Ques 8 For the year ended December 31, 2027, Oriole Electrical Repair Company reports the following summary payroll data.Gross earnings:Administrative salaries$204,000Electricians' wages376,000Total$580,000Deductions:FICA taxes$39,224Federal income taxes withheld165,000State income taxes withheld (3%)17,400United Fund contributions payable27,982Health insurance premiums18,500Total$268,106Oriole's payroll taxes are Social Security tax 6.2%, Medicare tax 1.45%, state unemployment 2.5% (due to a stable employment record).and 0.6% federal unemployment. Gross earnings subject to Social Security taxes of 6.2% total $497,000, and gross earnings subject tounemployment taxes total $145,000. No employee exceeds the $132,900 limit related to FICA taxes. (c) The W-2 Wage and Tax Statement requires the following dollar data.Complete the required data for the following employees. (Round answers to O decimal places, e.g. 5,275.)EmployeeWages, Tips, Other Compensation Federal Income Tax Withheld State Income Tax WithheldFICA WagesMaria Sandoval$58,000$28,420$$$Jennifer Mingenback28,00010,920FICA Tax Withheld

Step 1:Answer c)EmployeeWages, tips.Other CompensationFederal Incom Tax WithheldState Incom Tax…

Answered: For the year ended December 31, 2027,…

College Accounting (Book Only): A Career Approach

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Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter8: Employer Taxes, Payments, And Reports

