In the following summary of data for a payroll period, some amounts have been intention-EX 10-10 Summary payroll dataOBJ. 2, 32-01 XB 1.550a lo ally omitted:Earnings:WOM SM1. At regular rate2. At overtime rate3. Total earnings?Toserpret the,00$80,000or declining??brust boerbng Deductions:4. Social security tax32,4005. Medicare taxbooos addortabrord mon bo 6. Income tax withheldg leqioninq 135,000for December 3dWOM SMlad 8,100moarq o (d),0 onul no n7. Medical insurance18,900us Year8. Union dues9. Total deductions10. Net amount paid201,150Ace338,850910Accounts debited:Invemorgnol anl uoda30011. Factory Wages285,0002.30012. Sales Salariesa Compute13. Office Salaries120,000Companydeclininga. Calculate the amounts omitted in lines (1), (3), (8), and (12).b. Journalize the entry to record the payroll accrual.c. Journalize the entry to record the payment of the payroll.

Payroll Accounting - It is accounting which consists of tracking and filing the data regarding…

În the following summary of data for a payroll period, some amounts have been intention- ally omitted: 400 Earnings: 1. At regular rate 2. At overtime rate 2000 Comp WONE WOH M $80,000 3. Total earnings or declining ? n Deductions: 4. Social security tax ysq 0032,400 ad 8,100 5. Medicare tax for December abrori WOM SM 6. Income tax withheld qioninq 135,000 Inue 20 (P) pc baame 7. Medical insurance 18,900 lous Year 8. Union dues 9. Total deductions 10. Net amount paid 201,150 Account 338,850 910 Accounts debited: nver 91-gnol al nos 300 11. Factory Wages 285,000 300 12. Sales Salaries a Com 13. Office Salaries 120,000 qu a. Calculate the amounts omitted in lines (1), (3), (8), and (12). or declining b. Journalize the entry to record the payroll accrual. c. Journalize the entry to record the payment of the payroll.

În the following summary of data for a payroll period, some amounts have been intention- ally omitted: 400 Earnings: 1. At regular rate 2. At overtime rate 2000 Comp WONE WOH M $80,000 3. Total earnings or declining ? n Deductions: 4. Social security tax ysq 0032,400 ad 8,100 5. Medicare tax for December abrori WOM SM 6. Income tax withheld qioninq 135,000 Inue 20 (P) pc baame 7. Medical insurance 18,900 lous Year 8. Union dues 9. Total deductions 10. Net amount paid 201,150 Account 338,850 910 Accounts debited: nver 91-gnol al nos 300 11. Factory Wages 285,000 300 12. Sales Salaries a Com 13. Office Salaries 120,000 qu a. Calculate the amounts omitted in lines (1), (3), (8), and (12). or declining b. Journalize the entry to record the payroll accrual. c. Journalize the entry to record the payment of the payroll.

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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Calculating Social Security and Medicare taxes assume a Social Security tax rate of 6.2% is applied to maximum earnings of $128,400 and a Medicare tax rate of 1.45% is applied to all earnings. What is the Medicare tax paid if Anthony's gross income is $114,550.00 for the year. *
Assume that the social security tax rate is 6% and the Medicare tax rate is 1.5%. In the following summary of data for a payroll period, some amounts have been intentionally omitted: Earnings: 1. At regular rate ? 2. At overtime rate $64,000 3. Total earnings ? Deductions: 4. Social security tax 30,240 5. Medicare tax 7,560 6. Federal income tax withheld 128,000 7. Medical insurance 17,640 8. Union dues ? 9. Total deductions 190,190 10. Net amount paid 313,810 Accounts debited: 11. Factory Wages 264,000 12. Sales Salaries ? 13. Office Salaries 110,000 Required: a. Determine the amounts omitted in lines (1), (3), (8), and (12). b. On December 19, journalize the entry to record the payroll accrual.* c. On December 20, journalize the entry to record the payment of the payroll.*
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