Following are some transactions and events of Business Solutions.February 26 The company paid cash to Lyn Addie for eight days' work at $140 per day.March 25 The company sold merchandise with a $2,500 cost for $3,100 on credit to Wildcat Services, invoice datedMarch 25.Required:1. Assume that Lyn Addie is an unmarried employee. Her $1,120 of wages have deductions for FICA Social Security taxes, FICAMedicare taxes, and federal income taxes. Her federal income taxes for this pay period total $112. Compute her net pay for theeight days' work paid on February 26.2. Record the journal entry to reflect the payroll payment to Lyn Addie as computed in part 1.3. Record the journal entry to reflect the (employer) payroll tax expenses for the February 26 payroll payment. Assume Lyn Addiehas not met earnings limits for FUTA and SUTA (the FUTA rate is 0.6% and the SUTA rate is 5.4% for the company).4. Record the entries for the merchandise sold on March 25 if a 4% sales tax rate applies.siness Solutions (Algo) LOComplete this question by entering your answers in the tabs below.Required 1Required 2Net payRequired 3 Required 4Assume that Lyn Addie is an unmarried employee. Her $1,120 of wages have deductions for FICA Social Security taxes, FICAMedicare taxes, and federal income taxes. Her federal income taxes for this pay period total $112. Compute her net pay forthe eight days work paid on February 26.Note: Round your answer to 2 decimal places. Do not round intermediate calculations.Required 2>Show less A

“Since you have posted multiple questions with multiple sub parts, we will provide the solution only…

Following are some transactions and events of Business Solutions. February 26 The company paid cash to Lyn Addie for eight days' work at $140 per day. March 25 The company sold merchandise with a $2,500 cost for $3,100 on credit to Wildcat Services March 25. Required: 1. Assume that Lyn Addie is an unmarried employee. Her $1,120 of wages have deductions for FICA Social Se- Medicare taxes, and federal income taxes. Her federal income taxes for this pay period total $112. Compute eight days' work paid on February 26. 2. Record the journal entry to reflect the payroll payment to Lyn Addie as computed in part 1. 3. Record the journal entry to reflect the (employer) payroll tax expenses for the February 26 payroll payment. has not met earnings limits for FUTA and SUTA (the FUTA rate is 0.6% and the SUTA rate is 5.4% for the com 4. Record the entries for the merchandise sold on March 25 if a 4% sales tax rate applies. Complete this question by entering your answers in the tabs below.

Following are some transactions and events of Business Solutions. February 26 The company paid cash to Lyn Addie for eight days' work at $140 per day. March 25 The company sold merchandise with a $2,500 cost for $3,100 on credit to Wildcat Services March 25. Required: 1. Assume that Lyn Addie is an unmarried employee. Her $1,120 of wages have deductions for FICA Social Se- Medicare taxes, and federal income taxes. Her federal income taxes for this pay period total $112. Compute eight days' work paid on February 26. 2. Record the journal entry to reflect the payroll payment to Lyn Addie as computed in part 1. 3. Record the journal entry to reflect the (employer) payroll tax expenses for the February 26 payroll payment. has not met earnings limits for FUTA and SUTA (the FUTA rate is 0.6% and the SUTA rate is 5.4% for the com 4. Record the entries for the merchandise sold on March 25 if a 4% sales tax rate applies. Complete this question by entering your answers in the tabs below.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Katie Pereira and Ferro Schwartz are employees of Free Star, Inc. In February 2017, Katie's gross pay was $5,500, and Ferro's gross pay was $14,900. All earnings are subject to FICA-OASDI Tax of 6.2% and FICA-Medicare Tax of 1.45%. Which of the following would be included in the entry to record the salaries expense for February? OA. a credit to FICA-OASDI Taxes Payable for $1,264.80 OB. a debit to Salaries Payable to employees for $1,264.80 OC. a debit to FICA-Medicare Taxes Payable for $1,264.80 OD. a credit to Salaries Expense for $1,264.80
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. b. C. Gross Pay through August 31 $ 6,300 2,600 133,200 No Assuming situation (a), prepare the employer's September 30 journal entry to record salary expense and its related payroll liabilities for this employee. The employee's federal income taxes withheld by the employer are $90 for this pay period. Taxes to be Withheld From Gross Pay 1 Complete this question by entering your answers in the tabs below. General Journal Gross Pay for September $ 1,800 2,700 9,800 Assuming situation (a), prepare the employer's September 30 journal entry to record salary expense and its related payroll liabilities for this employee. The employee's federal income taxes withheld by the employer are $90 for this pay period. Note: Round your answers to 2…
