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

See similar textbooks

Similar questions

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.*
Journalize payroll taxThe payroll register of Heritage Co. indicates $4,200 of social security withheld and $1,050 of Medicare tax withheld on total salaries of $70,000 for the period. Earnings of $12,000 are subject to state and federal unemployment compensation taxes at the federal rate of 0.8% andthe state rate of 5.4%. Journalize the entry to record the payroll tax expense for the period.
At the end of its first year of operations, a company establishes an allowance for future uncollectible accounts for $5,600. At what amount would bad debt expense be reported in the current year's income statement? Multiple Choice O $6,400. $5,600. $4,800. $800.
Calculate the net pay. The balance before this weekly payroll is $90 below maximum as related to cumulative earnings in calculating Social Security. Assume a tax rate of 6.2% for Social Security on $142,800 and 1.45% for Medicare. Note: Round your answers to the nearest cent. Answer is not complete. Name Marital Status Gross FIT Social Security Medicare Net Pay B Burns Marr Filing Separ $ 900 5.58 S 13.05
Please only type answer Explain step by step
A-6
Example 4-9 From the above example, if you indicate separately on Robinson’s paycheck stub the amount of each payment, the amount of federal income tax to be withheld is computed as follows: Taxes Withheld Regular monthly earnings $2,400 $ 37.00 (from wage-bracket tax tables*) Quarterly bonus 4,600 1,012.00 ($4,600 × 22%) Totals $7,000 $ 1,049.00 The calculation of Robinson’s federal income tax for the quarter would be computed as follows: Taxes Withheld Regular monthly earnings $2,400 $37.00 × 3 months = $ 111.00 (from wage-bracket tables*) Quarterly bonus 4,600 1,012.00 ($4,600 × 22%) $1,123.00 *The percentage table could also be used. Note: OASDI and HI withholdings are calculated on total earnings per pay period multiplied by number of pay periods and then added together to arrive at a quarter’s total withholding. Quarterly and year-to-date information would appear on Robinson’s employee earnings record. The…
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. Calculate the Se and Medicare taxes for the following situations: If required, round your answers to the nearest cent. Cumul. Pay Before Current Weekly Payroll $ 30,000 54,000 126,000 127,600 Current Gross Pay $1,440 2,880 3,560 2,960 Year-to-Date Earnings Soc. Sec. Maximum $128,400 128,400 128,400 128,400 $ Amount Over Max. Soc. Sec. Amount Subject to Soc. Sec. Soc. Sec. Tax Withheld Medicare Tax Withheld
ournalize Payroll Tax The payroll register of Patel Heritage Co indicates $1,986 of social security withheld and $496.50 of Medicare tax withheld on total salaries of $33,100 for the period. Earnings of $9,600 are subject to state and federal unemployment compensation taxes at the federal rate of 0.8% and the state rate of 5.4%. Provide the journal entry to record the payroll tax expense for the period. If an amount box does not require an entry, leave it blank. Round to two decimal places. Payroll Tax Expense Payroll Tax Expense Social Security Tax Payable Social Security Tax Payable Medicare Tax Payable Medicare Tax Payable State Unemployment Tax Payable State Unemployment Tax Payable Federal Unemployment Tax Payable Federal Unemployment Tax Payable
taxable income : 1225000 income taxes payable: 245000
Use (a) the percentage method and (b) the wage-bracket method to compute the federal income taxes to withhold from the wages or salaries of each employee. Enter all amounts as positive numbers. Round your calculations and final answers to the nearest cent. Use the 2020 Federal income taxes tables for the percentage method table and the wage bracket method table
Havng trouble with this question, says the question is incomplete, and i also dont know what the 2 blank slots equal to, assuming i am missing something