**Payroll Summary for Throwback Industries Inc.***Week Ended December 9*The provided data outlines the payroll details for Throwback Industries Inc. for the specified week. **Employee Data:**| Employee | Hours Worked | Hourly Rate | Weekly Salary | Federal Income Tax | U.S. Savings Bonds ||-------------|--------------|-------------|---------------|--------------------|-------------------|| Aaron | 46 | $68.00 | | $750.20 | $100 || Cobb | 41 | $62.00 | | $537.68 | $110 || Clemente | 48 | $70.00 | | $832.64 | $120 || DiMaggio | 35 | $56.00 | | $366.04 | $0 || Griffey, Jr.| 45 | $62.00 | | $641.84 | $130 || Mantle | | | $1,800.00 | $342.45 | $120 || Robinson | 36 | $54.00 | | $382.56 | $130 || Williams | | | $2,000.00 | $398.24 | $125 || Vaughn | 42 | $62.00 | | $584.72 | $50 |**Notes:**- Employees Mantle and Williams are office staff, while all others are sales personnel.- Sales personnel earn 1.5 times their regular rate for hours worked over 40 per week.- Social Security tax is 6.0% of earnings.- Medicare tax is 1.5% of each employee’s annual earnings.- Next payroll check number is 901.**Instructions:**1. Prepare a payroll summary including: - Employee name - Total Hours - Regular Earnings - Overtime Earnings - Total Earnings - Social Security Tax - Medicare Tax - Federal Income Tax - U.S. Savings Bonds - Total Deductions - Net Pay - Check Number - Sales Salaries Expense - Office Salaries Expense2. Journalize

Payroll - Payroll includes the payments that must be made in connection with the salaries and…

Employee Aaron Cobb Clemente DiMaggio Griffey, Jr. Mantle Robinson Williams Hours Worked 46 41 48 35 45 36 Hourly Rate $68.00 62.00 70.00 56.00 62.00 54.00 Weekly Salary $1,800 2,000 Federal Income Tax $750.20 537.68 832.64 366.04 641.84 342.45 382.56 398.24 773 U.S.Savings Bonds $100 110 120 0 130 120 130 125 50

Employee Aaron Cobb Clemente DiMaggio Griffey, Jr. Mantle Robinson Williams Hours Worked 46 41 48 35 45 36 Hourly Rate $68.00 62.00 70.00 56.00 62.00 54.00 Weekly Salary $1,800 2,000 Federal Income Tax $750.20 537.68 832.64 366.04 641.84 342.45 382.56 398.24 773 U.S.Savings Bonds $100 110 120 0 130 120 130 125 50

