Exercise Al-9 Payment of payroll deductions LO3Paradise Hills Berry Farm has 21 employees who are paid biweekly. The payroll register showed the following payroll deductions forthe pay period ending March 23, 2021.Gross Pay EI Premium Income Taxes78,950.001,310.5710,889.00CPP3,768.09Medical Ins. United Way1,475.001,644.00Required:Prepare a journal entry to record payment by the employer to the Receiver General for Canada on April 15. (Do not roundintermediate calculations. Round the final answers to 2 decimal places.)View transaction listJournal entry worksheet1Record the remittance to the Receiver General for Canada.Note: Enter debits before credits.DateApril 15General Journal+DebitCreditView general journalRecord entryClear entry

The objective of the question is to prepare a journal entry to record the payment by the employer to…

Answered: Exercise Al-9 Payment of 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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%24 %24 %24 %24 Ohttps://ezto.mheducation.com/hm.tpx Based on the payroll information for Romac Electric that follows. Total gross earnings: $2,462.00 Social security tax rate: 6.2% Medicare tax rate: 1.45% State unemployment tax rate: 5.4% Federal unemployment tax rate: 0.8% Find the correct tax payable amounts. Social Security Tax Payable and Medicare Tax Payable amounts are to include both the employee's and employer's taxes. (Round your answers to 2 decimal places after performing the calculations. Omit the "S" sign in your response.) 1. Social Security Tax Payable (employees' and employer's) 2. Medicare Tax Payable (employees' and employer's) 3. State Unemployment Tax Payable 4. Federal Unemployment Tax Payable C0021 McGraw-Hill Education.Al rights reserve Type here to search
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 $ 5,715.00 Overtime earnings 790.00 Deductions: Federal income tax 625.00 Social Security tax 403.31 Medicare tax 94.32 Pension plan 80.00 Health insurance premiums 270.00 United Way contributions 100.00 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. Page: DATE ACCOUNT TITLE DOC. NO. POST. REF. DEBIT CREDIT 1 20-- Apr. 15 Wages and salaries expense 1 2 Employee federal income tax payable 625 2 3 Social Security tax payable 403.31 3 4 Medicare tax payable 94.32 4 5…
Payroll Entries The payroll register for D. Salah Company for the week ended May 18 indicated the following: Salaries Federal income tax withheld 132,600 The salaries were all subject to the 6.0% social security tax and the 1.5% Medicare tax. In addition, state and federal unemployment taxes were calculated at the rate of 5.4% and 0.8%, respectively, on $13,000 of salaries. If an amount box does not require an entry, leave it blank. a. Journalize the entry to record the payroll for the week of May 18. May 18 b. Journalize the entry to record the payroll tax expense incurred for the week of May 18. May 18
eBook Question Content Area Highridge Homes has the following payroll information for the week ended February 21: Name Earnings at End of Previous Week Daily Time Pay Rate Federal Income Tax S M T W T F S Arthur, P. 7,800.00 8 8 8 8 8 45.00 226.78 Bills, D. 2,060.00 8 8 8 8 8 12.50 26.00 Carney, W. 2,085.00 8 8 8 8 8 12.95 27.00 Dorn, J. 748.00 8 8 22.00 11.00 Edgar, L. 2,687.00 8 8 8 8 8 15.00 37.00 Fitzwilson, G. 4,150.00 8 8 8 8 8 8 23.00 125.00 Taxable earnings for Social Security are based on the first $118,500. 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. Prepare a general journal entry to record the payroll. The firm's general ledger contains a Wages Expense account and a Wages Payable account. Then assuming that the firm has…
Payroll Review ProblemCalculate payroll for Uno company’s one employee for the first week of March. Their only employee worked 50 hours and makes $12/hour. The employee has not exceeded any of the wage or tax limits. Use the tax rates as follows: TAX RATE LIMITS FICA – Soc Sec 6.20% $118,500 FICA – Medicare 1.45% None Fed Inc Tax 8.00% None FUTA 0.60% $7,000 SUTA 5.40% $12,000 Required: Calculate gross pay, deductions, and net pay. Prepare the journal entry to record wages expense and its related payroll liabilities for the employee’s payroll. Prepare the journal entry to record the payroll tax expense and related liabilities for Uno Company’s payroll.
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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.
S eBook Ask Print eferences Mc Graw Hill :: -WKCTC_....txt FI 2 W S KMH Industries is a monthly schedule depositor of payroll taxes. For the month of August 2021, the payroll taxes (employee and employer share combined) were as follows: X Social Security tax: $5,056.78 Medicare tax: $1,182.63 Employee Federal income tax: $3,960.00 Required: Create the General Journal entry for the remittance of the taxes. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to 2 decimal places.) View transaction list A Journal entry worksheet 4² Record the remittance of August payroll taxes. Note: Enter debits before credits. # 3 1 E D Data C 8.0 F3 $ 4 JUL 22 R F a F4 V General Inurnal % 5 T F5 G 8 DII FB M 1 ( 9 K ران DD F9 O ) O A F10 L P Ⓡ command C F11 - 9 F12 option
DIRECTIONS 1 Journalize the entry to RECORD the payroll 2 Journalize the entry to RECORD the employer's payroll taxes (SUTA rate is 3.7%) 3 Journalize the entry to deposit the FICA and FIT taxes TOTAL EARNINGS FICA OASDI FICA HI FIT W/H STATE TAX UNION DUES NET PAY $36,195.10 $2,244.10 $524.83 $6,515.00 $361.95 $500.00 $26,049.22 1 JOURNAL DATE DESCRIPTION DEBIT CREDIT 2 JOURNAL DATE DESCRIPTION DEBIT CREDIT…
No point added just for practice. I want to see want I did wrong
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--)?
Just want to make sure I did the journal entries correctly

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