atCALCULATORFULL SCREENPRINTER VERSION1 BACKNEXTDo It! Review 11-03 a a-b (Part Level Submission)In January, gross earnings in Burrell Company were $80,000. All earnings are subject to 7.65% FICA taxes. Federal income tax withheld was$414,000, and state income tax withheld was $1,600.v (a)Calculate net pay for January. (Round answer to 0 decimal places, e.g. 125.)Net pay for January$Attempts: 0 of 15 usedSAVE FOR LATERSUBMIT ANSWER> (b)The parts of this question must be completed in order. This part will be available when you complete the part above.

Formula: Net pay = Gross earnings - FICA - Federal income tax - state income tax. Deduction of FICA…

in January, gross earnings in Burrell Company were $80,000. All earnings are subject to 7.65% FICA taxes. Federal income tax withheld was $14,000, and state income tax withheld was $1,600. (a) Calculate net pay for January. (Round answer to 0 decimal places, e.g. 125.) Net pay for January $4

in January, gross earnings in Burrell Company were $80,000. All earnings are subject to 7.65% FICA taxes. Federal income tax withheld was $14,000, and state income tax withheld was $1,600. (a) Calculate net pay for January. (Round answer to 0 decimal places, e.g. 125.) Net pay for January $4

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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Employee net pay Lindsey Vater's weekly gross earnings for the week ended March 9 were $ 3,160, and her federal income tax withholding was $663.60. Assuming the social security tax rate is 6% and Medicare tax is 1.5% of all earnings, what is Lindsey's net pay? For interim computations, carry amounts out to two decimal places. Round your final answer to two decimal places.
The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $360,000; Office salaries, $72,000; Federal income taxes withheld, $108,000; State income taxes withheld, $24,000; Social security taxes withheld, $26,784; Medicare taxes withheld, $6,264; Medical insurance premiums, $8,500; Life insurance premiums, $5,500; Union dues deducted, $2,500; and Salaries subject to unemployment taxes, $53,000. The employee pays 40% of medical and life insurance premiums. Assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6%. 1. & 2. Using the above information, complete the below table and prepare the journal entries to record accrued payroll, including employee deductions, and cash payment of the net payroll (salaries payable) for July. 3. Using the above information, complete the below table. 4. Record the accrued employer payroll taxes and other related employment expenses and the cash payment of all…
The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $380,000; Office salaries, $76,000; Federal income taxes withheld, $114,000; State income taxes withheld, $25,500; Social security taxes withheld, $28,272; Medicare taxes withheld, $6,612; Medical insurance premiums, $9,000; Life insurance premiums, $6,000; Union dues deducted, $3,000; and Salaries subject to unemployment taxes, $54,000. The employee pays 40% of medical and life insurance premiums. Assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6%. 1. & 2. Using the above information, complete the below table and prepare the journal entries to record accrued payroll, including employee deductions, and cash payment of the net payroll (salaries payable) for July. 3. Using the above information, complete the below table. 4. Record the accrued employer payroll taxes and other related employment expenses and the cash payment of all liabilities…
Payroll entries Widmer Company had gross wages of $350,000 during the week ended June 17. The amount of wages subject to social security tax was $350,000, while the amount of wages subject to federal and state unemployment taxes was $52,500. Tax rates are as follows: Social security Medicare State unemployment Federal unemployment June 7 Wages Expense 6.0% 1.5% 5.4% The total amount withheld from employee wages for federal taxes was $70,000. If an amount box does not require an entry, leave it blank. a. Journalize the entry to record the payroll for the week of June 17. June 7 Payroll Tax Expense 0.8% Social Security Tax Payable Medicare Tax Payable Employees Federal Income Tax Payable Wages Payable Social Security Tax Payable Medicare Tax Payable 350,000 THEA b. Journalize the entry to record the payroll tax expense incurred for the week of June 17. ✓ 21,000 5,250 HOW! 88
The following totals for the month of June were taken from the payroll register of Waterway Company. Salaries and wages $100000 FICA taxes withheld 7650 Income taxes withheld 17600 Medical insurance deductions 3200 Federal unemployment taxes 600 State unemployment taxes 5400 The entry to record the accrual of federal unemployment taxes would include a debit to Federal Unemployment Taxes Payable for $600. credit to Federal Unemployment Taxes Expense for $600. credit to Payroll Tax Expense for $600. credit to Federal Unemployment Taxes Payable for $600.
The following information about the payroll for the week ended December 30 was obtained from the records of Pharrell Co.: Salaries: Sales salaries $325,000 Warehouse salaries 196,000 Office salaries 131,000 $652,000 Deductions: Income tax withheld $119,000 Social security tax withheld 39,120 Medicare tax withheld 9,780 Retirement savings 14,344 Group insurance 11,736 $193,980 Tax rates assumed: Social security 6% Medicare 1.5% State unemployment (employer only) 5.4% Federal unemployment (employer only) 0.6% 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,…
Computer World reports income tax expense of $230,000. Income taxes payable at the beginning and end of the year are $54,500 and $64,000, respectively.What is the cash paid for income taxes during the year?
In January, gross earnings in Swifty Company were $42,000. The 7.65% FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and wages up to $128,400 and the Medicare tax rate of 1.45% on all salaries and wages. Federal income tax withheld was $8,800, and state income tax withheld was $1,120. Calculate net pay for January. Net pay for January $enter Net pay for January in dollars Record the payroll. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 125.) Account Titles and Explanation Debit Credit enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title…
Months gross earnings for the week were $1450, his federal income tax withholding was $318 and his fisca total $111 there were no state income tax what was money's net pay for the week