Section: Chapter Questions

Problem 2PA

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For the year ended December 31, 2020, Waterway Electrical Repair Company reports the following summary payroll data. Gross earnings: Administrative salaries $180,000Electricians’ wages 382,000Total $562,000Deductions: FICA taxes $37,847Federal income taxes withheld 160,000State income taxes withheld (3%) 16,860United Fund contributions payable 28,100Health insurance premiums 15,000Total $257,807 Waterway’s payroll taxes are Social Security tax 6.2%, Medicare tax 1.45%, state unemployment 2.5% (due to a stable employment record), and 0.8% federal unemployment. Gross earnings subject to Social Security taxes of 6.2% total $479,000, and gross earnings subject to unemployment taxes total $111,000. No employee exceeds the $127,200 limit related to FICA taxes. (a) Prepare a summary journal entry at December 31 for the full year’s payroll.(b) Journalize the adjusting entry at December 31 to record the employer’s payroll taxes.
For the year ended December 31, 2022, Crane Electrical Repair Company reports the following summary payroll data. Gross earnings: Administrative salaries $214,000 Electricians’ wages 362,000 Total $576,000 Deductions: FICA taxes $38,639 Federal income taxes withheld 187,500 State income taxes withheld (3%) 17,280 United Fund contributions payable 27,789 Health insurance premiums 19,500 Total $290,708 Crane’s payroll taxes are Social Security tax 6.2%, Medicare tax 1.45%, state unemployment 2.5% (due to a stable employment record), and 0.6% federal unemployment. Gross earnings subject to Social Security taxes of 6.2% total $488,500, and gross earnings subject to unemployment taxes total $150,000. No employee exceeds the $132,900 limit related to FICA taxes. (a) Prepare a summary journal entry at December 31 for the full year’s payroll. (b) Journalize the adjusting entry at…
For the year ended December 31, 2020, Bramble Electrical Repair Company reports the following summary payroll data. Gross earnings: Administrative salaries $193,000 Electricians’ wages 365,000 Total $558,000 Deductions: FICA taxes $37,293 Federal income taxes withheld 167,500 State income taxes withheld (3%) 16,740 United Fund contributions payable 27,900 Health insurance premiums 18,000 Total $267,433 Bramble’s payroll taxes are Social Security tax 6.2%, Medicare tax 1.45%, state unemployment 2.5% (due to a stable employment record), and 0.8% federal unemployment. Gross earnings subject to Social Security taxes of 6.2% total $471,000, and gross earnings subject to unemployment taxes total $127,000. No employee exceeds the $127,200 limit related to FICA taxes. (a) Prepare a summary journal entry at December 31 for the full year’s payroll. (b) Journalize the adjusting entry at December 31 to…
Current Attempt in Progress For the year ended December 31, 2022, Sheridan Electrical Repair Company reports the following summary payroll data. Gross earnings: Administrative salaries Electricians' wages Total Deductions: FICA taxes Federal income taxes withheld State income taxes withheld (3%) United Fund contributions payable Health insurance premiums (a) (b) Total $204,000 358,000 $562,000 $37,785 171,500 16,860 27,114 19,000 $272,259 Sheridan's payroll taxes are Social Security tax 6.2%, Medicare tax 1.45%, state unemployment 2.5% (due to a stable employment record), and 0.6% federal unemployment. Gross earnings subject to Social Security taxes of 6.2% total $478,000, and gross earnings subject to unemployment taxes total $150,000. No employee exceeds the $132,900 limit related to FICA taxes. Prepare a summary journal entry at December 31 for the full year's payroll. Journalize the adjusting entry at December 31 to record the employer's payroll taxes. (Round answers to 0 decimal…
For the year ended December 31, 2022. Concord Electrical Repair Company reports the following summary payroll data. Gross earnings: Administrative salaries $188,000 Electrician's wages 342,000 Total 530,000 Deductions: FICA taxes $35,027 Federal income taxes withheld 160,000 State income taxes withheld (3%) 15,900 United Fund contributions payable 25,570 Health insurance premiums 19,500 Total $255,997 Concord's payroll taxes are Social Security tax 6.2%, Medicare tax 1.45%, state unemployment 2.5% (due to a stable employment record), and 0.6% federal unemployment. Gross earnings subject to Social Security taxes of 6.2% total $441,000, and gross earnings subject to unemployment taxes total $136,000. No employee exceeds the $132,900 limit related to FICA taxes. (a) Prepare a summary journal entry at December 31 for the full year's payroll. (b) Journalize the adjusting entry at December 31 to record the employer's payroll taxes.
For the year ended December 31, 2020, Lily Electrical Repair Company reports the following summary payroll data. Gross earnings: Administrative salaries $199,000 Electricians’ wages 375,000 Total $574,000 Deductions: FICA taxes $38,951 Federal income taxes withheld 175,000 State income taxes withheld (3%) 17,220 United Fund contributions payable 28,700 Health insurance premiums 18,500 Total $278,371 Lily’s payroll taxes are Social Security tax 6.2%, Medicare tax 1.45%, state unemployment 2.5% (due to a stable employment record), and 0.8% federal unemployment. Gross earnings subject to Social Security taxes of 6.2% total $494,000, and gross earnings subject to unemployment taxes total $142,000. No employee exceeds the $127,200 limit related to FICA taxes. (a) Prepare a summary journal entry at December 31 for the full year’s payroll. (b) Journalize the adjusting entry at December 31 to record…
For the year ended December 31, 2022, Oriole Electrical Repair Company reports the following summary payroll data. Gross earnings: Administrative salaries Electricians' wages Deductions: Total FICA taxes Federal income taxes withheld State income taxes withheld (3%) V United Fund contributions payable Health Insurance premiums Total (a) (b) Oriole's payroll taxes are Social Security tax 6.2%, Medicare tax 1.45%, state unemployment 2.5% (due to a stable employment record), and 0.6% federal unemployment. Gross earnings subject to Social Security taxes of 6.2% total $497,000, and gross earnings subject to unemployment taxes total $145,000. No employee exceeds the $132,900 limit related to FICA taxes. (a) Prepare a summary journal entry at December 31 for the full year's payroll. (b) Journalize the adjusting entry at December 31 to record the employer's payroll taxes. No. Account Titles and Explanation Salaries and Wages Expense FICA Taxes Payable (Round answers to 0 decimal places, eg.…
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,…
1. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the following entries: Salaries: Sales salaries $625,000Warehouse salaries $240,000Office salaries $320,000 Total $1,185,000 Deductions: Federal income tax withheld $232,260Social security tax withheld $71,100Medicare tax withheld $17,775Retirement savings $35,500Group insurance $53,325 Total $409,960 Tax rates assumed: Social security, 6% Medicare, 1.5%State unemployment (employer only), 5.4% Federal unemployment (employer only), 0.6% Instructions 1. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the following entries: 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…
The following information is taken from the payroll records of ABC Company for the current payroll period: Salaries $ 540,000 Federal Income Tax Withheld 92,500 State Income Tax Withheld 21,200 Employee 401(k) Contributions 500 Insurance paid by Employee* 7,500 Salaries Subject to Unemployment Taxes 180,000 Tax Rates: Social Security** 6.20% Medicare 1.45% State Unemployment 5.40% Federal Unemployment 0.80% *Represents 25% of total insurance cost **All salaries subject to Social Security taxes Required: Please record, in journal entry form, the (1) employee payroll and (2) employer’s payroll tax and benefit expense.
Recording Payroll and Payroll Taxes The following data are taken from Fremont Wholesale Company's May payroll Administrative salaries $47,600 Sales salaries 65,800 Custodial salaries 9,800 Total payroll $123,200 Salaries subject to 1. 45 percent Medicare tax $123,200 Salaries subject to 6.2 percent Social Security tax 103,600 Salaries subject to federal unemployment taxes 19,600 Salaries subject to state unemployment taxes 28,000 Federal income taxes withheld from all salaries 24,920 Assume that the company is subject to a two percent state unemployment tax (due to a favorable experience rating) and a 0.6 percent federal unemployment tax. Required Record the following in general journal form on May 31: a. Accrual of the monthly payroll. b. Payment of the net payroll. c. Accrual of employer's payroll taxes. ( Assume that the FICA matches the amount withheld.) d. Payment of these payroll-related liabilities. (Assume that all are settled at the same time.) Round your answers to the…
The following information about the payroll for the week ended December 30 was obtained from the records of Boltz Co.: Salaries: Deductions: Sales salaries $325,000 Income tax withheld $116,200 Warehouse salaries 192,000 U.S. savings bonds 14,388 Office salaries 137,000 Group insurance 11,772 You are in Column Salaries: $654,000 You are in Column Deductions: Tax rates assumed: Social security 6% State unemployment (employer only) 5.4% You are in Column Tax rates assumed:Medicare You are in Column Tax rates assumed:1.5% You are in Column Tax rates assumed:Federal unemployment (employer only) You are in Column Tax rates assumed: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…

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