Item Classification 1. Sales taxes payable. 2. Pension liability (to be fully paid to retired employees in next 11 months) 3. Pension liability (to be paid to employees retiring in 2 to 5 years) 4. Machinery (expected life of 4 years) 5. Employee Medical Insurance Payable 6. FICA-Medicare Taxes Payable 7. Interest payable (due in 90 days) 8. Wages payable. 9. Employee Federal Income Taxes Payable 10. Employee Union Dues Payable

Item Classification 1. Sales taxes payable. 2. Pension liability (to be fully paid to retired employees in next 11 months) 3. Pension liability (to be paid to employees retiring in 2 to 5 years) 4. Machinery (expected life of 4 years) 5. Employee Medical Insurance Payable 6. FICA-Medicare Taxes Payable 7. Interest payable (due in 90 days) 8. Wages payable. 9. Employee Federal Income Taxes Payable 10. Employee Union Dues Payable

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

How do I do this?
on 4 An employee has total gross wages of $7,000, Federal Unemployment Expense, and State Unemployment Expense. What is the correct journal entry for the employer's payroll taxes and otl expenses? Debit Crédit $535.50 $420.00 FICA Expenses Federal Unemployment Expense State Unemployment $378.00 Expense FICA Payable Federal Unemployment Expense State Unemployment Expense $535.50 $420.00 $378.00 Debit Credit FICA Expenses Federal Unemployment $535.50 $420.00 Expense State Unemployment Expense $378.00 Cash $1,333.50 Debit Credit FICA Payable Federal Unemployment $535.50 $420.00 Expense State Unemployment Payable FICA Expenses Federal Unemployment Expense State Unemployment Expense $378.00 $535.50 $420.00 $378.00 MacBook Air
Journalize Payroll Tax The payroll register of Patel Engineering Co. indicates $1,698 of social security withheld and $424.50 of Medicare tax withheld on total salaries of $28,300 for the period. Earnings of $8,200 are subject to state and federal unemployment compensation taxes at the federal rate of 0.6% 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 v Social Security Tax Payable v Medicare Tax Payable v State Unemployment Tax Payable v Federal Unemployment Tax Payable v DEFER
Taxes to be Withheld From Gross Pay Assuming situation (a), prepare the employer's September 30 journal entry to record salary expense and its related payroll liabilities for this employee. The employee's federal income taxes withheld by the employer are $90 for this pay period. Note: Round your answers to 2 decimal places. General Journal View transaction list Journal entry worksheet 1 Prepare the employer's September 30 journal entry to record accrued salary expense and its related payroll liabilities for this employee. Note: Enter debits before credits. Date September 30 Record entry General Journal Clear entry Debit Credit View general journal
Vacation Pay and Pension Benefits Harvey Company provides its employees with vacation benefits and a defined benefit pension plan. Employees earned vacation pay of $47,800 for the period. The pension formula indicated a pension cost of $345,220. Only $299,500 was contributed to the pension plan administrator. Required: a. Provide the journal entry for the vacation pay. If an amount box does not require an entry, leave it blank. 8 b. Provide the journal entry for the pension benefit. If an amount box does not require an entry, leave it blank. 18
ESPAÑOL INGLÉS FRANCÉS ABC pays its employees monthly. The payroll information shown below is for December 2021, the last month of the ABC fiscal year 1. Total gross wages: $400,000 2. income tax withholding: $80,000 3. Federal Unemployment Tax Rate (FUTA) 0.60%, $30,000 of total payroll exceeds $7,000 limit 4. State Unemployment Tax Rate (SUTA) 5.4%, $30,000 of total payroll exceeds $7,000 limit 5. Social Security Tax Rate: 6.20%, $8,000 of total payroll exceeds the $147,000 limit. 6. Medicare tax rate: 1.45% unlimited Determine the total employee withholdings Enviar comentar MacBook Air 10
