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Accounting
For the year ended December 31, 2027, Oriole Electrical Repair Company reports the following summary payroll data. Gross earnings: Administrative salaries $204,000 Electricians' wages 376,000 Total $580,000 Deductions: FICA taxes $39,224 Federal income taxes withheld 165,000 State income taxes withheld (3%) 17,400 United Fund contributions payable Health insurance premiums 27,982 Total 18,500 $268,106 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, 2027 for the full year's payroll. (b) Journalize the adjusting entry at December 31, 2027 to record the employer's payroll taxes. (Round answers to O decimal places, e.g. 125. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation (a) (b) Debit Credit (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.) Wages, Tips, Other Compensation Employee Maria Sandoval Jennifer Mingenback Federal Income Tax Withheld State Income Tax Withheld $58,000 $28,420 $ 28,000 10,920 $ FICA Wages $ FICA Tax Withheld

For the year ended December 31, 2027, Oriole Electrical Repair Company reports the following summary payroll data. Gross earnings: Administrative salaries $204,000 Electricians' wages 376,000 Total $580,000 Deductions: FICA taxes $39,224 Federal income taxes withheld 165,000 State income taxes withheld (3%) 17,400 United Fund contributions payable Health insurance premiums 27,982 Total 18,500 $268,106 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, 2027 for the full year's payroll. (b) Journalize the adjusting entry at December 31, 2027 to record the employer's payroll taxes. (Round answers to O decimal places, e.g. 125. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation (a) (b) Debit Credit (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.) Wages, Tips, Other Compensation Employee Maria Sandoval Jennifer Mingenback Federal Income Tax Withheld State Income Tax Withheld $58,000 $28,420 $ 28,000 10,920 $ FICA Wages $ FICA Tax Withheld

College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter8: Employer Taxes, Payments, And Reports
Section: Chapter Questions
Problem 2PA
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question 8

For the year ended December 31, 2027, Oriole Electrical Repair Company reports the following summary payroll data. Gross earnings: Administrative salaries $204,000 Electricians' wages 376,000 Total $580,000 Deductions: FICA taxes $39,224 Federal income taxes withheld 165,000 State income taxes withheld (3%) 17,400 United Fund contributions payable Health insurance premiums 27,982 Total 18,500 $268,106 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, 2027 for the full year's payroll. (b) Journalize the adjusting entry at December 31, 2027 to record the employer's payroll taxes. (Round answers to O decimal places, e.g. 125. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation (a) (b) Debit Credit
Transcribed Image Text:For the year ended December 31, 2027, Oriole Electrical Repair Company reports the following summary payroll data. Gross earnings: Administrative salaries $204,000 Electricians' wages 376,000 Total $580,000 Deductions: FICA taxes $39,224 Federal income taxes withheld 165,000 State income taxes withheld (3%) 17,400 United Fund contributions payable Health insurance premiums 27,982 Total 18,500 $268,106 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, 2027 for the full year's payroll. (b) Journalize the adjusting entry at December 31, 2027 to record the employer's payroll taxes. (Round answers to O decimal places, e.g. 125. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation (a) (b) Debit Credit
(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.) Wages, Tips, Other Compensation Employee Maria Sandoval Jennifer Mingenback Federal Income Tax Withheld State Income Tax Withheld $58,000 $28,420 $ 28,000 10,920 $ FICA Wages $ FICA Tax Withheld
Transcribed Image Text:(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.) Wages, Tips, Other Compensation Employee Maria Sandoval Jennifer Mingenback Federal Income Tax Withheld State Income Tax Withheld $58,000 $28,420 $ 28,000 10,920 $ FICA Wages $ FICA Tax Withheld
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