ces Exercise Al-2 Calculating payroll deductions and recording the payroll LO2 The following information as to earnings and deductions for the weekly pay period ended March 9 was taken from a company's records: Employees' Names Hellen Craig Joseph Lim Dino Patelli Sharleen McFee Employee Hellen Craig Joseph Lim Dino Patelli Sharleen McFee Totals Weekly Gross Earnings to End of Previous Week $ Pay $ 720 610 830 1,700 $3,860 Required: 1. Calculate the employees' El and CPP withholdings and the amounts paid to each employee. (Do not round intermediate calculations. Round the final answers to 2 decimal places.) Gross Pay $12,510 10,320 15,500 29,500 El Premium Deductions Income Taxes Income Taxes $168.10 142.05 CPP 194.65 468.65 $973.45 Health Insurance Health Insurance Deductions $24.00 24.00 36.00 24.00 $108.00 720.00 $ 11.38 $ 168.10 $ 35.57 $ 24.00 610.00 9.64 142.05 29.58 24.00 830.00 13.11 194.65 41.57 36.00 1,700.00 26.86 468.65 88.98 24.00 $ 3,860.00 S 60.99 $ 973.45 $ 195.70 $ 108.00 $ Total Deductions 0.00 $ Net Pay Prev 0.00 2. Prepare a General Journal entry to record the payroll. Assume all employees work in the office. (Round the final answers to 2 decimal places.) 1 of 3 Next >

ces Exercise Al-2 Calculating payroll deductions and recording the payroll LO2 The following information as to earnings and deductions for the weekly pay period ended March 9 was taken from a company's records: Employees' Names Hellen Craig Joseph Lim Dino Patelli Sharleen McFee Employee Hellen Craig Joseph Lim Dino Patelli Sharleen McFee Totals Weekly Gross Earnings to End of Previous Week $ Pay $ 720 610 830 1,700 $3,860 Required: 1. Calculate the employees' El and CPP withholdings and the amounts paid to each employee. (Do not round intermediate calculations. Round the final answers to 2 decimal places.) Gross Pay $12,510 10,320 15,500 29,500 El Premium Deductions Income Taxes Income Taxes $168.10 142.05 CPP 194.65 468.65 $973.45 Health Insurance Health Insurance Deductions $24.00 24.00 36.00 24.00 $108.00 720.00 $ 11.38 $ 168.10 $ 35.57 $ 24.00 610.00 9.64 142.05 29.58 24.00 830.00 13.11 194.65 41.57 36.00 1,700.00 26.86 468.65 88.98 24.00 $ 3,860.00 S 60.99 $ 973.45 $ 195.70 $ 108.00 $ Total Deductions 0.00 $ Net Pay Prev 0.00 2. Prepare a General Journal entry to record the payroll. Assume all employees work in the office. (Round the final answers to 2 decimal places.) 1 of 3 Next >

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

None
A5
156 Principles of Cost Accounting Journal entries for payroll A partial summary of the payroll data for Burrington Manufactur- ing Company for each week of June is as follows: ЕЗ-5 LO2 LO3 June 7 June 14 June 21 June 28 Gross earnings . $ 36,500 $ 34,200 $ 37,300 $ 38,400 Deductions: FICA tax, 8% $? $? $? $? Tax-sheltered annuity. 1,825 1,780 1,855 1,870 Income tax 4,215 4,120 4,320 4,410 Health insurance 600 600 600 600 Total deductions $? $? $? $? Net earnings $? $? $? $? a. Compute the missing amounts in the summary, assuming that no employees have reached the $100,000 FICA maximum. b. For each payroll period, prepare journal entries to (1) record the payroll and (2) record the payments to employees.
Exercise Al-9 Payment of payroll deductions LO3 Paradise Hills Berry Farm has 21 employees who are paid biweekly. The payroll register showed the following payroll deductions for the pay period ending March 23, 2021. Gross Pay EI Premium Income Taxes 78,950.00 1,310.57 10,889.00 CPP 3,768.09 Medical Ins. United Way 1,475.00 1,644.00 Required: Prepare a journal entry to record payment by the employer to the Receiver General for Canada on April 15. (Do not round intermediate calculations. Round the final answers to 2 decimal places.) View transaction list Journal entry worksheet 1 Record the remittance to the Receiver General for Canada. Note: Enter debits before credits. Date April 15 General Journal + Debit Credit View general journal Record entry Clear entry
How many month deposits of $350 each, and what final deposit one period later, will be necessary to accumulate $17581, if interest is at 16.82 % compounded daily? What is number of regular deposits ? What is final deposit one period later after last regular deposit ?
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…
Exercise 9-10 (Algo) Recording payroll LO P2, P3 The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $380,000; Office salaries, $76,000; Federal income taxes withheld, $114,000; State income taxes withheld, $25,500; Social security taxes withheld, $28,272; Medicare taxes withheld, $6,612; Medical insurance premiums, $9,000; Life insurance premiums, $6,000; Union dues deducted, $3,000; and Salaries subject to unemployment taxes, $54,000. The employee pays 40% of medical and life insurance premiums. Assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6%. 1. & 2. Using the above information, complete the below table and prepare the journal entries to record accrued payroll, including employee deductions, and cash payment of the net payroll (salaries payable) for July. 3. Using the above information, complete the below table. 4. Record the accrued employer payroll taxes and other related employment…
No point added just for practice. I want to see want I did wrong
QS 11-8 (Algo) Recording employee payroll taxes LO P2 On January 15, the end of the first pay period of the year, North Company's employees earned $28,000 of sales salaries. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $2,100 of federal income taxes, $459 of medical insurance deductions, and $230 of union dues. No employee earned more than $7,000 in this first period. Prepare the journal entry to record North Company's January 15 salaries expense and related liabilities. No 1 Date January 15 X Answer is complete but not entirely correct. General Journal Salaries expense FICA-Social security taxes payable FICA-Medicare taxes payable Employee medical insurance payable Employee union dues payable Salaries payable Federal unemployment taxes payable × Debit 28,000 Credit 1,736 406 678 X 190 X 21,190 X 3,800 X
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--)?
Exercise Al-9 Payment of payroll deductions LO3 yeltell me the journaurnal entry Paradise Hills Berry Farm has 26 employees who are paid blweekly. The payroll register showed the following payroll deductions for the pay period ending March 23, 2021. \table[[Gross Pay, El Preniun, Income Taxes, CPP, Medical Ins, United Kay, ], [83,950.69, 1, 393.57, 11, 579.00, 3,90t2.28, 1, 600.00, 1, 769.00