Don't give solution in image format.. Juan's Mexican Restaurant incurred salaries expense of $62,000 for 2016. The payroll expense includes employer FICA tax, in addition to state unemployment tax and federal unemployment tax. Of the total salaries, $18,000 is subject to unemployment tax. Also, the companyprovides the following benefits for employees: health insurance (cost to the company. $3,000), life insurance (cost to the company, $400), and retirement benefits (cost to the company, 10% of salaries expense). Journalize Juan's expenses for employee benefits and for payrolltaxes. Explanations are not required. (Round all amounts to the nearest cent. Record debits first, then credits. Exclude explanations from journal entries.)(Click the icon to view payroll tax rate information.)Begin with the entry to accrue Juan's employer payroll taxes.DateAccounts and ExplanationPayroll Tax ExpenseFICA-OASDI Taxes PayableFICA-Medicare Taxes PayableFederal Unemployment Taxes PayableState Unemployment Taxes PayableNow record the accrual of Juan's employee benefit expenses.DateAccounts and ExplanationEmployee Benefits ExpenseEmployee Health Insurance PayableEmployee Life Insurance PayableEmployee Retirement Benefits PayableDebitCreditDebitCredit

Payroll taxes refer to those taxes paid by both employer and employee in order to fund the employee…

Answered: Juan's Mexican Restaurant incurred…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter9: Payroll Accounting: Employer Taxes And Reports

