Payroll entriesWidmer Company had gross wages of $350,000 during the week ended June 17. The amount of wages subject to social security tax was $350,000, while the amount ofwages subject to federal and state unemployment taxes was $52,500. Tax rates are as follows:Social securityMedicareState unemploymentFederal unemploymentJune 7 Wages Expense6.0%1.5%5.4%The total amount withheld from employee wages for federal taxes was $70,000.If an amount box does not require an entry, leave it blank.a. Journalize the entry to record the payroll for the week of June 17.June 7 Payroll Tax Expense0.8%Social Security Tax PayableMedicare Tax PayableEmployees Federal Income Tax PayableWages PayableSocial Security Tax PayableMedicare Tax Payable350,000THEAb. Journalize the entry to record the payroll tax expense incurred for the week of June 17.✓21,0005,250HOW!88

Payroll expenses is the gross wages along with the relevant taxes and withholding. The wages payable…

care e unemployment ral unemployment 1.5% 7 Wages Expense 5.4% 0.8% otal amount withheld from employee wages for federal taxes was $7 amount box does not require an entry, leave it blank. ournalize the entry to record the payroll for the week of June 17. 350.000

care e unemployment ral unemployment 1.5% 7 Wages Expense 5.4% 0.8% otal amount withheld from employee wages for federal taxes was $7 amount box does not require an entry, leave it blank. ournalize the entry to record the payroll for the week of June 17. 350.000

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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Summary Payroll Data 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 3. Total earnings Deductions: 4. Social security tax 5. Medicare tax 6. Income tax withheld 7. Medical insurance 8. Union dues 9. Total deductions 10. Net amount paid Accounts debited: 11. Factory Wages 12. Sales Salaries 13. Office Salaries $80,000 ? (32,400) (8,100) (135,000) (18,900) (201,150) $338,850 285,000 ? 120,000 a. Calculate the amounts omitted in lines (1), (3), (8), and (12). Assume that the social security tax rate was 6.0% and the Medicare tax rate was 1.5%. (1) (3)
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Bart Consulting Firm has the following payroll information for the week ended March 20th: Name Earnings at the end of the previous week Sun. Mon. Tues. Wed. Thurs. Fri. Sat. Pay Rate Federal Income Tax Lauren, F 14,400 8 8 8 8 8 30.00 222.52 Baylor, M 12,000 8 8 8 8 8 25.00 178.55 Lims, T 7,200 8 8 8 8 8 15.00 78.00 Tate, C 6,000 8 8 8 8 8 15.00 62.00 Musker, J 4,320 8 8 8 15.00 15.00 Mako, W 3,888 8 8 8 13.50 11.00 Additional Information: Taxable earnings for Social Security are based on the first $132,900. Taxable earnings for Medicare are based on all earnings. Taxable earnings for federal and state unemployment are based on the first $7,000. Employees are paid time-and-a-half for work in excess of 40 hours per week. Round amounts to the nearest penny. What you must do: Complete the attached Payroll Register (Excel Spreadsheet). Use the following information to help: The Social Security tax rate is 6.2 percent. The Medicare tax…
DATE OF PAY PERIOD ENDING 20- 20 PAYMENT NET СК. EARNINGS DEDUCTIONS EMPLOYEE MAR. TOTAL NAME ALLOW RATE SOC. SEC. FED. INC. STATE INC. HOSP. INS OTHERS TOTAL PAY NO. NUMBER STATUS HOURS REGULAR OVERTIME TOTAL MED. TAX TAX TAX TAX 10 2 3 6. 9. 10 11 10 12 11 13 14 13 15 14 16 17 15 18 16 17 18 25 12 7.
DIRECTIONS 1 Journalize the entry to RECORD the payroll 2 Journalize the entry to RECORD the employer's payroll taxes (SUTA rate is 3.7%) 3 Journalize the entry to deposit the FICA and FIT taxes TOTAL EARNINGS FICA OASDI FICA HI FIT W/H STATE TAX UNION DUES NET PAY $36,195.10 $2,244.10 $524.83 $6,515.00 $361.95 $500.00 $26,049.22 1 JOURNAL DATE DESCRIPTION DEBIT CREDIT 2 JOURNAL DATE DESCRIPTION DEBIT CREDIT…
Summary Payroll Data 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 $70,400 3. Total earnings ? Deductions: 4. Social security tax 28,200 5. Medicare tax 7,050 6. Income tax withheld 119,700 7. Medical insurance 16,200 8. Union dues ? 9. Total deductions 174,000 10. Net amount paid 296,000 Accounts debited: 11. Factory Wages 249,100 12. Sales Salaries ? 13. Office Salaries 94,000
Required information Exercise 9-13A (Static) Computation of net pay and payroll expense LO 9-5 [The following information applies to the questions displayed below] The following information is available for the employees of Webber Packing Company for the first week of January, Year t 1. Kayla earns $28 per hour and 1½ times her regular rate for hours over 40 per week. Kayla worked 52 hours the first week in January, Kayla's federal income tax withholding is equal to 15 percent of her gross pay. Webber pays medical insurance of $50 per week for Kayla and contributes $50 per week to a retirement plan for her. 2. Paula earns a weekly salary of $1,600, Paula's federal income tax withholding is 18 percent of her gross pay. Webber pays medical insurance of $80 per week for Paula and contributes $100 per week to a retirement plan for her. 3. Vacation pay is accrued at the rate of 2 hours per week (based on the regular pay rate) for Kayla and $60 per week for Paula. Assume the Social Security…
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Question text The totals from the first payroll of the year are shown below. Total Earnings FICA OASDI FICA HI FIT W/H State Tax Union Dues Net Pay $36,195.10 $2,244.10 $524.83 $6,515.00 $361.95 $500.00 $26,049.22 Journalize the entry to deposit the FICA and FIT taxes.
No point added just for practice. I want to see want I did wrong
Question text Lidge Company of Texas (TX) is classified as a monthly depositor and pays its employees monthly. The following payroll information is for the second quarter of 20--. WITHHOLDINGS EMPLOYER'S Wages OASDI HI FIT OASDI HI April $86,100 $ 5,338.20 $1,248.46 $ 9,650 $ 5,338.20 $1,248.45 May 92,500 5,735.00 1,341.26 10,005 5,735.00 1,341.25 June 73,400 4,550.80 1,064.30 8,995 4,550.80 1,064.30 Totals $252,000 $15,624.00 $3,654.02 $28,650 $15,624.00 $3,654.00 The number of employees on June 12, 20-- was 11. a. Complete the following portion of Form 941. What are the payment due dates of each of the monthly liabilities assuming all deposits were made on time, and the due date of the filing of Form 941 (year 20--)?
PAGE 11 ACCOUNTING FOUATION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY Widmer Company had gross wages of $200,000 during the week ended June 17. The amount of wages subject to social security tax was $200,000, while the amount of wages subject to federal and state unemployment taxes was $30,000. Tax rates are as follows: General Journal a. Journalize the entry to record the payroll for the week of June 17. b. Journalize the entry to record the payroll tax expense incurred for the week of June 17. Social security 6.0% Medicare 1.5% State unemployment 5.4% Federal unemployment 0.8% The total amount withheld from employee wages for federal taxes was $40,500. General Journal Instructions Required: a. Journalize the entry to record the payroll for the week of June 17. b. Journalize the entry to record the payroll tax expense incurred for the week of June 17 1 2 4 DATE DESCRIPTION 5 9 7 B 9 10 JOURNAL