KMH Industries is a monthly schedule depositor of payroll taxes. For the month of August 2021, the payroll taxes (employe employer share combined) were as follows: Social Security tax: $5,056.78 Medicare tax: $1,182.63 Employee Federal income tax: $3,960.00 Required: Create the General Journal entry for the remittance of the taxes. (If no entry is required for a transaction/event, select "No_ entry required" in the first account field. Round your answers to 2 decimal places.) View transaction list Journal entry worksheet

KMH Industries is a monthly schedule depositor of payroll taxes. For the month of August 2021, the payroll taxes (employe employer share combined) were as follows: Social Security tax: $5,056.78 Medicare tax: $1,182.63 Employee Federal income tax: $3,960.00 Required: Create the General Journal entry for the remittance of the taxes. (If no entry is required for a transaction/event, select "No_ entry required" in the first account field. Round your answers to 2 decimal places.) View transaction list Journal entry worksheet

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…
Journalize Payroll Tax The payroll register of Chen Engineering Co. indicates $1,956 of social security withheld and $489.00 of Medicare tax withheld on total salaries of $32,600 for the period. Earnings of $10,100 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.
Farm has 28 employees who are paid biweekly. The payroll register showed the following payroll deductions for the pay period ending March 23, 2021. Gross Pay 85,950.00 EI Premium Income Taxes 1,426.77 11,855.00 View transaction list Journal entry worksheet < 1 Required: Prepare a journal entry to record payment by the employer to the Receiver General for Canada on April 15. (Do not round intermediate calculations. Round the final answers to 2 decimal places.) Note: Enter debits before credits. Date April 15 CPP 4,067.95 Record the remittance to the Receiver General for Canada. Medical Ins. 1,650.00 General Journal United Way 1,819.00 Debit Credit
A company's payroll records report $3,460 of gross pay and $484 of federal income tax withholding for an employee for the weekly pay period. Compute this employee's FICA Social Security tax (6.2%), FICA Medicare tax (1.45%), state income tax (1.0%), and net pay for the current pay period. Note: Round your final answers to 2 decimal places. Gross pay FICA Social Security tax deduction FICA Medicare tax deduction Federal income tax deduction State income tax deduction Total deductions Net pay
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
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. 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. KIPLEY COMPANY, INC.Employee Payroll RegisterFor Period Ending January 8, 20-- EARNINGS DEDUCTIONS NET PAY Name Gross OASDI HI FIT SIT SUTA CIT SIMPLE Grp. Ins. Health Ins. Ck. No. Amount Carson, F. $700.00 $43.40 $10.15 $48.00 $21.49 $21.00 $20.00 Wilson, W. 897.04 55.62 13.01 68.00 27.54 26.91 50.00 Utley, H. 678.75 42.08 9.84 14.00 20.84 20.36 40.00 Fife, L. 877.10 54.38 12.72 33.00 26.93 26.31 50.00 Smith, L. 790.00 48.98 11.46 59.00 24.25 23.70 20.00 Fay, G. 539.15 33.43 7.82 0.00 16.55…
Payroll Tax Entries According to a summary of the payroll of Mountain Streaming Co., $582,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax. Also, $19,000 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, 0.8%. $ b. Journalize the entry to record the accrual of payroll taxes. If an amount box does not require an entry, leave it blank. ▼
bh.0
The payroll register of Seaside Architecture Company indicates $820 of social security and $219 of Medicare tax withheld on total salaries of $14,600 for the period. Assume earnings subject to state and federal unemployment compensation taxes are $5,300 at the federal rate of 0.8% and state rate of 5.4%. Prepare the journal entry to record the payroll tax expense for the period. If an amount box does not require an entry, leave it blank. If required, round your answers to two decimal places.
XYZ Company is processing payroll for the week ending January 9th. Employee earnings total $5,000. Federal income tax withheld from employee paychecks totaled $1,100. The social security tax rate is 6%, the Medicare tax rate is 1.5%, the state unemployment tax rate is 5.4% and the federal unemployment tax rate is .8%. a) Journalize the payroll entry for the week. DATE Debit Credit X/X b) Journalize the payroll tax entry for the week. DATE Debit Credit X/X
The payroll register of Castilla Heritage Co indicates $2,790 of social security withheld and $697.50 of Medicare tax withheld on total salaries of $46,500 for the period. Earnings of $13,000 are subject to state and federal unemployment gompensation 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.