Section: Chapter Questions

Problem 1CP

See similar textbooks

Similar questions

Diego's Mexican Restaurant incurred salaries expense of $58,000 for 2018. The payroll expense includes employer FICA tax, in addition to state unemployment tax and federal unemployment tax. Of the total salaries, $23,000 is subject to unemployment tax. Also, the company provides the following benefits for employees: health insurance (cost to the company, $2,100), life insurance (cost to the company, $310), and retirement benefits (cost to the company, 6% of salaries expense). Requirements: 1. Journalize Diego's expenses for employee benefits and for payroll taxes. Explanations are not required. ( I'm stuck on the last two numbers) 2. What was Diego's total expense for 2018 related to payroll? Finished work: First Account Box: FICA tax payable = 58000 * 6.2% = 3596 FICA - medicare taxes payable = 58000 * 1.45% = 841 Federal unemployment taxes = 23000 * 0.6% = 138 State unemployment taxes = 23000 * 5.4% = 1242 Payroll tax expenses =…
Ricardo's Mexican Restaurant incurred salaries expense of $67,000 for 2016. The payroll expense includes employer FICA tax, in addition to state unemployment tax and federal unemployment tax. Of the total salaries, $19,000 is subject to unemployment tax. Also, the company provides the following benefits for employees: health insurance (cost to the company, $2,600), life insurance (cost to the company, $390), and retirement benefits (cost to the company, 7% of salaries expense). Journalize Ricardo's expenses for employee benefits and for payroll taxes. Explanations are not required. (Round all amounts to the nearest cent. Record debits first, then credits. Exclude explanations from journal entries.) (Click the icon to view payroll tax rate information.) Begin with the entry to accrue Ricardo's employer payroll taxes. Date Accounts and Explanation Debit Credit
Axel's Mexican Restaurant incurred salaries expense of $61,000 for 2024. The payroll expense includes employer FICA tax, in addition to state unemployment tax and federal unemployment tax. Of the total salaries, $21,000 is subject to unemployment tax. Also, the company provides the following benefits for employees: health insurance (cost to the company, $2,300), life insurance (cost to the company, $370), and retirement benefits (cost to the company, 8% of salaries expense). More info For all payroll calculations, use the following tax rates and round amounts to the nearest cent: Employee: Employer: OASDI: 6.2% on first $132,900 earned; Medicare: 1.45% up to $200,000, 2.35% on earnings above $200,000. OASDI: 6.2% on first $132,900 earned per employee; Medicare: 1.45%, FUTA: 0.6% on first $7,000 earned per employee; SUTA: 5.4% on first $7,000 earned per employee. Requirements A 1. Journalize Axel's expenses for employee benefits and for payroll taxes. Explanations are not required. 2.…
K Felipe's Mexican Restaurant incurred salaries expense of $70,000 for 2024. The payroll expense includes employer FICA tax, in addition to state unemployment tax and federal unemployment tax. Of the total salaries, $23,000 is subject to unemployment tax. Also, the company provides the following benefits for employees: health insurance (cost to the company, $2,000), life insurance (cost to the company, $400), and retirement benefits (cost to the company. 8% of salaries expense). i (Click the icon to view payroll tax rate information.) Read the requirements. More info For all payroll calculations, use the following tax rates and round amounts to the nearest cent: Employee: Employer: OASDI: 6.2% on first $132,900 earned; Medicare: 1.45% up to $200,000, 2.35% on earnings above $200,000. OASDI: 6.2% on first $132,900 earned per employee; Medicare: 1.45%; FUTA: 0.6% on first $7,000 earned per employee; SUTA: 5.4% on first $7,000 earned per employee. Date Print Done Requirement 1. Journalize…
Felipe's Mexican Restaurant incurred salaries expense of $70,000 for 2024. The payroll expense includes employer FICA tax, in addition to state unemployment tax and federal unemployment tax. Of the total salaries, $23,000 is subject to unemployment tax. Also, the company provides the following benefits for employees: health insurance (cost to the company, $2,000), life insurance (cost to the company, $400), and retirement benefits (cost to the company, 8% of salaries expense). Requirement 1. Journalize Felipe's expenses for employee benefits and for payroll taxes. Explanations are not required. Begin with the entry to accrue Felipe's employer payroll taxes. (Round all amounts to the nearest cent. Record debits first, then credits. Exclude explanations from journal entries.) Date ages Get more help - Accounte [99+ More info Dabit Gradit For all payroll calculations, use the following tax rates and round amounts to the nearest cent: Employee: Employer: OASDI: 6.2% on first $132,900…
Ricardo's Mexican Restaurant incurred salaries expense of $62,000 for 2024. The payroll expense includes employer FICA fax, in addition to state unemployment tax and federal unemployment tax. Of the total salaries $22,000 is subject to unemployment tax. Also, the company provides the following benefits for employees health insurance (cost to the company, $3,000), life insurance (cost to the company, $330), and retirement benefits (cost to the company 10% of salaries expense) (Click the icon to view payroll tax rate information.) Read the requirements Requirement 2. What was Ricardo's total expense for 2024 related to payroll? Select the labels associated with total payroll expense, and then enter in the corresponding amounts. (Round all amounts to the nearest cent. If a box is not used in the table leave the box empty; do not select a label or enter a zero.)
Felipe's Mexican Restaurant incurred salaries expense of $60,000 for 2024. The payroll expense includes employer FICA tax, in addition to state unemployment tax and federal unemployment tax. Of the total salaries, $19,000 is subject to unemployment tax. A provides the following benefits for employees: health insurance (cost to the company, $2,900), life insurance (cost to the company, $390), and retirement benefits (cost to the company, 8% of salaries expense). i (Click the icon to view payroll tax rate information.) Read the requirements. Requirement 1. Journalize Felipe's expenses for employee benefits and for payroll taxes. Explanations are not required. Begin with the entry to accrue Felipe's employer payroll taxes. (Round all amounts to the nearest cent. Record debits first, then credits. Exclude explanations from journal entries.) Date Accounts Debit Credit Now record the accrual of Felipe's employee benefit expenses. Date Accounts Debit C Credit Requirement 2. What was Felipe's…
All info for this question is inc
In a recent pay period, Blue Company employees have gross salaries of $18,960. Total deductions are: CPP $886, EI $348, and income taxes $4,480. What is Blue Company’s total payroll expense for this pay period? Ignore vacation benefits and workers’ compensation premiums.
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. FICA - Social Security FICA Base FICA - Medicare Federal Unemployment Tax (FUTA) State Unemployment Tax (SUTA) Unemployment limit Situation FUTA SUTA FICA-Social Security FICA-Medicare a. b. C. Gross Pay through August 31 $6,400 2,000 131,400 6.2% $137,700 1.45% 0.6% 5.4% $7,000 Gross Pay for September Required: Compute BMX's amounts for each of these four taxes as applied to the employee's gross earnings for September under each of three separate situations (a), (b), and (c). Note: If no tax is due, no formula is required. 'Tax Situation a Situation b Situation c $800 2,100 8,000
Recording employer payroll taxes and employee benefits Ricardo’s Mexican Restaurant incurred salaries expense of $62,000 for 2018. The payroll expense includes employer FICA tax, in addition to state unemployment tax and federal unemployment tax. Of the total salaries, $22,000 is subject to unemployment tax. Also, the company provides the following benefits for employees: health insurance (the cost to the company, $3,000), life insurance (the cost to the company, $330), and retirement benefits (the cost to the company, 10% of salaries expense). Requirements Journalize Ricardo’s expenses for employee benefits and for payroll taxes. Explanations are not required. What was Ricardo’s total expense for 2018 related to payroll?
please answer

SEE MORE QUESTIONS

Recommended textbooks for you

College Accounting, Chapters 1-27

Accounting

ISBN:

9781337794756

Author:

HEINTZ, James A.

Publisher:

Cengage Learning,

College Accounting, Chapters 1-27 (New in Account…

Accounting

ISBN:

9781305666160

Author:

James A. Heintz, Robert W. Parry

Publisher:

Cengage Learning

College Accounting (Book Only): A Career Approach

Accounting

ISBN:

9781337280570

Author:

Scott, Cathy J.

Publisher:

South-Western College Pub

College Accounting, Chapters 1-27

Accounting

ISBN:

9781337794756

Author:

HEINTZ, James A.

Publisher:

Cengage Learning,

College Accounting, Chapters 1-27 (New in Account…

Accounting

ISBN:

9781305666160

Author:

James A. Heintz, Robert W. Parry

Publisher:

Cengage Learning

College Accounting (Book Only): A Career Approach

Accounting

ISBN:

9781337280570

Author:

Scott, Cathy J.

Publisher:

South-Western College Pub

PAYROLL ACCT., 2019 ED.(LL)-TEXT

Accounting

ISBN:

9781337619783

Author:

BIEG

Publisher:

CENGAGE L

SWFT Comprehensive Volume 2019

Accounting

ISBN:

9780357233306

Author:

Maloney

Publisher:

Cengage

SEE MORE TEXTBOOKS