Ef 117. Nash Company pays its office employee payroll weekly. Below is a partial list of employees and their payroll data for August. BecauseAugust is their vacation period, vacation pay is also listed.EmployeeMark HamillKaren RobbinsBrent KirkAlec GuinnessKen SprouseEarnings toJuly 31$5,1804,4803,6808,3808,980WeeklyPay$280230190330410Vacation Pay to BeReceived in August$460380Account Titles and Explanation820Assume that the federal income tax withheld is 10% of wages. Union dues withheld are 2% of wages. Vacations are taken the secondand third weeks of August by Robbins, Kirk, and Sprouse. The state unemployment tax rate is 2.5% and the federal is 0.8%, both on a$7,000 maximum. The FICA rate is 7.65% on employee and employer on a maximum of $128,400 per employee. In addition, a 1.45%rate is charged both employer and employee for an employee's wages in excess of $128,400.Make the journal entries necessary for each of the four August payrolls. The entries for the payroll and for the company's liability aremade separately. Also make the entry to record the monthly payment of accrued payroll liabilities. (Round answers to 2 decimal places,eg. 15.25. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automaticallyindented when amount is entered. Do not indent manually.)ADebitCredit

Payroll is the method used to compensate employees for the work they have completed. The federal…

Answered: Make the journal entries necessary for…

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter13: Accounting For Payroll And Payroll Taxes

