During FEB, HCorp.'s employees earned wages of $74,000. Withholding (taxes) were . $5,661 for FICA; $7,100 for federal income tax, and $1,900 for state income tax. Costs incurred (not yet paid) for unemployment taxes were $110 for federal and $160 for state. FYI: if "self-employed" you pay govt all FICA taxes (both employer + employee portions). Prepare the Feb28 entries for: (a) salaries and wages expense and salaries and wages payable assuming that all FEB wages (and withholdings) will be paid in MAR. (b) the company's payroll tax expense (which will also be paid in MAR). Feb 28 (a) Feb 28 (b)

During FEB, HCorp.'s employees earned wages of $74,000. Withholding (taxes) were . $5,661 for FICA; $7,100 for federal income tax, and $1,900 for state income tax. Costs incurred (not yet paid) for unemployment taxes were $110 for federal and $160 for state. FYI: if "self-employed" you pay govt all FICA taxes (both employer + employee portions). Prepare the Feb28 entries for: (a) salaries and wages expense and salaries and wages payable assuming that all FEB wages (and withholdings) will be paid in MAR. (b) the company's payroll tax expense (which will also be paid in MAR). Feb 28 (a) Feb 28 (b)

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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According to a summary of the payroll of PJW Co., $380,500 in earnings were subject to the 7.7% FICA tax. Also, $62,783 in earnings were subject to state and federal unemployment taxes. Round your answers to the nearest cent. a. Calculate the employer's payroll taxes, using the following rates: state unemployment, 4.4%; federal unemployment, 1.1%.
Runner Company incurred the following amounts for their most recent pay period for employee gross wages totaling $10,000. Federal income tax withholding $ 2,400 State income tax withholding $ 1,100 Federal unemployment tax $ 800 State unemployment tax $ 1,200 The FICA tax rate is 7.65% and assume that all wages are subject to the FICA tax. How much was employee net pay total for the payroll period? Group of answer choices $ 3,735
es ! Required information [The following information applies to the questions displayed below.]. a) Tax BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Compute BMX's amounts for each of these four taxes as applied to the employee's gross earnings for September under each of three separate situations (a), (b), and (c). Note: Round your answers to 2 decimal places. FUTA SUTA b) Tax a. b. C. FICA-Social Security FICA-Medicare FUTA SUTA c) Tax Gross Pay through August 31 $ 5,300 2,800 132,200 FICA-Social Security FICA-Medicare FICA-Social Security FICA-Medicare FUTA SUTA Gross Pay for September $ 2,600 2,900 8,800 September Earnings Subject to Tax 2,600.00 2,600.00 $ September Earnings Subject to Tax 2,900.00 2,900.00 September Earnings Subject to Tax 8,800.00 Tax Rate 6.20% 1.45%…
[The following information applies to the questions displayed below.] BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. a. b. C. Gross Pay through Gross Pay for August 31 $ 5,700 3,200 132,600 Exercise 11-8 (Algo) Payroll-related journal entries LO P2 Assuming situation (a), prepare the employer's September 30 journal entry to record salary expense and its related payroll liabilities for this employee. The employee's federal income taxes withheld by the employer are $70 for this pay period. Taxes to be Withheld From Gross Pay September $ 1,800 Complete this question by entering your answers in the tabs below. 3,300 9,200 General Journal Federal income tax The employee's federal income taxes withheld by the employer are $70 for this pay period. Assuming situation (a), compute the…
Peyton Company's payroll for the year is $741,150. Of this amount, $472,770 is for wages paid in excess of $7,000 to each individual employee. The SUTA rate in Peyton Company's state is 2.9% on the first $7,000 of each employee's earnings. Compute: Net FUTA tax
According to a summary of the payroll of Sinclair Company, $505,000 was subject to the 6.0% social security tax and $545,000 was subject to the 1.5% Medicare tax. Also, $10,000 was subject to state and federal unemployment taxes. Question Content Area Required: a. Compute the employer's payroll taxes using the following rates: State unemployment, 4.2%; Federal unemployment, 0.8%.$ fill in the blank bdfee804ffc2f82_1 Question Content Area b. Journalize the entry for the employer's payroll tax expense. If an amount box does not require an entry, leave it blank. - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select -