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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Accounting Problem 11-3 Twin City Enterprises had the following information available for the payroll of May 31st. Wages Earned $365,000 Federal Income Tax Withheld 54,750 State Income Tax Withheld 18,000 All wages are subject to Social Security and Medicare matching and withholding of 6.2% and 1.45%, respectively. Federal Unemployment Tax of 0.70% and State Unemployment Tax of 1.50% is payable on $240,000 of the wages. Calculate the following amounts. Social Security withholding Medicare withholding FUTA SUTA Total withholdings Net Wages Total cost to the company Prepare the journal entry to record wages and withholdings. Prepare the journal entry to record payroll taxes.
Exercise 9- culating employee Marion Co. employed Juan Lopez in 2010. Juan earned $5,000 per month and worked the entire year. Assume the Social Security tax rate is 6 percent on the first $110,000 of earnings and the Medicare tax rate is 1.5 percent. Juan's federal income tax withholding amount is $900 per month. Use 6.2 percent for the unemployment tax rate for the first $7,000 of earnings per employee. Required a. Answer the following questions: (1) What is Juan's net pay per month? (2) What amount does Juan pay monthly in FICA payroll taxes? (3) What is the total payroll tax expense for Marion Co. for January 2010? February 2010? March 2010? December 2010? b. Assume that instead of $5,000 per month Juan earned $9,500 per month. Answer the questions in Requirement a.
156 Principles of Cost Accounting Journal entries for payroll A partial summary of the payroll data for Burrington Manufactur- ing Company for each week of June is as follows: ЕЗ-5 LO2 LO3 June 7 June 14 June 21 June 28 Gross earnings . $ 36,500 $ 34,200 $ 37,300 $ 38,400 Deductions: FICA tax, 8% $? $? $? $? Tax-sheltered annuity. 1,825 1,780 1,855 1,870 Income tax 4,215 4,120 4,320 4,410 Health insurance 600 600 600 600 Total deductions $? $? $? $? Net earnings $? $? $? $? a. Compute the missing amounts in the summary, assuming that no employees have reached the $100,000 FICA maximum. b. For each payroll period, prepare journal entries to (1) record the payroll and (2) record the payments to employees.
Exercise Al-9 Payment of payroll deductions LO3 Paradise Hills Berry Farm has 21 employees who are paid biweekly. The payroll register showed the following payroll deductions for the pay period ending March 23, 2021. Gross Pay EI Premium Income Taxes 78,950.00 1,310.57 10,889.00 CPP 3,768.09 Medical Ins. United Way 1,475.00 1,644.00 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.) View transaction list Journal entry worksheet 1 Record the remittance to the Receiver General for Canada. Note: Enter debits before credits. Date April 15 General Journal + Debit Credit View general journal Record entry Clear entry
Exercise 9-10 (Algo) Recording payroll LO P2, P3 The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $380,000; Office salaries, $76,000; Federal income taxes withheld, $114,000; State income taxes withheld, $25,500; Social security taxes withheld, $28,272; Medicare taxes withheld, $6,612; Medical insurance premiums, $9,000; Life insurance premiums, $6,000; Union dues deducted, $3,000; and Salaries subject to unemployment taxes, $54,000. The employee pays 40% of medical and life insurance premiums. Assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6%. 1. & 2. Using the above information, complete the below table and prepare the journal entries to record accrued payroll, including employee deductions, and cash payment of the net payroll (salaries payable) for July. 3. Using the above information, complete the below table. 4. Record the accrued employer payroll taxes and other related employment…
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6-9B LO 3 See Example 6-5 on page 6-12, Example 6-7 on page 6-19 The following information pertains to a weekly payroll of Fanelli Fashion Company: a. The total wages earned by employees are $2,910. b. The state unemployment insurance contribution rate is 3.75%. C. The entire amount of wages is taxable under FICA, FUTA, and SUTA. d. The amount withheld from the employees' wages for federal income taxes is $491; for state income taxes. $49.10; and for group insurance, $87.10. Journalize the payment of wages, and record the payroll taxes for this payroll. JOURNAL POST. REF. DATE DESCRIPTION DEBIT CREDIT 6. 10 11 11 12 4. 6
Question text Lidge Company of Texas (TX) is classified as a monthly depositor and pays its employees monthly. The following payroll information is for the second quarter of 20--. WITHHOLDINGS EMPLOYER'S Wages OASDI HI FIT OASDI HI April $86,100 $ 5,338.20 $1,248.46 $ 9,650 $ 5,338.20 $1,248.45 May 92,500 5,735.00 1,341.26 10,005 5,735.00 1,341.25 June 73,400 4,550.80 1,064.30 8,995 4,550.80 1,064.30 Totals $252,000 $15,624.00 $3,654.02 $28,650 $15,624.00 $3,654.00 The number of employees on June 12, 20-- was 11. a. Complete the following portion of Form 941. What are the payment due dates of each of the monthly liabilities assuming all deposits were made on time, and the due date of the filing of Form 941 (year 20--)?
Salaries and wages $72,000 FICA taxes withheld 5,508 Income taxes withheld 15,000 Medical insurance deductions 2,700 Federal unemployment taxes 192 State unemployment taxes 1,296 The entry to record the payment of net payroll would include a Select one: a. credit to Cash for $54,300. b. debit to Salaries and Wages Payable for $47,304. c. debit to Salaries and Wages Payable for $48,792. d. debit to Salaries and Wages Payable for $43,284. e. The answer does not exist
Chapter 9 Homework - Payroll (Homework) Question is : A paving company has 24 employees, 15 with gross earnings of $355 per week and nine with gross earnings of $385 per week. What is the total social security and Medicare tax (in $) the company must send to the Internal Revenue Service for the first quarter of the year?
11 12 13 14 15 16 17, 18 Question 7: Hamilton, Inc. prepared the following payroll summary for the current month: Total salaries $49,500 Employee deductions: Employee income taxes withheld Hospital insurance premiums Union dues withheld 11,670 1,420 1,160 CPP is deducted at 4.95% and El is deducted at 1.73%. Hamilton contributes to a private pension plan on behalf of its employees in the amount of 8% of gross pay. A vacation pay accrual is also made in the amount of 4% of the gross pay. Required: Prepare the journal entries to record: a) The month's payroll register. b) The cost of employee benefits for CPP and EI. c) The cost of employee benefits for the private pension plan and vacation pay.
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