Dev Corporation's wages register shows gross salary $50,000, income tax deducted $5,000, and insurance premium $2,000. Calculate the net salary payable.
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FINANCIAL ACCOUNTING II
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- he journal entry to record the payroll from Figure 6.1, on pages 6-2 and 6-3, would be: Debit Credit Wages Expense 24,762.70 FICA Taxes Payable—OASDI 1,535.29 FICA Taxes Payable—HI 359.06 FIT Payable 3,714.00 SIT Payable 55.25 Group Insurance Payments W/H 54.70 Cash 19,044.40 Example 6-7 The journal entry to record the payroll tax entry from Figure 6.1 on pages 6-2 and 6-3 would be (assume a SUTA tax rate of 3.0%): Debit Credit Payroll Taxes 2,785.81 FICA Taxes Payable—OASDI 1,535.29 FICA Taxes Payable—HI 359.06 FUTA Taxes Payable 148.58 SUTA Taxes Payable 742.88 a. Cal Ruther, an employer, is subject to FICA taxes but exempt from FUTA and SUTA taxes. During the last quarter of the year, his employees earned monthly wages of $9,600, all of which is taxable. The amount of federal income taxes withheld each month is $1,250. Journalize the payment of wages, and record the payroll tax on November 29. For a compound…Redmont Company's gross salaries and wages are $14,000, and it withholds $2,100 for income taxes and $1,071 for FICA taxes, the journal entry to record the employees' pay should include a: a) debit to Salaries and Wages Expense for $10,829. b) debit to Salaries and Wages Payable for $10,829. c) credit to Salaries and Wages Payable for $14,000. d) credit to Salaries and Wages Payable for $10,829. * with explanation.Redmont Company's gross salaries and wages are $50,000, and it withholds $7,500 for income taxes and $3,825 for FICA taxes, the journal entry to record the employees' pay should include a: Multiple Choice debit to Salaries and Wages Payable for $38,675. debit to Salaries and Wages Expense for $38,675. credit to Salaries and Wages Payable for $38,675. credit to Salaries and Wages Payable for $50,000.
- The following are data available for the month of September 2021 of Saint James Corp. Gross Earnings P8,500,000 Deductions: SSS Contribution 425,000 Philhealth 85,000 Pag-ibig 85,000 Witholding taxes 2,125,000 Determine the following: Accrued payroll Amount charged to Worked in Process accountIn a recent pay period, Blue Company employees have gross salaries of $18,960. Total deductions are: CPP $886, EI $348, and income taxes $4,480. What is Blue Company’s total payroll expense for this pay period? Ignore vacation benefits and workers’ compensation premiums.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 adjustment for accrued wages for the following Monday, which is the end of the accounting period. The gross payroll for that day is $7,475.
- 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 adjustment for accrued wages for the following Monday, which is the end of the accounting period. The gross payroll for that day is $7,475.The payroll journal for Northport Enterprises, Inc., is shown. Social Security and Medicare are recorded at 4.80% and 1.45% respectively. Brown and Pung are administrative personnel, while the other employees are sales personnel. Using the information provided in the following journal calculate: REQUIRED: 1. Social Security, Medicare, Net Pay for each employee, and column totals. 2. Journal Entry to record the payroll for the company Name Pay Period Ending Gross Wages Federal Income Tax State Income Tax Social Security Medicare Health Insurance Net Pay Check # Brown, J. 02/13/X1 $800.00 $224.00 $38.40 ??? ??? $18.00 ???? 4265 Smith, T. 02/13/X1 750.00 210.00 36.00 ??? ??? 0.00 ??? 4266 Woods, L. 02/13/X1 725.00 203.00 34.80 ??? ??? 18.00 ??? 4267 Pung, A. 02/13/X1 825.00 231.00 39.60 ??? ??? 20.00 ??? 4268 Jones, B. 02/13/X1 600.00 168.00 28.80 ??? ??? 9.00 ??? 4269 Total ??? ??? ??? ??? ??? ??? ??? Attach FileThe following totals for the month of June were taken from the payroll register of Arcon Company: Salaries expense $ 13,900.00 Social security and Medicare taxes withheld 1,042.50 Income taxes withheld 317.00 Retirement savings 450.00 The entry to record the payment of net pay would include a Oa. credit to Salaries Payable for $12,090.50 Ob. credit to Salaries Expense for $12,090.50 Oc. debit to Salaries Payable for $12,090.50 Od. debit to Salaries Payable for $13,900.00
- 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 record the payroll. For a compound transaction, if an amount box does not require an entry, leave it blank. If required, round your answers to two decimal places.Subject - account Please help me. Thankyou.A business paid out $12,450 in net wages to its employees. In respect of these wages, the followingamounts were shown in the statement of financial position.$Income tax payable 2,480National Insurance payable – employees' 1,350– employer's 1,500Pension payable for employees' contributions 900Employees' gross wages, before deductions, were ........................................