Section13.1: Recording A Payroll

Problem 1WT

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Accounting for bonus and vacation pay Cathy Muench a factory worker, earns 1,000 each week. In addition, she will receive a 4,000 bonus at year-end and a four-week paid vacation. Prepare the entry to record the weekly payroll and the costs and liabilities related to the bonus and the vacation pay, assuming that Muench is the only employee.
You have been asked to record the November payroll information using a payroll register and a general journal. Review the printout of the worksheet PR, a computerized payroll register, that follows these requirements. The columns will automatically retotal as new entries are made. Entries in column B indicate whether or not employees are union members. Assume Joness cumulative gross pay at October 31 could be 85,000, or 105,000, or 125,000.
Payroll Accounting and Discussion of Labor Costs Blitzen Marketing Research paid its weekly and monthly payroll on January 31. The following information is available about the payroll: Blitzen will pay both the employers taxes and the taxes withheld on April 15. Required: 1. Prepare the journal entries to record the payroll payment and the incurrence of the associated expenses and liabilities. ( Note: Round to nearest penny.) 2. What is the employees' gross pay? What amount does Blitzen pay in excess of gross pay as a result of taxes? ( Note: Provide both an absolute dollar amount and as a percentage of gross pay, rounding to two decimal places.) 3. How much is the employees' net pay as a percentage of total payroll related expenses? ( Note: Round answer to two decimal places.) 4. CONCEPTUAL CONNECTION If another employee can be hired for $60,000 per year, what would be the total cost of this employee to Blitzen?
CALCULATION AND JOURNAL ENTRY FOR EMPLOYER PAYROLL TAXES Portions of the payroll register for Kathy s Cupcakes for the week ended June 21 are shown below. The SUTA tax rate is 5.4%, and the FUTA tax rate is 0.6%, both 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. Calculate the employers payroll taxes expense and prepare the journal entry to record the employers payroll taxes expense for the week ended June 21 of the current year.
CALCULATION AND JOURNAL ENTRY FOR EMPLOYER PAYROLL TAXES Portions of the payroll register for Barneys 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. Calculate the employers payroll taxes expense and prepare the journal entry to record the employers payroll taxes expense for the week ended July 15 of the current year.
In the space provided below, prepare the journal entry to record the November payroll for all employees assuming that the payroll is paid on November 30 and that Joness cumulative gross pay (cell I13) is 85,000.
Irina Company pays its employees weekly. The last pay period for 20-1 was on December 28. From December 28 through December 31, the employees earned 1,754, so the following adjusting entry was made: The first pay period in 20-2 was on Januar)-4. The totals line from Irina Companys payroll register for the week ended Januar)-4, 20-2, was as follows: REQUIRED 1. Prepare the journal entry for the payment of the payroll on January 4, 20-2. 2. Prepare T accounts for Wages and Salaries Expense and Wages and Salaries Payable showing the beginning balance, January 4, 20-2, entry, and aiding balance as of January 4, 20-2.
JOURNAL ENTRIES FOR PAYMENT OF EMPLOYER PAYROLL TAXES Angel Ruiz owns a business called Ruiz Construction Co. He does his banking at Citizens National Bank in Portland, Oregon. The amounts in his general ledger for payroll taxes and the employees withholding of Social Security, Medicare, and federal income tax payable as of April 15 of the current year are as follows: Journalize the quarterly payment of the employee federal income taxes and Social Security and Medicare taxes on April 15, 20--, and the payments of the FUTA and SUTA taxes on April 30, 20--.
Nash Company pays its office employee payroll weekly. Below is a partial list of employees and their payroll data for August. Because August is their vacation period, vacation pay is also listed. Employee Mark Hamill Karen Robbins Brent Kirk Alec Guinness Ken Sprouse Earnings to July 31 $5,180 4,480 3,680 8,380 8,980 Weekly Pay $280 230 190 330 410 Salaries and Wages Experts Vacation Pay to Be Received in August Account Titles and Explanation $460 380 820. Assume that the federal income tax withheld is 10% of wages. Union dues withheld are 2% of wages. Vacations are taken the second and third weeks of August by Robbins, Kirk, and Sprouse. The state unemployment tax rate is 2.5% and the federal is 0.8%, both on a $7,000 maximum. The FICA rate is 7.65% on employee and employer on a maximum of $128,400 per employee. In addition, a 1.45% rate is charged both employer and employee for an employee's wages in excess of $128,400. Make the journal entries necessary for each of the four August…
Cedarville Company pays its office employee payroll weekly. Below is a partial list of employees and their payroll data for August. Because August is their vacation period, vacation pay is also listed. Employee $1 Earnings to July 31 $1 WeeklyPay $1 Vacation Pay to BeReceived in August Mark Hamill $4,200 $200 – Karen Robbins $3,500 $150 $300 Brent Kirk $2,700 $110 $220 Alec Guinness $7,400 $250 $– Ken Sprouse $8,000 $330 $660 Assume that the federal income tax withheld is 10% of wages. Union dues withheld are 2% of wages. Vacations are taken the second and third weeks of August by Robbins, Kirk, and Sprouse. The state unemployment tax rate is 2.5% and the federal is 0.8%, both on a $7,000 maximum. The FICA rate is 7.65% on employee and employer on a maximum of $128,400 per employee. In addition, a 1.45% rate is charged both employer and employee for an employee’s wages in excess of $128,400. Instructions Make the journal entries necessary for each of the four August…
ayroll Register and Payroll Journal Entry 1. Prepare a payroll register for Mary’s Luxury Travel for the week ended March 22, 20--. (In the Taxable Earnings/Unemployment Compensation column, enter the same amounts as in the Social Security column.) Total the amount columns. Round your answers to the nearest cent. 2. Assuming that the wages for the week ended March 22 were paid on March 24, prepare the journal entry for the payment of the payroll. When required, enter amounts in dollars and cents. If an amount box does not require an entry, leave it blank. Mary Losch operates a travel agency called Mary’s Luxury Travel. She has five employees, all of whom are paid on a weekly basis. The travel agency uses a payroll register, individual employee earnings records, and a general journal. Mary’s Luxury Travel uses a weekly federal income tax withholding table. Refer to Figure 8-4 in the text. The payroll data for each employee for the week ended March 22, 20—, are given below. Employees…
Journalize the company payroll for the semimonthly period ending on August 31. Journalize the payment of total payroll and deductions using the totals from the payroll register. 2. Payroll will be paid with check number 1152. Completed payroll register attached.

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