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. a. b. c. Gross Pay through August 31 $ 6,400 2,700 133,300 Assuming situation (a), prepare the employer's September 30 journal entry to record salary expense and its related payroll liabilities for this employee. The employee's federal income taxes withheld by the employer are $60 for this pay period. Taxes to be Withheld From Gross Pay Gross Pay for September $ 1,700 Complete this question by entering your answers in the tabs below. 2,800 9,900 General Journal Federal income tax The employee's federal income taxes withheld by the employer are $60 for this pay period. Assuming situation (a), compute the taxes to be withheld from gross pay for this employee. (Round your answers to 2 decimal places.) Taxes to be Withheld From Gross Pay…
Breakin Away Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee: Consultant Computer Programmer Administrator Regular earnings rate $3,010 per week $32 per hour $44 per hour Overtime earnings rate Not applicable 1.5 times hourly rate 2 times hourly rate Number of withholding allowances 3 2 1 For the current pay period, the computer programmer worked 60 hours and the administrator worked 50 hours. The federal income tax withheld for all three employees, who are single, can be determined by adding $356.90 to 28% of the difference between the employee's amount subject to withholding and $1,796.00. Assume further that the social security tax rate was 6%, the Medicare tax rate was 1.5%, and one withholding allowance is $70. Determine the gross pay and the net pay for each of the three employees for the current pay period. Assume the normal working hours in a…
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $132,900 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Gross Pay through August 31 Gross Pay for September a. $ 6,500 $ 1,900 b. 2,800 2,900 c. 128,600 10,000 Assuming situation (a), prepare the employer’s September 30 journal entry to record the employer’s payroll taxes expense and its related liabilities.
Nigel McCloskey is a waiter at Albicious Foods in South Carolina. He is single with one withholding allowance. He receives the standard tipped hourly wage. During the week ending October 22, 20XX, he worked 44 hours and received $186 in tips. Calculate his gross pay, assuming his tips are included in the overtime rate determination. Use Table 3-1. Required: 1. Complete the payroll register for Nigel McCloskey. 2a. Does Albicious Foods need to contribute to Nigel's wages to meet FLSA requirements? 2b. If so, how much should be contributed? Complete this question by entering your answers in the tabs below. Req 1 Company Req 2a Complete the payroll register for Nigel McCloskey. (Do not round intermediate calculations. Round your final answers to 2 decimal places.) Name Nigel McCloskey Req 2b Albicious Foods M/S S # of W/H 1 Regular Hourly Rate $ Period Ended: Overtime Rate 2.13 $ 3.19 No. of Regular Hours 40.00 Tips 85.20 $ 186.00 Overtime Earnings 12.78 Gross Earnings $ 283.98
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Gross Pay through August 31 Gross Pay for September a. $ 5,000 $ 2,100 b. 2,500 2,600 c. 131,900 8,500 Assuming situation (a), prepare the employer’s September 30 journal entry to record salary expense and its related payroll liabilities for this employee. The employee’s federal income taxes withheld by the employer are $90 for this pay period. Complete this question by entering your answers in the tabs below. Taxes to be Withheld From Gross Pay General Journal The employee’s federal income taxes withheld by the employer are $90 for this pay period. Assuming situation (a), compute the taxes to be withheld from gross pay for this employee. (Round your answers to 2 decimal places.) Please donot provide solution in…
A company's employer payroll tax rates are 0.6% for federal unemployment taxes, 5.4% for state unemployment taxes, 6.2% for FICA social security taxes on earnings up to $128,400, and 1.45% for FICA Medicare taxes on all earnings. Compute the W-2 Wage and Tax Statement information required below for one of the following employees: Gross Eamings Employee Withheld A. Baylor. C. Jasmine, Federal Income Taxes $114,000 52,000 $17,600 8,200 A. Baylor C. Jasmine W-2 Information: Federal Income Tax Withheld Wages, Tips, Other Compensation. Social Security Tax Withheld. Social Security Wages.. Medicare Tax Withheld. Medicare Wages.
