During the month of January, an employee earned $5,600 of salary. Withholdings from the employee's salary consist of FICA Social Security taxes of $347.20, FICA Medicare taxes of $81.20, federal income taxes of $596.40, and medical insurance deductions of $238.00. 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

During the month of January, an employee earned $5,600 of salary. Withholdings from the employee's salary consist of FICA Social Security taxes of $347.20, FICA Medicare taxes of $81.20, federal income taxes of $596.40, and medical insurance deductions of $238.00. 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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Palouse Company completed the salary and wage payroll for the month of March. The payroll provided the following details: Salaries and wages earned by employees Employee income taxes withheld Employee government insurance premiums withheld $ 205,000 41,000 FICA payroll taxes* 2,000 15,100 *Assessed on both employer and employee (l.e., $15,100 each). Required: 1. Prepare the journal entry to record the payroll for March, including employee deductions. Assume employees have been paid, but that Palouse has yet to transfer any withholdings to the government. 2. Prepare the journal entry to record the employer's payroll taxes, which have not yet been paid to the government. 3. Provide a combined journal entry to show the payment of all amounts owed to governmental agencies. Note: For all requirements, if no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet 2 3 Record the payroll for March,…
An employee earns $44 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. If the employee worked 60 hours during the week. Assume that the social security tax rate is 6.0%, the Medicare tax rate is 1.5%, and the employee's federal income tax withheld is $708. a. Determine the gross pay for the week. If applicable, round your final answer to two decimal places. b. Determine the net pay for the week.
b. Provide a June 28 journal entry to record the employer's payroll taxes, which have not yet been paid to the government. Date June 28, 2023 June 28, 2023 June 28, 2023 June 28, 2023 C. Payroll Tax Expense FICA Payable Date Account Debit Provide a June 30 journal entry to show the payment of all amounts owed to employees, government agencies, and a health insurance provider. Account Credit Debit Credit 2 0
An employee receives an hourly rate of $22, with time and a half for all hours worked in excess of 40 during the week. Payroll data for the first week of the calendar year are as follows: hours worked, 42; federal income tax withheld, $144; Social security tax rate, 6%; and Medicare tax rate, 1.5%; state unemployment tax, 5.4% on the first $7,000; federal unemployment tax, 0.8% on the first $7,000. What is the net amount to be paid to the employee? If required, round your answers to the nearest cent.
Thomas Martin receives an hourly wage rate of $17, with time-and-a-half pay for all hours worked in excess of 40 hours during a week. Payroll data for the current week are as follows: hours worked, 46; federal income tax withheld, $333; social security tax rate, 6.0%; and Medicare tax rate, 1.5%. What is the gross pay for Martin?
According to the accounted of larkspur, inc its payroll taxes for the week were as follows $133.50 for fica taxes,$1650 for federal unemployment taxes and $93.00 for state unemployment taxes journalise the entry to record the accrual of the payroll taxes
The payroll register of Chupa Chup Engineering Services indicates $1,000 of social security withheld and $210 of Medicare tax withheld on total salaries of $13,000 for the period. Federal withholding for the period totaled $2,050. Provide the journal entry for the period’s payroll.
The payroll register of Heritage Co. indicates $3,900 of social security withheld and $975 of Medicare tax withheld on total salaries of $65,000 for the period. Federal withholding for the period totaled $14,250. Retirement savings withheld from employee paychecks were $2,600 for the period. Journalize the entry to record the period’s payroll. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS Heritage Co. General Ledger ASSETS 110 Cash 111 Accounts Receivable 112 Interest Receivable 113 Notes Receivable 115 Inventory 116 Supplies 118 Prepaid Insurance 120 Land 123 Building 124 Accumulated Depreciation-Building 125 Office Equipment 126 Accumulated Depreciation-Office Equipment LIABILITIES 210 Accounts Payable 213 Interest Payable 214 Notes Payable 215 Salaries Payable 216 Social Security Tax Payable 217 Medicare Tax Payable 218 Employees Federal Income Tax Payable 219…
River Signorini works for New & Old Apparel, which pays employees on a semimonthly basis. River's annual salary is $177,500. Required: Calculate the following Note: Round your final answers to 2 decimal places. Pay Date Prior YTD Earnings October 15 December 31. Social Security Taxable Wages Medicare Taxable Wages Employer Share Social Security Taxi Employer Share Medicare Tax
2
The payroll records of Speedy Software show the following information about Marsha Gottschalk, an employee, for the weekly pay period ending September 30. Gottschalk is single and claims one allowance. Compute her Social Security tax (6.2%), Medicare tax (1.45%), federal income tax withholding (use the withholding table in Exhibit 11A.6), state income tax (1.0%), and net pay for the current Day period.
River Signorini works for New & Old Apparel, which pays employees on a semimonthly basis. River's annual salary is $193,000. Required: Calculate the following: Note: Round your final answers to 2 decimal places. Pay Date October 13 Prior YTD Earnings Social Security Taxable Wages Medicare Taxable Wages Employer Share Social Security Tax Employer Share Medicare Tax December 29