The following information pertains to a weekly payroll of Texera Tile Company: a. The total wages earned by employees are $17,500.b. The state unemployment insurance contribution rate is 3.5%.c. The entire amount of wages is taxable under FICA, FUTA, and SUTA.d. The amount withheld from the employees' wages for federal income taxes is $1,950; for state income taxes, $372.60; and for group insurance, $192.00. ournalize the payment of wages, and record the payroll taxes for this payroll. If an amount box does not require an entry, leave it blank. Round your answers to the nearest cent. Account Debit Credit Payment of wages Payroll taxes
You [The following information applies to the questions displayed below.] The following summary data for the payroll period ended December 27, 2021, are available for Cayman Coating Company: Gross pay $ 100,000 FICA tax withholdings ?question mark Income tax withholdings 15,150 Group hospitalization insurance 1,580 Employee contributions to pension plan ?question mark Total deductions 26,673 Net pay ?question mark Additional information: For employees, FICA tax rates for 2021 were 7.65% on the first $142,800 of each employee’s annual earnings. However, no employees had accumulated earnings for the year in excess of the $142,800 limit. For employers, FICA tax rates for 2021 were also 7.65% on the first $142,800 of each employee’s annual earnings. The federal and state unemployment compensation tax rates are 0.6% and 5.4%, respectively. These rates are levied against the employer for the first $7,000 of each employee’s annual earnings. Only $15,700 of the gross…
Vulcra, Inc., has a semimonthly payroll of $67,960 on September 15, 20--. The total payroll is taxable under FICA Taxes-HI; $63,780 is taxable under FICA Taxes-OASDI; and $10,250 is taxable under FUTA and SUTA. The state contribution rate for the company is 4.1%. The amount withheld for federal income taxes is $9,932. The amount withheld for state income taxes is $1,448. Journalize the payment of the wages, and record the payroll taxes on September 15. If an amount box does not require an entry, leave it blank. Round your answers to the nearest cent. Account Debit Credit Payment of wages fill in the blank 64ee8a05df97fa2_2 fill in the blank 64ee8a05df97fa2_3 fill in the blank 64ee8a05df97fa2_5 fill in the blank 64ee8a05df97fa2_6 fill in the blank 64ee8a05df97fa2_8 fill in the blank 64ee8a05df97fa2_9 fill in the blank 64ee8a05df97fa2_11 fill in the blank 64ee8a05df97fa2_12 fill in the blank 64ee8a05df97fa2_14 fill in the blank…
Use the following tax rates and taxable wage bases: Employees' and Employer's OASDI—6.2% both on $132,900; HI—1.45% for employees and employers on the total wages paid. Employees' Supplemental HI of 0.9% on wages in excess of $200,000 was not applicable. At Haddon, Inc., the office workers are employed for a 40-hour workweek and are paid on either an annual, monthly, or hourly basis. All office workers are entitled to overtime pay for all hours worked beyond 40 each workweek at 1.5 times the regular hourly rates. Company records show the following information for the week ended December 26, 20--. Employee Salary Hrs. Worked Cumulative Taxable Wages as of Last Pay Period (12/19/--) OFFICE King, M. $135,200.00 per year 40 $132,600.00 Manera, E. $6,500.00 per month 40 $76,500.00 Tate, S. $3,900.00 per month 48 $45,900.00 Yee, L. $12.50 per hour 44.5 $27,675.13 PLANT Diaz, R. $12.50 per hour 48 $14,778.96…
According to a summary of the payroll of Scotland Company, $450,000 was subject to the 6.0% social security tax and $500,000 was subject to the 1.5% Medicare tax. Federal income tax withheld was $98,000. Also, $15,000 was subject to state (4.2%) and federal (0.8%) unemployment taxes. The journal entry to record accrued payroll taxes would include a A) credit to SUTA Payable of $18,900 B) debit to SUTA Payable of $630 C) debit to SUTA Payable of $18,900 D) credit to SUTA Payable of $630
[The following information applies to the questions displayed below.] BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Gross Pay through August 31 $ 6,000 Gross Pay for September $ 1,500 2,100 9,500 a. 2,000 132,900 b. C. Compute BMX's amounts for each of these four taxes as applied to the employee's gross earnings for September under each of three separate situations (a), (b), and (c). (Round your answers to 2 decimal places.) a) September Earnings Subject to Tax Таx Tax Rate Tax Amount FICA-Social Security FICA-Medicare FUTA SUTA b) September Earnings Subject to Tax Тax Tax Rate Tax Amount FICA-Social Security FICA-Medicare FUTA SUTA c) September Earnings Subject to Tax Тax Tax Rate Tax Amount FICA-Social Security FICA–Medicare FUTA SUTA