Employee L. Helton R. Kenseth D. Tavaras M 8 8 T 8 8 Sllowing data for the weekly payroll ending January 31. Hours W 12 8 9 12 8 TFS 8 8 8 10 8 3 5 9 0 Hourly Rate $12 16 13 Federal Income Tax Withholding $34 37 58 Health Ins $10 25 25 Employees are paid 1½ times the regular horly rate for all hours worked in excess of 40 hours per week. FICA taxes are 7.65 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 t 1.45% on all salaries and wages). Sandhill Company is subject to 5.4% state unemployment taxes and 0.6% federal unemploy taxes on the first $7,000 of gross earnings. Prepare the journal entry to record Sandhill's payroll tax expense. (Credit account titles are automatically indented when amoun entered. Do not indent manually. Round answers to 2 decimal places, e.g. 15.25.)

Employee L. Helton R. Kenseth D. Tavaras M 8 8 T 8 8 Sllowing data for the weekly payroll ending January 31. Hours W 12 8 9 12 8 TFS 8 8 8 10 8 3 5 9 0 Hourly Rate $12 16 13 Federal Income Tax Withholding $34 37 58 Health Ins $10 25 25 Employees are paid 1½ times the regular horly rate for all hours worked in excess of 40 hours per week. FICA taxes are 7.65 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 t 1.45% on all salaries and wages). Sandhill Company is subject to 5.4% state unemployment taxes and 0.6% federal unemploy taxes on the first $7,000 of gross earnings. Prepare the journal entry to record Sandhill's payroll tax expense. (Credit account titles are automatically indented when amoun entered. Do not indent manually. Round answers to 2 decimal places, e.g. 15.25.)

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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Hours Employee M T W T F S Hourly Rate Federal Income Tax Withholding Health Insurance L. Helton 9 7 8 8 10 2 $12 $33 $12 R. Kenseth 7 8 8 8 8 5 14 36 27 D. Tavaras 9 10 8 9 9 0 15 60 26 Employees are paid 1.50 times the regular hourly rate for all hours worked in excess of 40 hours per week. FICA taxes are 7.65% on the first $132,900 of gross earnings. Bonita Company is subject to 5.40% state unemployment taxes and 0.60% federal unemployment taxes on the first $7,000 of gross earnings. (a) Prepare the payroll register for the weekly payroll. (Round answers to 2 decimal places, e.g. 15.25.) Employee Total Hours L. Helton R. Kenseth D. Tavaras Totals Earnings Regular Overtime Gross Pa $
33
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…
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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--)?
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