El1.11 (LO 3) Ramirez Company has the following data for the weekly payroll ending January 31. 形 Federal Hours Hourly Rate Employee Income Tax Health T W T. F Withholding Insurance L.Helton 8. 9. 8. 8. 10 3 $ 14 $33 $12 R. Kenseth 8. 8 8. 8. D. Tavaras 9. 10 13 35 24 8. 8 9. 15 57 23 Employees are paid 12 times the regular hourly rate for all hours worked in excess of 42 hours per week. FICA taxes are 7.65% on the first $127,200 of gross earnings. Ramirez Conmpany is subject to 5.4% state unemployment taxes and 0.8% federal uncmployment taxes on the first $7,000 of gross carnings. Instructions a. Prepare the payroll register for the weekly payroll. b. Prepare the journal entries to record the payroll and Ramirez's payroll tax expense.

El1.11 (LO 3) Ramirez Company has the following data for the weekly payroll ending January 31. 形 Federal Hours Hourly Rate Employee Income Tax Health T W T. F Withholding Insurance L.Helton 8. 9. 8. 8. 10 3 $ 14 $33 $12 R. Kenseth 8. 8 8. 8. D. Tavaras 9. 10 13 35 24 8. 8 9. 15 57 23 Employees are paid 12 times the regular hourly rate for all hours worked in excess of 42 hours per week. FICA taxes are 7.65% on the first $127,200 of gross earnings. Ramirez Conmpany is subject to 5.4% state unemployment taxes and 0.8% federal uncmployment taxes on the first $7,000 of gross carnings. Instructions a. Prepare the payroll register for the weekly payroll. b. Prepare the journal entries to record the payroll and Ramirez's payroll tax expense.

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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Specialty Manufacturing estimated that its total payroll for the coming year would be $482,500. The workers' compensation insurance premium rate is 0.2%. Required: 1. Calculate the estimated workers' compensation insurance premium.$ Prepare the journal entry for the payment as of January 2, 20--. If an amount box does not require an entry, leave it blank. Page: DATE ACCOUNT TITLE DOC.NO. POST.REF. DEBIT CREDIT 1 20-- Jan. 2 1 2 2 3 3 2. Assume that Specialty Manufacturing's actual payroll for the year is $487,000. Calculate the total insurance premium owed.$ Prepare a journal entry as of December 31, 20--, to record the adjustment for the underpayment. The actual payment of the additional premium will take place in January of the next year. If an amount box does not require an entry, leave it blank. Page: DATE ACCOUNT TITLE DOC.NO. POST.REF. DEBIT CREDIT 1 20-- Dec. 31 1 2…
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Bart Consulting Firm has the following payroll information for the week ended March 20th: Name Earnings at the end of the previous week Sun. Mon. Tues. Wed. Thurs. Fri. Sat. Pay Rate Federal Income Tax Lauren, F 14,400 8 8 8 8 8 30.00 222.52 Baylor, M 12,000 8 8 8 8 8 25.00 178.55 Lims, T 7,200 8 8 8 8 8 15.00 78.00 Tate, C 6,000 8 8 8 8 8 15.00 62.00 Musker, J 4,320 8 8 8 15.00 15.00 Mako, W 3,888 8 8 8 13.50 11.00 Additional Information: Taxable earnings for Social Security are based on the first $132,900. Taxable earnings for Medicare are based on all earnings. Taxable earnings for federal and state unemployment are based on the first $7,000. Employees are paid time-and-a-half for work in excess of 40 hours per week. Round amounts to the nearest penny. What you must do: Complete the attached Payroll Register (Excel Spreadsheet). Use the following information to help: The Social Security tax rate is 6.2 percent. The Medicare tax…
Addidas Co. had total payroll of $40,000 for the week ending March 5. The FICA rate is 7.65%, federal unemployment tax is .8% and state unemployment rate is 5.4%. **Assume total payroll is subject to federal and state unemployment taxes. Journalize Addidas Co.'s payroll tax expenses.
Sandhill Company has the following data for the weekly payroll ending January 31. Employee L. Helton R. Kenseth M 8 8 D. Tavaras 9 Jan. 31 T 8 8 12 Hours W 12 8 8 T 8 8 8 F 10 8 S 3 Date Account Titles and Explanation 5 9 0 Hourly Rate $12 16 13 Federal Income Tax Withholding Health Insurance $34 37 58 Employees are paid 1½ times the regular hcrly rate for all hours worked in excess of 40 hours per week. FICA taxes are 7.65% (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). Sandhill Company is subject to 5.4% state unemployment taxes and 0.6% federal unemployment taxes on the first $7,000 of gross earnings. Debit $10 Prepare the journal entry to record Sandhill's payroll tax expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 15.25.) 25 Credit 25
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Chp. 8
Accounting The payroll summaries for Snowball Sales, Inc. for the first and second quarters of the calendar year show the following salaries: 1st QTR 2nd QTR A. Frozen 2,950.00 5,284.00 U. Icicle 5,498.00 3,765.00 C. Frost 9,489.00 6,995.00 W. Fahrenheit 7,150.00 2,225.00 J. Snow 9,700.00 4,160.00 P. Blizzard 0.00 6,330.00 Total 34,787.00 28,759.00 Record the following transactions in the proper general journal entry form. Descriptions are not required. A template has been provided for your convenience.