I need some help with the questions reffering to the image below. Complete Accounting Services has the following payroll information for the week ended December 7. State income tax is computed as 20 percent of federal income tax. Assumed tax rates are as follows: FICA: Social Security, (employer) 6.2 percent (0.062) and (employee) 6.2 percent (0.062) on the first $118,500 for each employee, and Medicare, 1.45 percent (0.0145) on all earnings for each employee. State unemployment tax, 5.4 percent (0.054) on the first $7,000 for each employee. Federal unemployment tax, 0.6 percent (0.006) on the first $7,000 for each employee. Required: 1. Complete the payroll register. Payroll checks begin with Ck. No. 5714 in the payroll register. 2. Prepare the general journal entry to record the payroll as of December 7. The company's general ledger contains a Salary Expense account and a Salaries Payable account. 3. Prepare a general journal entry to record the payroll taxes as of December 7. 4. Journalize the entry to pay the payroll on December 9. (Assume that the company has transferred cash to the Cash-Payroll Bank Account for this payroll.)
I need some help with the questions reffering to the image below. Complete Accounting Services has the following payroll information for the week ended December 7. State income tax is computed as 20 percent of federal income tax. Assumed tax rates are as follows: FICA: Social Security, (employer) 6.2 percent (0.062) and (employee) 6.2 percent (0.062) on the first $118,500 for each employee, and Medicare, 1.45 percent (0.0145) on all earnings for each employee. State unemployment tax, 5.4 percent (0.054) on the first $7,000 for each employee. Federal unemployment tax, 0.6 percent (0.006) on the first $7,000 for each employee. Required: 1. Complete the payroll register. Payroll checks begin with Ck. No. 5714 in the payroll register. 2. Prepare the general journal entry to record the payroll as of December 7. The company's general ledger contains a Salary Expense account and a Salaries Payable account. 3. Prepare a general journal entry to record the payroll taxes as of December 7. 4. Journalize the entry to pay the payroll on December 9. (Assume that the company has transferred cash to the Cash-Payroll Bank Account for this payroll.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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I need some help with the questions reffering to the image below.
Complete Accounting Services has the following payroll information for the week ended December 7. State income tax is computed as 20 percent of federal income tax.
Assumed tax rates are as follows:
FICA: Social Security, (employer) 6.2 percent (0.062) and (employee) 6.2 percent (0.062) on the first $118,500 for each employee, and Medicare, 1.45 percent (0.0145) on all earnings for each employee.
State
Federal unemployment tax, 0.6 percent (0.006) on the first $7,000 for each employee.
Required:
1. Complete the payroll register. Payroll checks begin with Ck. No. 5714 in the payroll register.
2. Prepare the general
3. Prepare a general journal entry to record the payroll taxes as of December 7.
4. Journalize the entry to pay the payroll on December 9. (Assume that the company has transferred cash to the Cash-Payroll Bank Account for this payroll.)
Transcribed Image Text:The table presents detailed information on employee earnings and deductions. Each row represents a different employee and the data is organized into several columns:
1. **Name**: Lists the employees by last name and first initial.
- Denato, T.
- Herrera, M.
- Joyner, J.
- King, L.
- Wilson, M.
- Yee, N.
2. **Beginning Cumulative Earnings**: Displays the initial cumulative earnings for each employee.
- Denato, T.: $6,820.00
- Herrera, M.: $6,840.00
- Joyner, J.: $36,320.00
- King, L.: $26,200.00
- Wilson, M.: $116,060.00
- Yee, N.: $28,426.00
3. **Total Earnings**: Shows the total earnings for the current pay period.
- Denato, T.: $480.00
- Herrera, M.: $470.00
- Joyner, J.: $740.00
- King, L.: $540.00
- Wilson, M.: $2,720.00
- Yee, N.: $605.00
4. **Deductions**:
- **Federal Income Tax**: The federal withholding amount for each employee.
- Denato, T.: $24.00
- Herrera, M.: $23.00
- Joyner, J.: $58.00
- King, L.: $30.00
- Wilson, M.: $456.78
- Yee, N.: $37.00
- **State Income Tax**: The state withholding amount for each employee.
- Denato, T.: $4.80
- Herrera, M.: $4.60
- Joyner, J.: $11.60
- King, L.: $6.00
- Wilson, M.: $91.36
- Yee, N.: $7.40
This table provides an overview of the earnings and tax deductions affecting each employee for a specific pay period.
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