6. JYD Corp. Has the following data for the month of March 2021:Gross PayrollEmployee's deductions:sss ContributionPhilhealth ContributionPag-ikig ContributionWithelding taxes1,000,00020,00010,00010,000100,000The employer contributions are as follows:sSS contributionPbilbsalth contributionPag-ibig contribution40,00010,00010,000The company distributes its total payroll as follows: 50% to direct labor, 20% to indirect labor, 25% toadministrative and 5% to Sales salary. The company also apportions employer's contribution asfollows: 70% to factory overhead,25% to administrative and 5% to selling expenses.Required: Prepare the journal entries for:A. Labor IncurrenceB. Labor DistributionC. To record employer's contributionD. Payment of accrued payroll

In the given question we are given the data of the JYD corporation for the month of March 2021. We…

Answered: Has Tollowing data for the onth of Ma…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Payroll Tax Entries According to a summary of the payroll of Guthrie Co., $629,000 was subject to the 6.0% social security tax and $774,000 was subject to the 1.5% Medicare tax. Also, $21,000 was subject to state and federal unemployment taxes. a. Calculate the employer's payroll taxes, using the following rates: state unemployment, 4.2%; federal unemployment, 0.6%. b. Journalize the entry to record the accrual of payroll taxes. If an amount box does not require an entry, leave it blank.
Samantha Lindsay works at College of Austin and is paid $15 per hour for a 40-hour workweek and time-and-a-half for hours above 40. (Click the icon to view payroll tax rate information.) Read the requirements. CEN Requirement 1. Compute Lindsay's gross pay for working 52 hours during the first week of February. Straight-time pay for 40 hours $ 600.00 270.00 Overtime pay for 12 hours 870.00 Gross Pay Requirement 2. Lindsay is single, and her income tax withholding is 15% of total pay. Lindsay's only payroll deductions are payroll taxes. Compute Lindsay's net (take-home) pay for the week. Assume Lindsay's earnings to date are less than the OASDI limit. (Round all amounts to the nearest cent) Gross pay Withholding deductions: Employee income tax Employee OASDI tax Employee Medicare tax Total withholdings Net (take-home) pay 4
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 Gross Pay for September $1,700 2,800 9,900 Assuming situation (a), prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its related liabilities. Complete this question by entering your answer in the tabs below. Employer Payroll taxes Payroll Taxes General Journal Expense Assuming situation (a), compute the payroll taxes expense. (Round your answers to 2 decimal places.) September earnings subject to tax Tax Rate
Po.7.
From the following information, calculate the payroll tax expense for New Company for the payroll of April 9 View the Dayto The FICA Social Security tax rate is 6.2% on the first $142,800 earned, and FICA Medicare is 1.45% on all earnings Federal unemployment tax is 06% on the first $7,000 earned by each employee The SUTA tax rate for New Company is 5 7% on the test $7,000 of employce earnings for state unemployment purposes (Round to the nearest cent as needed) Total Payroll Employee W Duncan C. Hart G. Oval Cumulative Earnings Before Weekly Payroll Print Gross Pay for the Week 3.000 $ 6.100 8.000 Done 750 650 250
According to a summary of the payroll of PJW Co., $380,500 in earnings were subject to the 7.7% FICA tax. Also, $62,783 in earnings were subject to state and federal unemployment taxes. Round your answers to the nearest cent. a. Calculate the employer's payroll taxes, using the following rates: state unemployment, 4.4%; federal unemployment, 1.1%.
Peyton Company's payroll for the year is $741,150. Of this amount, $472,770 is for wages paid in excess of $7,000 to each individual employee. The SUTA rate in Peyton Company's state is 2.9% on the first $7,000 of each employee's earnings. Compute: Net FUTA tax
Assume that the MUST Co. pays a weekly payroll. Using the portion of the Wage Bracket Withholding Table given, what would be the amount of federal income tax to withhold for this pay period for a single employee whose gross earning is $2,250 and who counted 2 withholding allowance? Table for Percentage Method of Withholding WEEKLY Payroll Period SINGLE person(including head of household)-- Assume the deduction for each withholding allowance is $75. If the amount of wages (after subtracting withholding allowances) is: The amount of income tax to withhold is $0 Not over $43. . . ver--- But not over-- of excess over-- $43 --$222 | $ 0.00 plus 10% ---$43 $222 ---$767 $17.90 plus 15% --$222 $767 --$1,796| $99.65 plus 25% ---$767 $1,796 --$3,700 $356.90 plus 28% ---$1,796 $3,700 ---87,992 | $890.12 plus 33% --S3,700 $7,992 ---$8,025 | $2,306.38 plus 35% ---$7,992 $8,025 $2,317.93 plus 39.6% ---$8,025 $356.90 $442.02 $484.02 $630.00
The totals from the first payroll of the year are shown below. TotalEarnings FICAOASDI FICAHI FITW/H StateTax UnionDues NetPay $36,195.10 $2,244.10 $524.83 $6,515.00 $361.95 $500.00 $26,049.22 Journalize the entry to deposit the FICA and FIT taxes. For a compound transaction, if an amount box does not require an entry, leave it blank. Round your answers to two decimal places.
Peyton Company's payroll for the year is$737,910. Of this amount, 472,120 is for wages paid in excess of of 7,000 to each individual employee. The SUTA rate in Peyton Company's state is 2.9% on the first 7,000 of each employees earnings.. Computte a. Net FUTA tax b. Net SUTA tax c. Total Unemployment taxes
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…
Gross wages at the Timberwolf Company are $100,000. The Social Security tax rate is 6.0% The Medicare tax rate is 1.5% Amount withheld from employee paychecks for the United Way, a charitable organization, is $2,000. Amount withheld from employee paychecks for retirement savings is $4,000. Make the journal entry (debit and credits) for recording the payroll.

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