Complete the following weekly payroll: Assume: (1) FIT calculated by percentage method assuming joint filing: (2) Social Security 6.2% on $142,800; and Medicare 1.45% Cumulative balance before this payroll is below maximum as related to cumulative earnings in calculating Social Security. Note: Round your answers to the nearest cent. Name Joe Riense Marital Status M $ Gross 1,400 $ FIT Social Security 86.80 210 00 S $ Medicare 20.30 $ Net Pay 1,082.90

Complete the following weekly payroll: Assume: (1) FIT calculated by percentage method assuming joint filing: (2) Social Security 6.2% on $142,800; and Medicare 1.45% Cumulative balance before this payroll is below maximum as related to cumulative earnings in calculating Social Security. Note: Round your answers to the nearest cent. Name Joe Riense Marital Status M $ Gross 1,400 $ FIT Social Security 86.80 210 00 S $ Medicare 20.30 $ Net Pay 1,082.90

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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The following information about the payroll for the week ended December 30 was obtained from the records of Boltz Co.: Salaries: Deductions: Sales salaries $350,000 Income tax withheld $117,000 Warehouse salaries 182,000 U.S. savings bonds 14,696 Office salaries 136,000 Group insurance 12,024 $668,000 Tax rates assumed: Social security 6% State unemployment (employer only) 5.4% Medicare 1.5% Federal unemployment (employer only) 0.8% Required:
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The totals from the first payroll of the year are shown below. TotalEarnings FICAOASDI FICAHI FITW/H StateTax UnionDues NetPay $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. For a compound transaction, if an amount box does not require an entry, leave it blank. Round your answers to two decimal places.