During January, Luxury Cruise Lines Incurs employee salaries of $1.7 million. Withholdings in January are $130,050 for the employee portion of FICA $255,000 for federal income tax, $106,250 for state income tax, and $17,000 for the employee portion of health Insurance (payable to Blue Cross Blue Shield). The company incurs an additional $105,400 for federal and state unemployment tax and $51,000 for the employer portion of health insurance. Required: 1-3. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No Journal Entry Required in the first account field. Enter your answers in dollars, not in millions (i.e. 5 should be entered as 5,000,000).) View journal entry worksheet Record the employee salary expense, withholdings, and salaries payable. Record the employer provided fringe benefits. Record the employer payroll taxes. Nate - Journal entry has been entered Debit 1,700,000 255,000 105.400 68.000 51,000 Credit 1.700.000 130.050 106 250 51,000 105,400 105,400

During January, Luxury Cruise Lines Incurs employee salaries of $1.7 million. Withholdings in January are $130,050 for the employee portion of FICA $255,000 for federal income tax, $106,250 for state income tax, and $17,000 for the employee portion of health Insurance (payable to Blue Cross Blue Shield). The company incurs an additional $105,400 for federal and state unemployment tax and $51,000 for the employer portion of health insurance. Required: 1-3. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No Journal Entry Required in the first account field. Enter your answers in dollars, not in millions (i.e. 5 should be entered as 5,000,000).) View journal entry worksheet Record the employee salary expense, withholdings, and salaries payable. Record the employer provided fringe benefits. Record the employer payroll taxes. Nate - Journal entry has been entered Debit 1,700,000 255,000 105.400 68.000 51,000 Credit 1.700.000 130.050 106 250 51,000 105,400 105,400

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter9: Payroll Accounting: Employer Taxes And Reports