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Gross Pay through August 31 Gross Pay for September a. $ 6,400 $ 800 b. 2,000 2,100 c. 131,400 8,000 Exercise 9-8 (Static) Payroll-related journal entries LO P2 Assuming situation (a), prepare the employer's September 30 journal entry to record salary expense and its related payroll liabilities for this employee. The employee's federal income taxes withheld by the employer are $80 for this pay period. Prepare the employer's September 30 journal entry to record accrued salary expense and its related payroll liabilities for this employee.
Toren Inc. employs one person to run its solar management company. The employee's gross income for the month of May is $16,000. Payroll for the month of May is as follows: FICA Social Security tax rate at 6.2%, FICA Medicare tax rate at 1.45%, federal income tax of $430, state income tax of $95, health-care insurance premium of $220, and union dues of $60. The employee is responsible for covering 30% of his or her health insurance premium. Toren Inc. have the following additional information: • May is the first pay period for this employee. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,100 paid to the employee. FICA Social Security and FICA Medicare match employee deductions. The employer is responsible for 70% of the health insurance premium. A. Record the employer payroll for the month of May, dated May 31, 2017. If an amount box does not require an entry, leave it blank. May 31 To recognize employer payroll for May May 31 To record employer-paid benefits for May
[The following information applies to the questions displayed below.] BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Gross Pay through August 31 $ 6,000 Gross Pay for September $ 1,500 2,100 9,500 a. 2,000 132,900 b. C. Compute BMX's amounts for each of these four taxes as applied to the employee's gross earnings for September under each of three separate situations (a), (b), and (c). (Round your answers to 2 decimal places.) a) September Earnings Subject to Tax Таx Tax Rate Tax Amount FICA-Social Security FICA-Medicare FUTA SUTA b) September Earnings Subject to Tax Тax Tax Rate Tax Amount FICA-Social Security FICA-Medicare FUTA SUTA c) September Earnings Subject to Tax Тax Tax Rate Tax Amount FICA-Social Security FICA–Medicare FUTA SUTA
Payroll Register and Payroll Journal Entry Mary Losch operates a travel agency called Mary’s Luxury Travel. She has five employees, all of whom are paid on a weekly basis. The travel agency uses a payroll register, individual employee earnings records, and a general journal. Mary’s Luxury Travel uses a weekly federal income tax withholding table. Refer to Figure 8-4 in the text. The payroll data for each employee for the week ended March 22, 20—, are given. Employees are paid 1½ times the regular rate for working over 40 hours a week. Name No. ofAllowances MaritalStatus Total HoursWorked Mar. 16–22 Rate Total EarningsJan. 1–Mar. 15 Bacon, Andrea 4 M 44 $14.00 $6,300.00 Cole, Andrew 1 S 40 15.00 6,150.00 Hicks, Melvin 3 M 44 13.50 5,805.00 Leung, Cara 1 S 36 14.00 5,600.00 Melling, Melissa 2 M 40 14.50 5,945.00 Social Security tax is withheld from the first $128,400 of earnings at the rate of 6.2%. Medicare tax is withheld at the rate of 1.45%, and city…