Payroll Accounting Class (2301-900)Cengage - eBook Bieg/Toland's Payroll Accounting (2021, 31th Edition)Ch. 3: Problem Case 3-8AI need help with finding the formula used to get the answerOASDI Taxable Wage Base = 137,700 O 3-8ALO 3 D See Example 3-5Ralph Henwood was paid a salary of $64.600 during 20- by Odesto Company: In addition, during theyear Hemwood started his own business as a public accountant and reported a net business income of$80.000 an his income tax return for 20-. Compute the followinga. The amount of FICA taves that was withheld from hisOASDI Scamings during 20- by Odesto Company.HI Sb. Henwood's sel-employment laves on the income derivedfrom the public accounting business for 20-OASDI SHI S liliFileInsertPage LaycutFormulasDataHelp=|シ.三三2Wrap TextArial10A王王|三三三Merge & CenterAlignmentPasteClipboardFontAB.Name:Enter the appropriate numbers/formulas in the shaded (gray) cells. An asterisk (*) will appearto the right of an incorrect answer.3-8ASalary(a) The amount of FICA taxes that was withheld fromOASDIhis earnings paid by Odesto Company.IHBusiness1.(b) Henwood's self-employment taxes on net business2.income from public accounting business.OASDI3.4.1.212223.25B-1BB-6B3-8BH Type here to search

Self-employed tax rate: The self-employed tax rates for 2020 are 15.3 percent in which the 12.4% for…

LO 3 See Examala 2-5 Ralph Henwood was paid a salary of $64.600 during 20-- by Odesto Company. In addition, during the year Henwood started his own business as a public accountant and reported a net business income of s80.000 en his income tax return for 20--. Compute the following a. The amourt of FICA Laes that was withedd from his camings during 20- by Odesto Company. OASDI S b. Henwood's sel-employment tawes on the income derived from the public accunting business for 20--. OASDI S HI S

LO 3 See Examala 2-5 Ralph Henwood was paid a salary of $64.600 during 20-- by Odesto Company. In addition, during the year Henwood started his own business as a public accountant and reported a net business income of s80.000 en his income tax return for 20--. Compute the following a. The amourt of FICA Laes that was withedd from his camings during 20- by Odesto Company. OASDI S b. Henwood's sel-employment tawes on the income derived from the public accunting business for 20--. OASDI S HI S

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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Assume that the payroll records of Bramble Oil Company provided the following information for the weekly payroll ended November 30, 2020. Employee T. King T. Binion N.Cole C. Hennesey Hours Worked Date 44 46 Nov. 30 40 Show Transcribed Text Nov. 30 42 Your answer is partially correct. Hourly Pay Rate $69 Salaries and Wages Expense FICA Taxes Payable Account Titles and Explanation Federal Income Taxes Payable Union Dues Payable Salaries and Wages Payable (To record weekly payroll) Payroll Tax Expense 34 FICA Taxes Payable 39 Additional information: All employees are paid overtime at time and a half for hours worked in excess of 40 per week. The FICA tax rate is 7.65% for the first $132,900 of each employee's annual earnings and 1.45% on any earnings over $132,900. The employer pays unemployment taxes of 6.0% (5.4% for state and .6% for federal) on the first $7,000 of each employee's annual earnings. 44 State Income Taxes Payable Federal Income Taxes Payable Federal Income Tax Prepare…
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Summary Payroll Data 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 3. Total earnings Deductions: 4. Social security tax 5. Medicare tax 6. Income tax withheld 7. Medical insurance 8. Union dues 9. Total deductions 10. Net amount paid Accounts debited: 11. Factory Wages 12. Sales Salaries 13. Office Salaries $80,000 ? (32,400) (8,100) (135,000) (18,900) (201,150) $338,850 285,000 ? 120,000 a. Calculate the amounts omitted in lines (1), (3), (8), and (12). Assume that the social security tax rate was 6.0% and the Medicare tax rate was 1.5%. (1) (3)
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S eBook Ask Print eferences Mc Graw Hill :: -WKCTC_....txt FI 2 W S KMH Industries is a monthly schedule depositor of payroll taxes. For the month of August 2021, the payroll taxes (employee and employer share combined) were as follows: X 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 journal entry required" in the first account field. Round your answers to 2 decimal places.) View transaction list A Journal entry worksheet 4² Record the remittance of August payroll taxes. Note: Enter debits before credits. # 3 1 E D Data C 8.0 F3 $ 4 JUL 22 R F a F4 V General Inurnal % 5 T F5 G 8 DII FB M 1 ( 9 K ران DD F9 O ) O A F10 L P Ⓡ command C F11 - 9 F12 option
Bart Consulting Firm has the following payroll information for the week ended March 20th: Name Earnings at the end of the previous week Sun. Mon. Tues. Wed. Thurs. Fri. Sat. Pay Rate Federal Income Tax Lauren, F 14,400 8 8 8 8 8 30.00 222.52 Baylor, M 12,000 8 8 8 8 8 25.00 178.55 Lims, T 7,200 8 8 8 8 8 15.00 78.00 Tate, C 6,000 8 8 8 8 8 15.00 62.00 Musker, J 4,320 8 8 8 15.00 15.00 Mako, W 3,888 8 8 8 13.50 11.00 Additional Information: Taxable earnings for Social Security are based on the first $132,900. Taxable earnings for Medicare are based on all earnings. Taxable earnings for federal and state unemployment are based on the first $7,000. Employees are paid time-and-a-half for work in excess of 40 hours per week. Round amounts to the nearest penny. What you must do: Complete the attached Payroll Register (Excel Spreadsheet). Use the following information to help: The Social Security tax rate is 6.2 percent. The Medicare tax…
DIRECTIONS 1 Journalize the entry to RECORD the payroll 2 Journalize the entry to RECORD the employer's payroll taxes (SUTA rate is 3.7%) 3 Journalize the entry to deposit the FICA and FIT taxes TOTAL EARNINGS FICA OASDI FICA HI FIT W/H STATE TAX UNION DUES NET PAY $36,195.10 $2,244.10 $524.83 $6,515.00 $361.95 $500.00 $26,049.22 1 JOURNAL DATE DESCRIPTION DEBIT CREDIT 2 JOURNAL DATE DESCRIPTION DEBIT CREDIT…
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Question text The totals from the first payroll of the year are shown below. Total Earnings FICA OASDI FICA HI FIT W/H State Tax Union Dues Net Pay $36,195.10 $2,244.10 $524.83 $6,515.00 $361.95 $500.00 $26,049.22 Journalize the entry to deposit the FICA and FIT taxes.
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