. Nov. 30: Journalized the monthly payroll for November, based on the following data:SalariesDeductionsSales salaries$135,000Federal income tax withheld$39,266Ofice salaries250 ,רלSocial security tax withheld12,735$212,250Medicare tax withheld3,184Unemployment tax rates:State unemployment5.4%Federal unemployment0.6%Amount subject to unemployment taxes:State unemployment$5,000Federal unemployment5,000Nov. 30: Journalized the employer's payroll taxes on the payroll.DescriptionDebitCreditDescriptionDebitCreditDec. 14: Journalized the payment of the September 15 note at maturity.DescriptionDebitCreditDec. 31: The pension cost for the year was $190,400, of which $139,700 was paid to the pension plan trustee.DescriptionDebitCredit

Journalise the monthly payroll for November,based on the following data : Description Debit…

Answered: $135,000 Federal income tax w 250,רר…

$135,000 Federal income tax w 250,רר Social security tax wi $212,250 Medicare tax withhelo ployment tax rates: te unemployment Beral unemployment

Corporate Financial Accounting

14th Edition

ISBN:9781305653535

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter10: Liabilities: Current, Installment Notes, And Contingencies

Section: Chapter Questions

Problem 10.4BE

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Payroll Taxes Hernandez Builders has a gross payroll for January amounting to $500,000. The following amount have been withheld: Also, the federal unemployment tax rate is 6.2% and applies to all but $50,000 of the gross payroll. Required: 1. What is the amount of net pay recorded by Hernandez? 2. Prepare the journal entries to record the payroll.
The following information about the payroll for the week ended December 30 was obtained from the records of Qualitech Co.: Tax rates assumed: Social security, 6% Medicare, 1.5% State unemployment (employer only), 5.4% Federal unemployment (employer only), 0.8% Instructions 1. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the following entries: a. December 30, to record the payroll. b. December 30, to record the employers payroll taxes on the payroll to be paid on December 31. Of the total payroll for the last week of the year, 35,000 is subject to unemployment compensation taxes. 2. Assuming that the payroll for the last week of the year is to be paid on January 5 of the following fiscal year, journalize the following entries: a. December 30, to record the payroll. b. January 5, to record the employers payroll taxes on the payroll to be paid on January 5. Because it is a new fiscal year, all 675,000 in salaries is subject to unemployment compensation taxes.
SUTA taxes on July 31, 20--. WORKERS COMPENSATION INSURANCE AND ADJUSTMENT Columbia Industries estimated that its total payroll for the coming year would be 385,000. The workers compensation insurance premium rate is 0.2%. REQUIRED 1. Calculate the estimated workers compensation insurance premium and prepare the journal entry for the payment as of January 2, 20--. 2. Assume that Columbia Industries actual payroll for the year is 396,000. Calculate the total insurance premium owed and prepare a journal entry as of December 31, 20--, to record the adjustment for the underpayment. The actual payment of the additional premium will take place in January of the next year.
CALCULATING PAYROLL TAXES EXPENSE AND PREPARING JOURNAL ENTRY Selected information from the payroll register of Wrays Drug Store for the week ended July 14,20--, is shown below. The SUTA tax rate is 5.4%, and the FUTA tax rate is 0.6%, both on the first 7,000 of earnings. Social Security tax on the employer is 6.2% on the first 118,500 of earnings, and Medicare tax is 1.45% on gross earnings. REQUIRED 1. Calculate the total employer payroll taxes for these employees. 2. Prepare the journal entry to record the employer payroll taxes as of July 14,20--.
Payroll accounts and year-end entries The following accounts, with the balances indicated, appear in the ledger of Codigo Co. on December 1 of the current year: The following transactions relating to payroll, payroll deductions, and payroll taxes occurred during December: Instructions 1. Journalize the transactions. 2. Journalize the following adjusting entries on December 31: a. Salaries accrued: sales salaries, 4,275; officers salaries, 2,175; office salaries, 825. The payroll taxes are immaterial and are not accrued. b. Vacation pay, 13,350.
Nov. 30: Journalized the monthly payroll for November, based on the following data. Description entries available are: Cash, Medicare Tax Payable, No Entry Required, Sales Salaries Expenses, Sales Salaries Payable. Salaries Deductions Sales salaries $135,000 Federal income tax withheld $39,266 Office salaries 77,250 Social security tax withheld 12,735 $212,250 Medicare tax withheld 3,184 Unemployment tax rates: State unemployment 5.4% Federal unemployment 0.6% Amount subject to unemployment taxes: State unemployment $5,000 Federal unemployment 5,000 Nov. 30: Journalized the employer's payroll taxes on the payroll. Description Debit Credit Description Debit Credit Dec. 14: Journalized the payment of the September 15 note at maturity. Description Debit Credit Dec. 31: The pension cost for…