Payroll Tax Entries According to a summary of the payroll of Guthrie Co., $610,000 was subject to the 6.0% social security tax and $750,000 was subject to the 1.5% Medicare tax. Also, $20,000 was subject to state and federal unemployment taxes. a. Calculate the employer's payroll taxes, using the following rates: state unemployment, 4.2%; federal unemployment, 0.6%. b. Journalize the entry to record the accrual of payroll taxes. If an amount box does not require an entry, leave it blank. Payroll Tax Expense Social Security Tax Payable Medicare Tax Payable State Unemployment Tax Payable Federal Unemployment Tax Payable
Exhibit 6-1 The totals from the first payroll of the year are shown below. Total Earnings $36,195.10 FICA OASDI $2,244.10 FICA НІ $524.83 FIT W/H $6,515.00 State Tax $361.95 Refer to Exhibit 6-1. Journalize the entry to record the employer's payroll taxes (assume a SUTA rate of 3.7%). Union Dues $500.00 Net Pay $26,049.22
1 ences Piperel Lake Resort's four employees are paid monthly. Assume an income tax rate of 20%. Required: Complete the payroll register below for the month ended January 31, 2021. (Do not round intermediate values. Round the final answers to 2 decimal places.) Click here to view the CPP Tables for 2021. Click here to view the El Tables for 2021. Employee Wynn, L Short, M. Pearl, P Quincy, B Totals $ $ Gross Pay 2,000.00 1,750.00 1,950.00 1,675.00 7,375.00 El Premium Income Taxes Medical Ins. $ Deductions $ 65.00 65.00 65.00 65.00 260.00 A CPP $ $ United Way 40.00 100.00 0.00 50.00 190.00 Total Deductions Pay Net Pay Distribution Office Salaries 1,750.00 Guide Salaries S 2.000.00 1,950.00 1,675.00
K t ht ences The employees of Ethereal Bank are paid on a semimonthly basis. All employees are single. There are no pre-tax deductions. Required: Compute the FICA taxes for the employees for the November 30 payroll. All employees have been employed for the entire calendar year. Note: Round "Social Security Tax" and "Medicare Tax" to 2 decimal places. Employee R. Bellagio B. Khumalo S. Schriver K. Saetang T. Ahmad M. Petrova Semimonthly Pay $ $ $ $ $ $ 9,519 6,719 6,838 8,200 10,700 9,050 YTD Pay for November 15 Pay Date Social Security Tax for November 30 Pay Date Medicare Tax for November 30 Pay Date
Journalizing Payroll Transactions On December 31, the payroll register of Hamstreet Associates indicated the following information: Wages and Salaries Expense $7,100.00 Employee Federal Income Tax Payable 970.00 United Way Contributions Payable 230.00 Earnings subject to Social Security tax 6,600.00 Use Social Security 6.2% and Medicare 1.45% as specified in the text. 1. Determine the amount of Social Security and Medicare taxes to be withheld. If required, round your answers to the nearest cent. Social Security Tax $fill in the blank a35bdffc5ff4017_1 Medicare Tax $fill in the blank a35bdffc5ff4017_2
Calculation and Journal Entry for Employer Payroll Taxes 1. Calculate the employer's payroll taxes expense. Round your answer to the nearest cent. 2. Prepare the journal entry to record the employer's payroll taxes expense for the week ended July 15 of the current year. Round your answers to the nearest cent, if required. If an amount box does not require an entry, leave it blank. Portions of the payroll register for Barney’s Bagels for the week ended July 15 are shown below. The SUTA tax rate is 5.4%, and the FUTA tax rate is 0.6%, both of which are levied on the first $7,000 of earnings. The Social Security tax rate is 6.2% on the first $118,500 of earnings. The Medicare rate is 1.45% on gross earnings. Barney’s BagelsPayroll Register Total Taxable Earnings of All Employees Total Earnings Unemployment Compensation Social Security $12,200 $10,500 $12,200