During the month of February, Sunland Corporation's employees earned wages of $73,900. Withholdings related to these wages wer $5,653 for FICA, $7,090 for federal income tax, and $1,950 for state income tax. Costs incurred for unemployment taxes were $140 for federal and $150 for state. (a) Prepare the February 28 journal entry for salaries and wages expense and salaries and wages payable assuming that all February wages will be paid in March. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no ente is required, select "No Entry" for the account titles and enter O for the amounts) Date Account Titles and Explanation Feb. 28. (b) (To record February 28 payroll) Date Account Titles and Explanation Feb. 28 Prepare the February 28 journal entry for the company's payroll tax expense. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts) Debit (To record employer's payroll taxes) Credit Debit Credit

During the month of February, Sunland Corporation's employees earned wages of $73,900. Withholdings related to these wages wer $5,653 for FICA, $7,090 for federal income tax, and $1,950 for state income tax. Costs incurred for unemployment taxes were $140 for federal and $150 for state. (a) Prepare the February 28 journal entry for salaries and wages expense and salaries and wages payable assuming that all February wages will be paid in March. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no ente is required, select "No Entry" for the account titles and enter O for the amounts) Date Account Titles and Explanation Feb. 28. (b) (To record February 28 payroll) Date Account Titles and Explanation Feb. 28 Prepare the February 28 journal entry for the company's payroll tax expense. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts) Debit (To record employer's payroll taxes) Credit Debit Credit

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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Assuming no employees are subject to ceilings for their earnings, Harris Company has the following information for the pay period of January 15-31. Use this information to answer the question that follow. Gross payroll Social security rate Medicare rate Federal income tax withheld Federal unemployment tax rate State unemployment tax rate Assuming that all wages are subject to federal and state unemployment taxes, the employer's payroll tax expense would be a. $2,870 b. $1,370 c. $750 Od. $620 $10,000 6.0% 1.5% $1,800 0.8% 5.4%
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Sheffield Consulting Inc's gross salaries for the biweekly period ended August 24 were $12,500. Deductions included $743 for CPP, $235 for El, and $6,248 for income tax. The employer's payroll costs were $743 for CPP and $329 for El. Prepare journal entries to record (a) the payment of salaries on August 24; (b) the employer payroll costs on August 24, assuming they will not be remitted to the government until September; and (c) the payment to the government on September 15 of all amounts owed. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) No. Date Account Titles and Explanation Debit Cred (a) (b) 15 (b) (c)
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