Nov. 30: Journalized the monthly payroll for November, based on the following data: Salaries Deductions Sales salaries $135,000 Income tax withheld $39,266 Office salaries 77,250 Social security tax withheld 12,735 $212,250 Medicare tax withheld 3,184 Unemployment tax rates: State unemployment 5.4% Federal unemployment 0.8% Amount subject to unemployment taxes: State unemployment $5,000 Federal unemployment 5,000 Date Description Debit Credit Nov. 30 Nov. 30: Journalized the employer's payroll taxes on the payroll. Date Description Debit Credit Nov. 30
Entries for payroll and payroll taxes The following information about the payroll for the week ended December 30 was obtained from the records of Saine Co.: Salaries: Deductions: Sales salaries $625,000 Income tax withheld $232,260 Warehouse salaries 240,000 U.S. savings bonds 35,500 Office salaries 320,000 Group insurance 53,325 $1,185,000 Tax rates assumed: Social security, 6% Medicare, 1.5% State unemployment (employer only), 5.4% Federal unemployment (employer only), 0.8% Required: If an amount box does not require an entry, leave it blank. 1a. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the entry on December 30, to record the payroll. 1a. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the entry on December 30, to record the…
Entries for Payroll and Payroll Taxes The following information about the payroll for the week ended December 30 was obtained from the records of Boltz Co.: Salaries: Deductions: Sales salaries $171,000 Income tax withheld $61,952 Warehouse salaries 94,000 U.S. savings bonds 7,744 Office salaries 87,000 Group insurance 6,336 $352,000 Tax rates assumed: Social security, 6% Medicare, 1.5% State unemployment (employer only), 5.4% Federal unemployment (employer only), 0.8% Required: If an amount box does not require an entry, leave it blank. 2b. Assuming that the payroll for the last week of the year is to be paid on January 5 of the following fiscal year, journalize the entry to record the employer's payroll taxes on the payroll to be paid on January 5. Because it is a new fiscal year, all $352,000 in salaries is subject to unemployment compensation taxes. Date Account Debit Credit…
Entries for Payroll and Payroll Taxes The following information about the payroll for the week ended December 30 was obtained from the records of Boltz Co.: Salaries: Deductions: Sales salaries $171,000 Income tax withheld $61,952 Warehouse salaries 94,000 U.S. savings bonds 7,744 Office salaries 87,000 Group insurance 6,336 $352,000 Tax rates assumed: Social security, 6% Medicare, 1.5% State unemployment (employer only), 5.4% Federal unemployment (employer only), 0.8% Required: If an amount box does not require an entry, leave it blank. 1a. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the entry on December 30 to record the payroll. Date Account Debit Credit Dec. 30 Sales Salaries Expense Warehouse Salaries Expense Office Salaries Expense Employees Income Tax Payable Social Security Tax…
Entries for Payroll and Payroll Taxes The following information about the payroll for the week ended December 30 was obtained from the records of Boltz Co.: Salaries: Deductions: Sales salaries $171,000 Income tax withheld $61,952 Warehouse salaries 94,000 U.S. savings bonds 7,744 Office salaries 87,000 Group insurance 6,336 $352,000 Tax rates assumed: Social security, 6% Medicare, 1.5% State unemployment (employer only), 5.4% Federal unemployment (employer only), 0.8% Required: If an amount box does not require an entry, leave it blank. 2a. Assuming that the payroll for the last week of the year is to be paid on January 5 of the following fiscal year, journalize the entry on December 30 to record the payroll. Date Account Debit Credit Dec. 30 Sales Salaries Expense Warehouse Salaries Expense Office Salaries Expense Employees Income Tax Payable…
Entries for Payroll and Payroll Taxes The following information about the payroll for the week ended December 30 was obtained from the records of Boltz Co.: Salaries: Deductions: Sales salaries $171,000 Income tax withheld $61,952 Warehouse salaries 94,000 U.S. savings bonds 7,744 Office salaries 87,000 Group insurance 6,336 $352,000 Tax rates assumed: Social security, 6% Medicare, 1.5% State unemployment (employer only), 5.4% Federal unemployment (employer only), 0.8% Required: If an amount box does not require an entry, leave it blank. 1b. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the entry on December 30 to record the employer's payroll taxes on the payroll to be paid on December 31. Of the total payroll for the last week of the year, $18,000 is subject to unemployment compensation taxes. Date Account Debit Credit Dec.…