Entries for payroll and payroll taxesThe following information about the weekly payroll was obtained from the records of Saine Co.:Salaries:Sales salariesWarehouse salariesOffice salariesDeductions:Income tax withheldU.S. savings bondsGroup insuranceTax rates assumed:$214,000118,000109,000$441,000$77,6169,7027,938Social security, 6%Medicare, 1.5%State unemployment (employer only), 5.4%Federal unemployment (employer only), 0.8%Required:If an amount box does not require an entry, leave it blank.1a. Assuming that the payroll related to the first full week of the year and was paid on January 11, journalize the entry on January 11, to record the payroll.

Journal entry : Method of recording financial transactions in the book of original entry by debiting…

Entries for payroll and payroll taxes The following information about the weekly payroll was obtained from the records of Saine Co.: Salaries: Sales salaries Warehouse salaries Office salaries Deductions: Income tax withheld U.S. savings bonds Group insurance Tax rates assumed: $214,000 118,000 109,000 $441,000 Required: $77,616 9,702 7,938 Social security, 6% Medicare, 1.5% State unemployment (employer only), 5.4% Federal unemployment (employer only), 0.8% If an amount box does not require an entry, leave it blank. 1a. Assuming that the payroll related to the first full week of the year and was paid on January 11, journalize the entry on January 11, to record the payroll.

Entries for payroll and payroll taxes The following information about the weekly payroll was obtained from the records of Saine Co.: Salaries: Sales salaries Warehouse salaries Office salaries Deductions: Income tax withheld U.S. savings bonds Group insurance Tax rates assumed: $214,000 118,000 109,000 $441,000 Required: $77,616 9,702 7,938 Social security, 6% Medicare, 1.5% State unemployment (employer only), 5.4% Federal unemployment (employer only), 0.8% If an amount box does not require an entry, leave it blank. 1a. Assuming that the payroll related to the first full week of the year and was paid on January 11, journalize the entry on January 11, to record the payroll.

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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Payroll Tax Entries According to a summary of the payroll of Mountain Streaming Co., $582,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax. Also, $19,000 was subject to state and federal unemployment taxes. a. Calculate the employer's payroll taxes, using the following rates: state unemployment, 4.2%; federal unemployment, 0.8%. $ b. Journalize the entry to record the accrual of payroll taxes. If an amount box does not require an entry, leave it blank. ▼
The following information about the payroll for the week ended December 30 was obtained from the records of Boltz Co.: Salaries: Deductions: Sales salaries $350,000 Income tax withheld $117,000 Warehouse salaries 182,000 U.S. savings bonds 14,696 Office salaries 136,000 Group insurance 12,024 $668,000 Tax rates assumed: Social security 6% State unemployment (employer only) 5.4% Medicare 1.5% Federal unemployment (employer only) 0.8% Required:
Payroll tax entries Instructions Chart of Accounts First Question Journal Instructions According to a summary of the payroll of Guthrie Co., $770,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax. Also, $42,000 was subject to state and federal unemployment taxes. Required: a. Compute the employer’s payroll taxes, using the following rates: state unemployment, 5.4%; federal unemployment, 0.6%. b. On December 31, journalize the entry to record the accrual of payroll taxes. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Chart of Accounts CHART OF ACCOUNTS Guthrie Co. General Ledger ASSETS 110 Cash 111 Accounts Receivable 112 Interest…
Payroll Journal Entry 1. Journalize the following data taken from the payroll register of CopyMasters as of April 15, 20—.When required, enter amounts in dollars and cents. If an amount box does not require an entry, leave it blank. Regular earnings $ 5,665 Overtime earnings 820 Deductions: Federal income tax 610 Social Security tax 402.07 Medicare tax 94.03 Pension plan 90 Health insurance premiums 280 United Way contributions 120
Instructions The payroll register of Heritage Co. indicates $13,320 of social security withheld and $3,330 of Medicare tax withheld on total salaries of $222,000 for the period. Federal withholding for the period totaled $43,180. Retirement savings withheld from employee paychecks were $2,040 for the period. Journalize the entry to record the period's payroll. General Journal On December 31, journalize the entry to record the period's payroll. General Journal Instructions How does grading work? DATE 1 Dec. 31 Salaries Expense 2 3 DESCRIPTION Social Security Tax Payable Medicare Tax Payable Employees State Income Tax Payable 4 5 Employees Federal Income Tax Payable 6 Retirement Savings Deductions Payable Check My Work 1 more Check My Work uses remaining. JOURNAL Score: 49/73 POST. REF. DEBIT CREDIT Shaded cells have feedback. PAGE 1 ACCOUNTING EQUATION ASSETS LIABILITIES EQUITY 13,320.00 ↑ 3,330.00 ✓ ↑ 2,040.00 ↑ Next>
Assignment: The following information about the payroll for the week ended December 30 was obtained from the records of KLM Co.: Salaries: Sales Salaries $350,000 Warehouse Salaries 180,000 Office Salaries 145,000 $675,000 Deductions: Income Tax Withheld $118,800 Social Security Tax Withheld 40,500 Medicare Tax Withheld 10.125 US Savings Bonds 14,850 Group Insurance 12.150 $196,425 Tax Rates Assumed: Social Security, 6% Medicare 1.5% State Unemployment (SUTA) 5.4% Federal Unemployment (FUTA) 0.6% Required: Prepare the journal entries to 1. Record the December 30 payroll 2. Record the employer's payroll taxes. Assume that $35,000 is subject to unemployment compensation taxes
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Tlme remalning 01:52:13 Accounting Entries for Payroll and Payroll Taxes The following information about the payroll for the week ended December 30 was obtained from the records of Boltz Co.: Salaries: Deductions: Sales salaries $211,000 Income tax withheld U.S. savings bonds $76,560 Warehouse salaries Office salaries 108,000 116,000 9,570 Group insurance 7,830 $435,000 Tax rates assumed: Social security, 6% Medicare, 1.5% State unemployment (employer only), 5.4% Federal unemployment (employer only), 0.8% Required: If an amount box does not require an entry, leave it blank. 1a. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the entry on December 30 to record the payroll. 1b. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the entry on December 30 to record the employer's payroll taxes on the payroll to be paid on December 31. Of the total payroll for the last week of the year, $22,000 is…
Journalize Period Payroll The payroll register of Patel Heritage Co. indicates $1,200 of social security withheld and $300 of Medicare tax withheld on total salaries of $20,000 for the period. Federal withholding for the period totaled $3,600. Retirement savings withheld from employee paychecks were $2,650 for the period. Provide the journal entry for the period's payroll. If an amount box does not require an entry, leave it blank. _________ __________ _______________ Complete the chart above as your journal.