General accounting During the year, Salaries Payable decreased by $6,000. If salaryExpense amounted to $170,000 for the year, the cash paid toemployees (including deductions from gross pay) is:A) $176,000B) $170,000C) $164,000D) $182,000

Step 1: Define Accrued ExpensesAccrued expenses are expenses incurred but not yet accounted for and…

Answered: During the year, Salaries Payable…

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter13: Corporations: Earning & Profits And Distributions

Section: Chapter Questions

Problem 6BCRQ

See similar textbooks

Similar questions

Suppose that Blake Companys total pretax difference from a change to FIFO was 100,000 and the company pays a bonus of 5% of its income before income taxes and bonus to employees. If Blake pays an additional bonus | based on the change in income, would it recognize any expense? If so, when and how much?
An employee has year-to-date earnings of $143,500. The employee's gross pay for the next pay period is $6,300. If the FICA-OASDI is 6.2% and the wage base is $147,000, how much FICA OASDI tax will be withheld from the employee's pay? (Answer is rounded to whole dollar.) A. $391 B. $265 C. $217 ○ D. $91
Peyton Company's payroll for the year is$737,910. Of this amount, 472,120 is for wages paid in excess of 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 employees earnings.. Computte a. Net FUTA tax b. Net SUTA tax c. Total Unemployment taxes
Computer World reports income tax expense of $340,000. Income taxes payable at the beginning and end of the year are $60,000 and $75,000, respectively. What is the cash paid for income taxes during the year?
Computer World reports income tax expense of $230,000. Income taxes payable at the beginning and end of the year are $54,500 and $64,000, respectively.What is the cash paid for income taxes during the year?
1. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the following entries: Salaries: Sales salaries $625,000Warehouse salaries $240,000Office salaries $320,000 Total $1,185,000 Deductions: Federal income tax withheld $232,260Social security tax withheld $71,100Medicare tax withheld $17,775Retirement savings $35,500Group insurance $53,325 Total $409,960 Tax rates assumed: Social security, 6% Medicare, 1.5%State unemployment (employer only), 5.4% Federal unemployment (employer only), 0.6% Instructions 1. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the following entries: a. December 30, to record the payroll. b. December 30, to record the employer’s payroll taxes on the payroll to be paid on December…
Peyton Company's payroll for the year is $747,790. Of this amount, $468,730 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: A. Net FUTA tax B. Net SUTA tax C. Total unemployment taxes
An employee has year-to-date earnings of $130,100. The employee's gross pay for the next pay period is $4,500. If the FICA-OASDI is 6.2% and the wage base is $132,900, how much FICA-OASDI tax will be withheld from the employee's pay? (Answer is rounded to whole dollar.) OA. $279 OB. $65 OC. $174 OD. $189
In January, gross earnings in Concord Company were $40,000. The 7.65% FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and wages up to $128,400 and the Medicare tax rate of 1.45% on all salaries and wages. Federal income tax withheld was $11,900, and state income tax withheld was $1,090. Calculate net pay for January. Net pay for January $enter Net pay for January in dollars Record the payroll. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 125.) Account Titles and Explanation Debit Credit enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a…
Get Answer
For the year ended December 31, 2022, Crane Electrical Repair Company reports the following summary payroll data. Gross earnings: Administrative salaries $214,000 Electricians’ wages 362,000 Total $576,000 Deductions: FICA taxes $38,639 Federal income taxes withheld 187,500 State income taxes withheld (3%) 17,280 United Fund contributions payable 27,789 Health insurance premiums 19,500 Total $290,708 Crane’s payroll taxes are Social Security tax 6.2%, Medicare tax 1.45%, state unemployment 2.5% (due to a stable employment record), and 0.6% federal unemployment. Gross earnings subject to Social Security taxes of 6.2% total $488,500, and gross earnings subject to unemployment taxes total $150,000. No employee exceeds the $132,900 limit related to FICA taxes. (a) Prepare a summary journal entry at December 31 for the full year’s payroll. (b) Journalize the adjusting entry at…
In January, gross earnings in Sunland Company totaled $100,000. All earnings are subject to 7.65% FICA taxes (the 7.65% FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and wages up to $128,400 and the Medicare tax rate of 1.45% on all salaries and wages), 5.4% state unemployment taxes, and 0.6% federal unemployment taxes.Prepare the entry to record January payroll tax expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 31

SEE MORE QUESTIONS

Recommended textbooks for you

SWFT Essntl Tax Individ/Bus Entities 2020

Accounting

ISBN:

9780357391266

Author:

Nellen

Publisher:

Cengage

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:

9781337788281

Author:

James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:

Cengage Learning

SWFT Essntl Tax Individ/Bus Entities 2020

Accounting

ISBN:

9780357391266

Author:

Nellen

Publisher:

Cengage

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:

9781337788281

Author:

James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS

During the year, Salaries Payable decreased by $6,000. If salary Expense amounted to $170,000 for the year, the cash paid to employees (including deductions from gross pay) is: A) $176,000 B) $170,000 C) $164,000 D) $182,000