During October, Seger Insurance employees earned $100,000 in wages. The employer's share of Canada Pension Plan contributions was $3,000 and employer Employment Insurance premiums were $1,400. Required: Prepare the necessary journal entry for Seger to record the employer portion of these payroll taxes. For those boxes in which no entry is

During October, Seger Insurance employees earned $100,000 in wages. The employer's share of Canada Pension Plan contributions was $3,000 and employer Employment Insurance premiums were $1,400. Required: Prepare the necessary journal entry for Seger to record the employer portion of these payroll taxes. For those boxes in which no entry is

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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Encore Records has two employees who are paid on the 1st and 15th of each month for the work they performed in the preceding half-month. At February 28, each employee is owed gross pay of $1,000, but each one must have 10% of their pay withheld for income taxes. Each must also make Canada Pension Plan contributions of 5.1% of their gross pay and pay Employment Insurance premiums of 1.62% of their gross pay. Prepare the payroll journal entries required to reflect these amounts, along with Encore's share of CPP contributions and El premiums, in Encore's February 28 financial statements. Prepare the journal entry to record the accrual of the payroll on February 28. (Enter debits first, then credits. Enter explanations on the last line of the journal. Round amounts to the nearest cent.) Date February 28 Salaries Expense Accounts and Explanation Date February 28 Employee Income Tax Payable Employment Insurance Payable Canada Pension Plan Payable Salaries Payable To record payroll costs.…
Great Lakes Tours' total payroll for the month of January was $440,000. The following withholdings, fringe benefits, and payroll taxes apply: Federal and state income tax withheld Health insurance premiums paid by employer (payable to Blue Cross) Contribution to retirement plan paid by employer (payable to Fidelity) FICA tax rate (Social Security and Medicare) Federal and state unemployment tax rate $44,000 Required: 1. Record the employee salary expense, withholdings, and salaries payable. 2. Record the employer-provided fringe benefits. 3. Record the employer payroll taxes. 7,920 17,600 7.65% 6.20% Assume that none of the withholdings or payroll taxes has been paid by the end of January (record them as payables), and no employee's cumulative wages exceed the relevant wage bases. Record the necessary entry for the scenarios given above. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
> The payroll register of Seaside Architecture Company indicates $830 of social security taxes and $225 of Medicare taxes withheld on total salaries of $15,500 for the period. Assume earnings subject to state and federal unemployment compensation taxes are $5,200 at the federal rate of 0.8% and state rate of 5.4%. Journalize the entry for the employer's payroll taxes. If an amount box does not require an entry, leave it blank. If required, round your answers to two decimal places. 00000 ?
During the month of January, an employee earned $4,400 of salary. Withholdings from the employee's salary consist of FICA Social Security taxes of $272.80, FICA Medicare taxes of $63.80, federal income taxes of $468.60, and medical insurance deductions of $187.00. Prepare the journal entry to record the employer's salaries expense and related liabilities assuming these wages will be paid in early February. Note: Round your final answers to 2 decimal places. View transaction list Journal entry worksheet 1 Record payroll for period. Note: Enter debits before credits. Date January 31 + General Journal Debit Credit X
Farm has 28 employees who are paid biweekly. The payroll register showed the following payroll deductions for the pay period ending March 23, 2021. Gross Pay 85,950.00 EI Premium Income Taxes 1,426.77 11,855.00 View transaction list Journal entry worksheet < 1 Required: Prepare a journal entry to record payment by the employer to the Receiver General for Canada on April 15. (Do not round intermediate calculations. Round the final answers to 2 decimal places.) Note: Enter debits before credits. Date April 15 CPP 4,067.95 Record the remittance to the Receiver General for Canada. Medical Ins. 1,650.00 General Journal United Way 1,819.00 Debit Credit
During the month of January, an employee earned $5, 800 of salary. Withholdings from the employee's salary consist of FICA Social Security taxes of $359.60, FICA Medicare taxes of $84.10, federal income taxes of $617.70, and medical insurance deductions of $246.50. Prepare the journal entry to record the employer's salaries expense and related liabilities assuming these wages will be paid in early February. Note: Round your final answers to 2 decimal places.
The following totals for the month of April were taken from the payroll register of Concord Company. Salaries and wages FICA taxes withheld Income taxes withheld Medical insurance deductions Federal unemployment taxes State unemployment taxes $72500 5514 15400 2610 194 1301 The entry to record the Payroll Tax Expense would include a O credit to Salaries and Wages Payable. O debit to Federal Unemployment Payable. credit to FICA Taxes Payable. O credit to Payroll Tax Expense. 99+
The payroll register of Heritage Co. indicates $1,500 of social security withheld and $375 of Medicare tax withheld on total salaries of $25,000 for the period. Federal withholding for the period totaled $4,250. Retirement savings withheld from employee paychecks were $2,500 for the period. Journalize the entry to record the period’s payroll. If an amount box does not require an entry, leave it blank. blank Account Debit Credit blank
1
The payroll register of Salem Communications Co. indicates $29,580 of social security withheld and $7,650 of Medicare tax withheld on total salaries of $510,000 for the period. Retirement savings withheld from employee paychecks were $30,600 for the period. Federal withholding for the period totaled $100,980. Provide the journal entry for the period’s payroll.
Subject: acc
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