, Stephanie $Keesling, EmilyPalmer, StefanSoltis, RobinStout, HannahXia, XuTotalSocial Security tax$4Medicare taxFUTA taxSUTA taxTotal employer payroll taxes $2. Prepare the journal entry to record the employer's payroll taxes as of September 14,20--.Page:DOC. POST.NO. REF.DATEACCOUNT TITLEDEBIT CREDIT20--1Sept. 14122.344

Payroll It is important for the business to maintain the payroll system which is important for both…

Calculation of Taxable Earnings and Employer Payroll Taxes and Preparation of Journal Entry Selected information from the payroll register of Joanie's Boutique for the week ended September 14, 20--, is as follows: Social Security tax is 6.2% on the first $128,400 of earnings for each employee. Medicare tax is 1.45% of gross earnings. FUTA tax is 0.6% and SUTA tax is 5.4% on the first $7,000 of earnings. Taxable Earnings

Calculation of Taxable Earnings and Employer Payroll Taxes and Preparation of Journal Entry Selected information from the payroll register of Joanie's Boutique for the week ended September 14, 20--, is as follows: Social Security tax is 6.2% on the first $128,400 of earnings for each employee. Medicare tax is 1.45% of gross earnings. FUTA tax is 0.6% and SUTA tax is 5.4% on the first $7,000 of earnings. Taxable Earnings

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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XYZ Company is processing payroll for the week ending January 9th. Employee earnings total $5,000. Federal income tax withheld from employee paychecks totaled $1,100. The social security tax rate is 6%, the Medicare tax rate is 1.5%, the state unemployment tax rate is 5.4% and the federal unemployment tax rate is .8%. a) Journalize the payroll entry for the week. DATE Debit Credit X/X b) Journalize the payroll tax entry for the week. DATE Debit Credit X/X
The payroll register of Seaside Architecture Company indicates $840 of social security and $213 of Medicare tax withheld on total salaries of $14,200 for the period. Assume earnings subject to state and federal unemployment compensation taxes are $4,900 at the federal rate of 0.80% and state rate of 5.40%. Required: Prepare the journal entry to record the payroll tax expense for the period. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to two decimal places. CHART OF ACCOUNTS Seaside Architecture Company General Ledger ASSETS 110 Cash 111 Accounts Receivable 112 Interest Receivable 113 Notes Receivable 115 Inventory 116 Supplies 118 Prepaid Insurance 120 Land 123 Building 124 Accumulated Depreciation-Building 125 Office Equipment 126 Accumulated Depreciation-Office Equipment LIABILITIES 210 Accounts Payable 213 Interest Payable 214 Notes Payable 221 Salaries Payable 222…
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-prepare the journal entry to record the payroll tax expense and fringe benefit expense for Webber Packing Company for the week
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CALCULATION AND JOURNAL ENTRY FOR EMPLOYER PAYROLL TAXES Earnings for several employees for the week ended March 12, 20--, are as follows: Calculate the employer’s payroll taxes expense and prepare the journal entry as of March 12, 20--, assuming that FUTA tax is 0.6%, SUTA tax is 5.4%, Social Security tax is 6.2%, and Medicare tax is 1.45%.
Calculation of Taxable Earnings and Employer Payroll Taxes and Preparation of Journal Entry 1. Calculate the amount of taxable earnings for unemployment, Social Security, and Medicare taxes. 2. Prepare the journal entry to record the employer's payroll taxes as of September 14, 20--. Round your answers to the nearest cent. If an amount box does not require an entry, leave it blank. Selected information from the payroll register of Joanie's Boutique for the week ended September 14, 20--, is as follows. Social Security tax is 6.2% on the first $118,500 of earnings for each employee. Medicare tax is 1.45% of gross earnings. FUTA tax is 0.6% and SUTA tax is 5.4% on the first $7,000 of earnings. Taxable Earnings Employee Name Cumulative PayBefore CurrentEarnings CurrentGross Pay UnemploymentCompensation SocialSecurity Jordahl, Stephanie $6,600 $1,190 Keesling, Emily 6,150 1,070 Palmer, Stefan 55,200 2,410 Soltis, Robin…
Calculation and Journal Entry for Employer Payroll Taxes Earnings for several employees for the week ended March 12, 20--, are as follows: Taxable Earnings Employee Name Aus, Glenn E. Diaz, Charles K. Knapp, Carol S. Mueller, Deborah F. Yeager, Jackie R. +A Current Earnings $720 350 1,220 850 940 Unemployment Compensation $210 340 135 35 Social Security $720 350 1,220 850 940 1. Calculate the employer's payroll taxes expense for the week ended March 12, 20--, assu Medicare tax is 1.45%.
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The payroll register of Seaside Architecture Company indicates $960 of social security and $260 of Medicare tax withheld on total salaries of $17,000 for the period. Federal withholding for the period totaled $3,245. Required: Prepare the journal entry for the period’s payroll. Refer to the Chart of Accounts for exact wording of account titles. Chart Of Accounts CHART OF ACCOUNTS Seaside Architecture Company General Ledger ASSETS 110 Cash 111 Accounts Receivable 112 Interest Receivable 113 Notes Receivable 115 Inventory 116 Supplies 118 Prepaid Insurance 120 Land 123 Building 124 Accumulated Depreciation-Building 125 Office Equipment 126 Accumulated Depreciation-Office Equipment LIABILITIES 210 Accounts Payable 213 Interest Payable 214 Notes Payable 221 Salaries Payable 222 Social Security Tax Payable 223 Medicare Tax Payable 224 Employees Federal Income Tax Payable 225 Employee…