In order to confirm the previous clerk’s payroll calculations, you have been asked to supply the following amounts based on your review of the payroll entries. These amounts will be checked against the company records and investigated further if necessary.1. Determine the payroll amount subject to federal and state unemployment taxes in this payroll. $[_______]2. What is the total payroll for Copperfield and Company shown in these journal entries? $[_______]3. What is Copperfield and Company’s share of FICA taxes in this payroll? $[_______]4. How much has Copperfield and Company contributed to employee 401k plans in this payroll? $[_______] **Payroll Journal Entries for October 15**The following payroll journal entries for October 15 were made by your predecessor. For FICA taxes, assume that the social security rate is 6.0% and the Medicare rate is 1.5%. The state and federal unemployment tax rates are 5.4% and 0.8%, respectively. The company offers 401k plans to employees. Review the journal entries, then answer the questions that follow.---**Journal Entries**| DATE | DESCRIPTION | POST. REF | DEBIT | CREDIT ||-----------|-------------------------------------|-----------|-------------|------------|| Oct. 15 | Sales Salaries Expense | | $39,000.00 | || | Officers Salaries Expense | | $34,800.00 | || | Office Salaries Expense | | $9,600.00 | || | Factory Wages Expense | | $62,000.00 | || | Social Security Tax Payable | | | $3,720.00 || | Medicare Tax Payable | | | $930.00 || | Employees Federal Income Tax Payable | | | $11,600.00 || | Medical Insurance Payable | | | $3,600.00 || | Retirement Contributions Payable | | | $9,100.00 || | Salaries Payable | | | $90,700.00 || DATE | DESCRIPTION | POST. REF | DEBIT | CREDIT ||-----------|-------------------------------------|-----------|---------|----------|| 15 | Payroll Tax Expense | | $4,780.00 | || | Social Security Tax Payable | | | $3,720.00 || | Medicare Tax Payable | | | $930.00 || | Federal Unemployment Tax Payable | | | $168.00 || | State Unemployment Tax Payable | | | $134.00 || DATE | DESCRIPTION | POST. REF | DEBIT | CREDIT ||-----------|-------------------------|-----------

Payroll subject to federal and state unemployment taxes=Federal Unemployment Tax PayableFederal Unemployment Tax Rate Total payroll=Sales salaries expense+Officers salaries expense+Office salaries expense+Factory wages expense Company's share of FICA taxes=Social security tax payable+Medicare tax payablePart 1: Payroll subject to federal and state unemployment taxes=Federal Unemployment Tax PayableFederal Unemployment Tax Rate=$168.000.8%=$21,000 Part 2: Total payroll for Copperfield and Company=Sales salaries expense+Officers salaries expense+Office salaries expense+Factory wages expense=$93,000+$334,800+$62,000+$130,200=$620,000 Part 3: Company's share of FICA taxes=Social security tax payable+Medicare tax payable=$37,200+$9,300=$46,500 Part 4: Copperfield and Company contribution to 401k plans=$55,800

Business

Accounting

In order to confirm the previous clerk's payroll calculations, you have been asked to supply the following amounts based on your review of the payroll entries. These amounts will be checked against the company records and investigated further if necessary. 1. Determine the payroll amount subject to federal and state unemployment taxes in this payroll. S 2. What is the total payroll for Copperfield and Company shown in these journal entries? S 3. What is Copperfield and Company's share of FICA taxes in this payroll? S 4. How much has Copperfield and Company contributed to employee 401k plans in this payroll? S

In order to confirm the previous clerk's payroll calculations, you have been asked to supply the following amounts based on your review of the payroll entries. These amounts will be checked against the company records and investigated further if necessary. 1. Determine the payroll amount subject to federal and state unemployment taxes in this payroll. S 2. What is the total payroll for Copperfield and Company shown in these journal entries? S 3. What is Copperfield and Company's share of FICA taxes in this payroll? S 4. How much has Copperfield and Company contributed to employee 401k plans in this payroll? S

