An employee has a net payroll amount of $5,064.50. What is the correct journal entry to record this payment on payday?
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An employee has a net payroll amount of $5,064.50. What is the correct
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- Calculation of Taxable Earnings and Employer Payroll Taxes and Preparation of Journal Entry 1. Calculate the amount of taxable earnings for unemployment, Social Security, and Medicare taxes. 2. Prepare the journal entry to record the employer's payroll taxes as of September 14, 20--. Round your answers to the nearest cent. If an amount box does not require an entry, leave it blank. Selected information from the payroll register of Joanie's Boutique for the week ended September 14, 20--, is as follows. Social Security tax is 6.2% on the first $118,500 of earnings for each employee. Medicare tax is 1.45% of gross earnings. FUTA tax is 0.6% and SUTA tax is 5.4% on the first $7,000 of earnings. Taxable Earnings Employee Name Cumulative PayBefore CurrentEarnings CurrentGross Pay UnemploymentCompensation SocialSecurity Jordahl, Stephanie $6,600 $1,190 Keesling, Emily 6,150 1,070 Palmer, Stefan 55,200 2,410 Soltis, Robin…Journalize each of the payroll transactions listed below. Post all entries except the last two to the appropriate general ledger accounts. The journal page and the ledger accounts are supplied below. The balances listed in the general ledger accounts for Cash, FUTA Taxes Payable, SUTA Taxes Payable, Employees SIT Payable, Wages and Salaries, and Payroll Taxes are the results of all payroll transactions for the first quarter, not including the last pay of the quarter. The balances in FICA Taxes Payable—OASDI, FICA Taxes Payable—HI, and Employees FIT Payable are the amounts due from the March 15 payroll. March 31, 20--: Paid total wages of $9,350.00. These are the wages for the last semimonthly pay of March. All of this amount is taxable under FICA (OASDI and HI). In addition, withhold $1,175 for federal income taxes and $102.03 for state income taxes. These are the only deductions made from the employees' wages. March 31, 20--: Record the employer's payroll taxes for the last pay in…Based on the information in problem 2, calculate and record the employers payroll taxes for the period in the general journal below. The state employment tax rate is 5.4 percent, and the federal unemployment tax rate is 0.8 percent.
- Calculation and Journal Entry for Employer Payroll Taxes Earnings for several employees for the week ended March 12, 20--, are as follows: Taxable Earnings Employee Name Aus, Glenn E. Diaz, Charles K. Knapp, Carol S. Mueller, Deborah F. Yeager, Jackie R. +A Current Earnings $720 350 1,220 850 940 Unemployment Compensation $210 340 135 35 Social Security $720 350 1,220 850 940 1. Calculate the employer's payroll taxes expense for the week ended March 12, 20--, assu Medicare tax is 1.45%.Payroll Accounting 2020 by Landin Question: Ed Myers is verifying the accuracy and amount of information contained in the employee records for his employer, Genible Industries. Which of the following items should be present in the employee information? Social Security number. checkedJob title. checkedEmployee address. checkedBirth date, if greater than 19.Journal entry Complete the following Prepare the journal entries as of January 12 to record the payroll taxes for the week ending January 8. Credit salaries payable for the total net pay. Prepare the journal entry to record the payment of the payroll on January 14 when the paychecks are distributed to all workers
- Required information [The following information applies to the questions displayed below] BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $128,400 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 Gross Pay for August 31 September a. 6,400 2,000 122,100 800 b. 2,100 8,000 C. Assuming situation (a), prepare the employer's September 30 journal entries to record the employer's payroll taxes expense and its related liabilities. Complete this question by entering your answers in the tabs below. Payroll Taxes Expense General Journal Compute the payroll taxes expense. (Round your answers to 2 decimal places.) Employer Payroll taxes September earnings subject to tax Tax Rate Tax Amount 24 0.00 Payroll Taxes Expense General Journal >Assume the following payroll information for Lizzie Border: Gross Pay $10,000 Income tax $2,500 FICA Social Security $620 FICA Medicare $145 What is included in the journal entry to record the employer amounts of the payroll? Assume gross salary maximums have not been reached. FICA Medicare taxes payable $145 Employer portion of income tax $2,500 Salaries expense of $6,740 Salaries payable of $10,000he payroll register of Seaside Architecture Company indicates $970 of Social Security and $258 of Medicare tax withheld on total salaries of $17,000 for the period. Federal withholding for the period totaled $3,260. Prepare the journal entry for the period's payroll. If an amount box does not require an entry, leave it blank. V Y Y
- Signature Company's partial payroll register for the week ended January 7 is as follows: TAXABLE EARNINGS NAME BEGINNING CUMULATIVE EARNINGS TOTAL EARNINGS ENDING CUMULATIVE EARNINGS UNEMPLOYMENT SOCIAL SECURITY MEDICARE Barney, R. S. ----- 1,923.00 1,923.00 1,923.00 1,923.00 1,923.00 Fisk, M. C. ----- 553.00 553.00 553.00 553.00 553.00 Hayes, W. O. ----- 486.00 486.00 486.00 486.00 486.00 Lee, L. B. ----- 670.00 670.00 670.00 670.00 670.00 Parks, S. J ----- 560.00 560.00 560.00 560.00 560.00 Tempy, E. B. ----- 562.00 562.00 562.00 562.00 562.00 4,754.00 4,754.00 4,754.00 4,754.00 4,754.00 Assume that the payroll is subject to an employer's Social Security tax of 6.2 percent on the first $118,500 and a Medicare tax of 1.45 percent on all earnings. Also assume that the federal unemployment tax is 0.6 percent, and that the state unemployment tax is…Selected columns of Envirocon Company's payroll register for March are as follows. The employer's Social Security tax amount has already been calculated as $3,124.34. The employees' FICA Medicare tax rate is matched by the employer. PaymentDate Employees' FederalIncome Tax Employees' SocialSecurity Tax Employees'Medicare Tax March 7 1,125.00 686.43 108.75 14 1,250.00 764.22 121.08 21 1,385.00 845.22 133.91 28 1,357.00 828.47 131.25 Envirocon Company deposits taxes monthly. Required: In general journal form, record the entry for the April 15 payment of FICA and federal income taxes for employees and employer. If required, round your intermediate calculations and final answers to the nearest cent and use the rounded answers in subsequent computations. If an amount box does not require an entry, leave it blank.1. Journalize the entry to record the payroll.2. Journalize the entry to record the employer's payroll taxes.3. Journalize the entry to deposit the FICA and FIT taxes