Payroll: Record Employer Payroll Tax Journal Entry **List of Account Names**1. Cafeteria Plan Payable2. Cash3. Charitable Contribution Payable4. Federal Income Tax Payable5. Federal Unemployment Tax Payable6. Flexible Spending Account Payable7. Health Insurance Payable8. Life Insurance Payable9. Medicare Tax Payable10. Payroll Tax Expense11. Retirement Plan Payable12. Salaries Expense13. Social Security Tax Payable14. State Income Tax Payable15. State Unemployment Tax Payable16. Union Dues Payable17. Wages Expense18. Accounts Receivable19. Accounts Payable20. Accumulated Depreciation21. Depreciation Expense**Explanation:**This list includes various accounts that are commonly found in accounting systems. These accounts can be related to payroll, taxes, employee benefits, salaries, and asset management, providing a comprehensive overview of financial obligations and expenses for businesses and organizations. **Payroll Tax Journal Entry Instructions****Objective:**Record the necessary journal entry for employer payroll taxes as of 06/26/2020 using the data given.**Instructions:**- **Date Entry:** Enter the transaction date on the first entry line if multiple transactions are required. Only enter the date on the first line.- **Debits and Credits:** Enter all debits within the transaction prior to entering any credits. Avoid using journal entry explanations.- **Account Names:** Refer to the Chart of Accounts for accurate account names.- **Correct Entries:** - Ensure the account name is correct to earn any credit for the entry. - Partial credit is available for a correct account name with an incorrect amount, while full credit is for a correct account name with the correct amount.- **Submission Note:** Do not include journal entry explanations.**Chart of Accounts:**| **Account Name** | **Amount** ||-----------------------------------|------------|| Social Security Tax Payable | $217.00 || Federal Unemployment Tax Payable | $21.00 || Medicare Tax Payable | $50.75 || State Unemployment Tax Payable | $119.00 |**Journal Entry Template:**| **Date** | **Account Name** | **Debit ($)** | **Credit ($)** ||----------|-----------------------------------|---------------|----------------|| MM/DD | | | || MM/DD | | | || MM/DD | | | |**Note:** Open directions in a popup window if needed for additional guidance.This guide aims to help accurately record the employer's payroll tax liabilities, ensuring compliance and proper financial record-keeping.

Debit the receiver, credit the giver. Debit what comes in, credit what goes out. Debit all expenses…

employer payto Chart of Accounts Notes: • Enter the transaction date on the first line only of mutiple transactions are required, enter the date on the first ine of each transaction). Enter all debits within the transaction prior to entering any credits. Omt jounal entry explanations. • See the Chart of Accounts provided for the proper account names to use. • To earn any credt for a given line within the jourmal entry, the account name must be correct. Partal credt is given for a comect account name with an incorrect amount full credt is given for a correct account name with the correct amount • Do not include journal entry explanation when submiting your answer Account Name Amount Social Security Tax Payable $217 00 Federal Unempioyment Tax Payabie s21.00 Medicare Tax Payable $50.75 State Unemployment Tax Payable $119.00

employer payto Chart of Accounts Notes: • Enter the transaction date on the first line only of mutiple transactions are required, enter the date on the first ine of each transaction). Enter all debits within the transaction prior to entering any credits. Omt jounal entry explanations. • See the Chart of Accounts provided for the proper account names to use. • To earn any credt for a given line within the jourmal entry, the account name must be correct. Partal credt is given for a comect account name with an incorrect amount full credt is given for a correct account name with the correct amount • Do not include journal entry explanation when submiting your answer Account Name Amount Social Security Tax Payable $217 00 Federal Unempioyment Tax Payabie s21.00 Medicare Tax Payable $50.75 State Unemployment Tax Payable $119.00

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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Similar questions

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On January 13, at the end of the second weekly pay period of the year, a company's payroll register showed that its 39 employees had earned $27.070 of sales salaries and $9,230 of office salaries. Assume withholdings from the employees' salaries were to include $602.58 of EL $1,666.91 of CPP, S7470 of income taxes, $1,230 of hospital insurance, and $720 of union dues. Required: 1. Prepare the General Journal entry to record the January 13 payroll. (Do not round intermediate calculations. Round your answers to 2 decimal places) View transaction list Journal entry worksheet Record payroll deductions for the pay period ending Jan 13. Notel Enter debts before oredits. Date General Journal Debit Credit Jan 13 View general journal Clear entry Record entry Nevt On January 13, at the end of the second weekly pay period of the year, a company's payroll register showed that its 39 earned $27,070 of sales salaries and $9,230 of office salaries. Assume withholdings from the employees' salaries…
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Payroll Schedule Pay Date Payroll Start Date Payroll End Date 2/27/2021 3/13/2021 3/27/2021 4/10/2021 3/5/2021 3/19/2021 Total 4/2/2021 4/16/2021 4/30/2021 5/14/2021 5/28/2021 6/11/2021 6/25/2021 Payroll Register - 04/02/2021 Employee Hire Date Employee A Employee B Employee C Payroll Register - 04/16/2021 Employee Hire Date Employee A Employee B Employee C Employee D 2/14/2021 2/28/2021 3/14/2021 3/28/2021 4/11/2021 4/25/2021 5/9/2021 5/23/2021 6/6/2021 01/01/2020 05/15/2020 07/10/2020 01/01/2020 05/15/2020 07/10/2020 04/01/2021 Gross Pay Gross Pay 4/24/2021 5/8/2021 5/22/2021 6/5/2021 6/19/2021 6,923.08 5,000.00 4,615.38 16,538.46 6,923.08 5,000.00 4,615.38 4,615.38 Employer Taxes 553.85 400.00 369.23 1,323.08 Employee Tax Withholding Net Pay 1,523.08 1,100.00 1,015.38 553.85 400.00 369.23 369.23 3,638.46 Employer Taxes Employee Tax Withholding Net Pay 1,523.08 1,100.00 1,015.38 1,015.38 5,400.00 3,900.00 3,600.00 12,900.00 5,400.00 3,900.00 3,600.00 3,600.00 Q1- Please determine the…
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