Calculate Financial Accounting ProblemSwift Manufacturing's payroll shows: grosswages $50,000, income tax withheld 20%,social security 6.2%, and Medicare 1.45%.Calculate the net pay.

Explanation of Gross Wages:Gross wages refer to the total amount earned by an employee before any…

Answered: Financial Accounting Problem Swift…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter7: Employee Earnings And Deductions

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Problem 2PA

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Financial Accounting Problem Swift Manufacturing's payroll shows: gross wages $50,000, income tax withheld 20%, social security 6.2%, and Medicare 1.45%. Calculate the net pay.
Financial accounting problem
The following information about the payroll for the week ended December 30 was obtained from the records of Boltz Co.: Salaries: Deductions: Sales salaries S330,000 Income tax withheld S116,600 Warehouse salaries 180,000 U.S. savings bonds 14,454 Office salaries 147,000 Group insurance 11,826 $657,000 Tax rates assumed: Social security 6% State unemployment (employer only) 5.4% Medicare 1.5% Federal unemployment (employer only) 0.8% Required: 1. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the following entries (refer to the Chart of Accounts for exact wording of account titles): a. December 30, to record the payroll. b. 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, $31,000 is subject to unemployment compensation taxes. 2. Assuming that the payroll for the last week of the year is to be paid on January 5 of the following fiscal year,…
The following information about the payroll for the week ended December 30 was obtained from the records of Pharrell Co.: Salaries: Sales salaries $330,000 Warehouse salaries 184,000 Office salaries 146,000 $660,000 Deductions: Income tax withheld $117,200 Social security tax withheld 39,600 Medicare tax withheld 9,900 Retirement savings 14,520 Group insurance 11,880 $193,100 Tax rates assumed: Social security 6% Medicare 1.5% State unemployment (employer only) 5.4% Federal unemployment (employer only) 0.6% Required: 1. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the following entries (refer to the Chart of Accounts for exact wording of account titles): A. December 30, to record the payroll. B. 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,…
The following totals for the month of June were taken from the payroll register of Arcon Company: Salaries expense $14,580.00 Social security and Medicare taxes withheld 1,093.50 Income taxes withheld 330.00 Retirement savings 496.00 The entry to record the payment of net pay would include a a.debit to Salaries Payable for $14,580.00. b.credit to Salaries Expense for $12,660.50. c.credit to Salaries Payable for $12,660.50. d.debit to Salaries Payable for $12,660.50.
The following information about the payroll for the week ended December 30 was obtained from the records of Saine Co.: Salaries: Deductions: Sales salaries $199,000 Income tax withheld $71,984 Warehouse salaries 109,000 U.S. savings bonds 8,998 Office salaries 101,000 Group insurance 7,362 $409,000 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. first picture, for all green boxes the headers are the same: Date, account, debit ,credit 2a. Assuming that the payroll for the last week of the year is to be paid on January 4 of the following fiscal year, journalize the entry on December 30, to record the payroll.…
Receiveables: A company has accounts recieveable of $6,333. Sales for the year were $9,800 . What is its average collection period? Show & expalin the work.
The following information about the payroll for the week ended December 30 was obtained from the records of Boltz Co.: Salaries: Deductions: Sales salaries $540,000 Income tax withheld $160,000 Warehouse salaries 155,000 U.S. savings bonds 10,500 Office salaries 85,000 Group insurance 9,000 $780,000 Tax rates assumed: Social security 6% State unemployment (employer only) 5.4% Medicare 1.5% Federal unemployment (employer only) 0.8% Required: 1. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the following entries (refer to the Chart of Accounts for exact wording of account titles): a. December 30, to record the payroll. b. 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, $48,000 is subject to unemployment compensation taxes. 2. Assuming that the payroll for the last…
What is the forecasted accounts receivable on these general accounting question?
The following information about the payroll for the week ended December 30 was obtained from the records of Pharrell Co.: Salaries: Sales salaries $335,000 Warehouse salaries 186,000 Office salaries 144,000 $665,000 Deductions: Income tax withheld $116,800 Social security tax withheld 39,900 Medicare tax withheld 9,975 Retirement savings 14,630 Group insurance 11,970 $193,275 Tax rates assumed: Social security 6% Medicare 1.5% State unemployment (employer only) 5.4% Federal unemployment (employer only) 0.6% Required: 1. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the following entries (refer to the Chart of Accounts for exact wording of account titles): A. December 30, to record the payroll. B. 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,…
Jay Company provided the following data relating to accounts receivable for the current year: Accounts receivable, January 1 650,000 Credit Sales 2,700,000 Sales returns 75,000 Accounts written off 40,000 Collections from customers 2,150,000 Estimated future sales returns at December 31 50,000 Estimated uncollectible accounts at 12/31 per aging 110,000 What is the amortized cost of accounts receivable on December 31? a. 1,200,000 b. 1,125,000 c. 1,085,000 d. 925,000

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Financial Accounting Problem Swift Manufacturing's payroll shows: gross wages $50,000, income tax withheld 20%, social security 6.2%, and Medicare 1.45%. Calculate the net pay.