Section: Chapter Questions

Problem 1CP

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On January 21, the column totals of the payroll register for Great Products Company showed that its sales employees had earned 14,960, its truck driver employees had earned 10,692, and its office employees had earned 8,670. Social Security taxes were withheld at an assumed rate of 6.2 percent, and Medicare taxes were withheld at an assumed rate of 1.45 percent. Other deductions consisted of federal income tax, 3,975, and union dues, 560. Determine the amount of Social Security and Medicare taxes withheld and record the general journal entry for the payroll, crediting Salaries Payable for the net pay. All earnings were taxable. Round amounts to the nearest penny.
Payrex Co. has six employees. All are paid on a weekly basis. For the payroll period ending January 7, total employee earnings were 12,500, all of which were subject to SUTA, FUTA, Social Security, and Medicare taxes. The SUTA tax rate in Payrexs state is 5.4%, but Payrex qualifies for a rate of 2.0% because of its good record of providing regular employment to its employees. Other employer payroll taxes are at the rates described in the chapter. REQUIRED 1. Calculate Payrexs FUTA, SUTA, Social Security, and Medicare taxes for the week ended January 7. 2. Prepare the journal entry for Payrexs payroll taxes for the week ended January 7. 3. What amount of payroll taxes did Payrex save because of its good employment record?
During January, Luxury Cruise Lines Incurs employee salaries of $1.7 million. Withholdings in January are $130,050 for the employee portion of FICA, $255,000 for federal income tax, $106,250 for state income tax, and $17,000 for the employee portion of health insurance (payable to Blue Cross Blue Shield). The company incurs an additional $105,400 for federal and state unemployment tax and $51,000 for the employer portion of health insurance, Required: 1.-3. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not in millions (i.e. 5 should be entered as 5,000,000).) View transaction list View journal entry worksheet Record the employee salary expense, withholdings, and salaries payable. Record the employer-provided fringe benefits. Record the employer payroll taxes. Nate - Journal entry has been entered Debit 1,700,000…
During January, Luxury Cruise Lines incurs employee salaries of $2.3 million. Withholdings in January are $175,950 for the employee portion of FICA, $345,000 for federal income tax, $143,750 for state income tax, and $23,000 for the employee portion of health insurance (payable to Blue Cross Blue Shield). The company incurs an additional $142,600 for federal and state unemployment tax and $69,000 for the employer portion of health insurance. Required: 1.-3. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not in millions (i.e. 5 should be entered as 5,000,000).) 1 Record the employee salary expense, withholdings, and salaries payable. 2 Record the employer-provided fringe benefits. 3 Record the employer payroll taxes. Date General Journal Debit Credit January 31
During January, Luxury Cruise Lines incurs employee salaries of $2.6 million. Withholdings in January are $198,900 for the employee portion of FICA, $390,000 for federal income tax, $162,500 for state income tax, and $26,000 for the employee portion of health insurance (payable to Blue Cross Blue Shield). The company incurs an additional $161,200 for federal and state unemployment tax and $78,000 for the employer portion of health insurance. Required:1.-3. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not in millions (i.e. 5 should be entered as 5,000,000).)
During January, Luxury Cruise Lines incurs employee salaries of $2.8 million. Withholdings in January are $214,200 for the employee portion of FICA, $420,000 for federal income tax, $175,000 for state income tax, and $28,000 for the employee portion of health insurance (payable to Blue Cross Blue Shield). The company incurs an additional $173,600 for federal and state unemployment tax and $84,000 for the employer portion of health insurance. Required: 1.-3. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not in millions (i.e. 5 should be entered as 5,000,000).) View transaction list Journal entry worksheet 1 2 3 Record the employee salary expense, withholdings, and salaries payable. Date January 31 Note: Enter debits before credits. General Journal Debit Credit
During January, Luxury Cruise Lines incurs employee salaries of $3 million. Withholdings in January are $229,500 for the employee portion of FICA, $450,000 for federal income tax, $187,500 for state income tax, and $30,000 for the employee portion of health insurance (payable to Blue Cross Blue Shield). The company incurs an additional $186,000 for federal and state unemployment tax and $90,000 for the employer portion of health insurance.Required:1. Record the employee salary expense, withholdings, and salaries payable.2. Record the employer-provided fringe benefits.3. Record the employer payroll taxes.
During January, Luxury Cruise Lines pays employees salaries of $2 million. Withholdings in January are $153,000 for the employee portion of FICA, $300,000 for federal income tax, $125,000 for state income tax, and $20,000 for the employee portion of health insurance (payable to Blue Cross/Blue Shield). The company incurs an additional $124,000 for federal and state unemployment tax and $60,000 for the employer portion of health insurance. 1. Record the employee salary expense, withholdings, and salaries payable. 2. Record the employer-provided fringe benefits. 3. Record the employer payroll taxes.
During January, Luxury Cruise Lines incurs employee salaries of $2.6 million. Withholdings in January are $198,900 for the employee portion of FICA, and $552,500 for employee federal and state. The company incurs an additional $161,200 for federal and state unemployment tax and $78,000 for the employer portion of health insurance (fringe benefits payable to Blue Cross Blue Shield). Required: 1. to 3. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not in millions (i.e. 5 million should be entered as 5,000,000).)
During January, Luxury Cruise Lines incurs employee salaries of $1.1 million. Withholdings in January are $84,150 for the employee portion of FICA, and $233,750 for employee federal and state. The company incurs an additional $68,200 for federal and state unemployment tax and $33,000 for the employer portion of health insurance (fringe benefits payable to Blue Cross Blue Shield). Required: 1. to 3. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not in millions (i.e. 5 million should be entered as 5,000,000).) View transaction list View journal entry worksheet Ⓡ 2 No Date 1 January 31 Salaries Expense FICA Tax Payable General Journal Employee Income Tax Payable Salaries Payable January 31 Salaries Expense 3 January 31 Payroll Tax Expense FICA Tax Payable. Unemployment Tax Payable Debit Credit 1,100,000 84,150…
Questions # 7-8 are based on the following: During January, Deluxe Printing pays employee salaries of $1 million. Withholdings in January are $76,500 for the employee portion of FICA, $210,000 for federal and state income tax, and $40,000 for the employee portion of health insurance (payable to Blue Cross/Blue Shield). The company incurs an additional $38,000 for federal and state unemployment tax, and $30,000 for the employer portion of health insurance. 7. What would Deluxe Printing report for salaries expense for January? A. $114,500 B. $1,000,000 C. $673,500 D. $960,000 8. The entry to record fringe benefits would include: A. Debit to salaries payable for $30,000 B. Credit to salaries expense for $30,000 C. Credit to income taxes payable for $30,000 D. Credit to accounts payable for $30,000
Please read and create journal entries for each statement carefully.