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Jumping Jumpers Smocking, Inc., is a monthly depositor whose December federal taxes are displayed below. Record one journal entry to account for the payment of the federal taxes. All tax payments are made in a timely manner on the payment due date (which, for this month, is not impacted by a weekend or holiday). Chart of Accounts Notes: • Enter the transaction date on the first line only (if multiple transactions are required, enter the date on the first line of each transaction). Enter all debits within the transaction prior to entering any credits. • See the Chart of Accounts provided for the proper account names to use. • To earn any credit for a given line within the journal entry, the account name must be correct. Partial credit given for a correct account name with an incorrect amount; full credit is given for a correct account name with the correct amount. • Do not include journal entry explanation when submitting your answer. December Tax Totals Federal Income Tax Employer's…
The following totals for the month of April were taken from the payroll register of Concord Company. Salaries and wages FICA taxes withheld Income taxes withheld Medical insurance deductions Federal unemployment taxes State unemployment taxes $72500 5514 15400 2610 194 1301 The entry to record the Payroll Tax Expense would include a O credit to Salaries and Wages Payable. O debit to Federal Unemployment Payable. credit to FICA Taxes Payable. O credit to Payroll Tax Expense. 99+
This problem continues the computing and recording employee payroll for the Olney Company for the pay period ending January 8th, 20--. Tasks previously performed include determining gross earnings, FICA withholding, federal, state and city taxes. These computations are shown in the Employee Payroll Register. Requirements: Compute and record the employee's SUTA contributions. Compute and record the Olney Company's SUTA and FUTA contributions. Payroll Register The State Unemployment Tax Act, better known as SUTA, is a form of payroll tax that all states require employers to pay for their employees. SUTA is a counterpart to FUTA, the federal unemployment insurance program. Your tasks now are to compute FUTA and SUTA. Complete the following step: Compute and record the employee's SUTA contributions (employees pay 0.06% on total gross pay). Note: Round your final answers to nearest cent. ONLEY COMPANY, INC.Employee Payroll Register For Period Ending January 8, 20-- EARNINGS…
The payroll register of Heritage Co. indicates $1,500 of social security withheld and $375 of Medicare tax withheld on total salaries of $25,000 for the period. Federal withholding for the period totaled $4,250. Retirement savings withheld from employee paychecks were $2,500 for the period. Journalize the entry to record the period’s payroll. If an amount box does not require an entry, leave it blank. blank Account Debit Credit blank
According to the accountant of Metlock, Inc., its payroll taxes for the week were as follows: $140.00 for FICA taxes, $22.00 for federal unemployment taxes, and $93.00 for state unemployment taxes.Journalize the entry to record the accrual of the payroll taxes. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 10.50.) Account Titles and Explanation Debit Credit
Prepare general journal entries to record these transactions. You do have to enter descriptions for the entries for this problem.
Explain it
Record the journal entries for each of the following payroll transactions. If an amount box does not require, leave it blank. Apr. 2 Paid $680 and $300 cash to a federal depository for FICA Social Security and FICA Medicare, respectively. Apr. 4 Paid accumulated employee salaries of $15,220. Apr. 11 Issued checks in the amounts of $480 for federal income tax and $300 for state income tax to an IRS-approved bank. Apr. 14 Paid cash to health insurance carrier for total outstanding health insurance liability of $800. Apr. 22 Remitted cash payments for FUTA and SUTA to federal and state unemployment agencies in the amounts of $130 and $250, respectively. Apr. 2 Apr. 4 Apr. 11 Apr. 14 Apr. 22
The payroll register of Seaside Architecture Company indicates $990 of Social Security and $258 of Medicare tax withheld on total salaries of $15,500 for the period. Federal withholding for the period totaled $3,245. Prepare the journal entry for the period's payroll. If an amount box does not require an entry, leave it blank.
I am really struggling with this accounting homework. The possible accounts you can use for both entries: Accounts Receivable, Canada Pension Plan Expense, Canada Pension Plan Payable, Cash, Employee Benefits Expense, Employee Income Tax Payable, Employment Insurance Expense, Employment Insurance Payable, Salaries Expense. The possible explanations you can use for both entries: To record emplyer portion of CPP and EI withholdings payable, To record payroll costs, To record salaries and employee withholdings payable Thank you for the help. I appreciate it!
Assuming no employees are subject to ceilings for their earnings, Harris Company has the following information for the pay period of January 15-31. Use this information to answer the question that follow. Gross payroll Social security rate Medicare rate Federal income tax withheld Federal unemployment tax rate State unemployment tax rate Assuming that all wages are subject to federal and state unemployment taxes, the employer's payroll tax expense would be a. $2,870 b. $1,370 c. $750 Od. $620 $10,000 6.0% 1.5% $1,800 0.8% 5.4%
The payroll records of Brownlee Company provided the following information for the weekly pay period ended March 23, 2018:Required:1. Enter the relevant information in the proper columns of a payroll register and complete the register; calculate CPP and EI deductions. Charge the wages of Kathy Sousa to Office Wages Expense and the wages of the remaining employees to Service Wages Expense. Calculate income tax deductions at 20% of gross pay. Employees are paid an overtime premium of 50% for all hours in excess of 40 per week. Payroll Week Ended March 23, 2018 (Image 1)