Mayaguez Corporation provides its officers with bonuses based on net income. For 2017, the bonuses total $350,000 and are paid on February 15, 2018. Prepare Mayaguez’s December 31, 2017, adjusting entry and the February 15, 2018, entry.
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Mayaguez Corporation provides its officers with bonuses based on net income. For 2017, the bonuses total $350,000 and are paid on February 15, 2018. Prepare Mayaguez’s December 31, 2017,
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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…Liam Wallace is general manager of Worldwide Salons. During 2018Wallace worked for the company all 18, 1 year at a $ 12,900 monthly salary. He also earned a year-end bonus equal to 15% of his annual salary Wallace's federal income tax withheld during 2018 was $1,161 per month, plus $2,322 on his bonus check. State income tax withheld came to $170 per month , plus $110 on the bonus . FICA tax was withheld on the annual earnings . Wallace authorized the following payroll deductions : Charity Fund contribution of 4% of total earnings and life insurance of $35 per month Worldwide incurred payroll tax expense on Wallace for FICA tax . The company also paid state unemployment tax and federal unemployment tax . Requirement 4. Make the journal entry to record the accrual of Worldwide's payroll tax expense for Wallace's total earnings.Buffalo Incorporated began operations on January 2, 2016. Buffalo employs 12 individuals who work 8-hour days and are paid hourly. Each employee earns 12 paid vacation days and 5 paid sick days annually. Vacation days may be taken after February 28 of the year in which they are earned. Sick days may be taken as soon as they are earned; unused sick days accumulate. Additional information is as follows. Actual Hourly Vacation Days Used by Each Employee Sick Days Used by Each Employee Wage Rate 2016 2017 2016 2017 2016 2017 $13 $15 2 10 4 3
- Katie Pereira and Ferro Schwartz are employees of Free Star, Inc. In February 2017, Katie's gross pay was $5,500, and Ferro's gross pay was $14,900. All earnings are subject to FICA-OASDI Tax of 6.2% and FICA-Medicare Tax of 1.45%. Which of the following would be included in the entry to record the salaries expense for February? OA. a credit to FICA-OASDI Taxes Payable for $1,264.80 OB. a debit to Salaries Payable to employees for $1,264.80 OC. a debit to FICA-Medicare Taxes Payable for $1,264.80 OD. a credit to Salaries Expense for $1,264.80Liam Wallace is general manager of Worldwide Salons. During 2018Wallace worked for the company all 18, 1 year at a $ 12,900 monthly salary. He also earned a year-end bonus equal to 15% of his annual salary Wallace's federal income tax withheld during 2018 was $1,161 per month, plus $2,322 on his bonus check. State income tax withheld came to $170 per month , plus $110 on the bonus . FICA tax was withheld on the annual earnings . Wallace authorized the following payroll deductions : Charity Fund contribution of 4% of total earnings and life insurance of $35 per month Worldwide incurred payroll tax expense on Wallace for FICA tax . The company also paid state unemployment tax and federal unemployment tax . Requirement 3. Make the journal entry to record Worldwide's expense for Wallace's total earnings for the year, his payroll deductions and net payDebit Salaries Expense and Bonus Expense as appropriate Credit liability accounts for the payroll deductions and Cash for net pay. An…On December 31, 2018, an entity paid $300,000 contribution to a defined contribution plan. Of this amount, P250,000 is in part exchange for services performed by the employees in December 2017, and the balance of P50,000 is in respect of services to be performed in 2018. What is the journal entry of the defined contribution plan made on December 2017?
- Marie earns $557.69 weekly. The company has approved a 2% increase retroactive to January 1, 2023. 20 pay periods have been processed in the current year. Calculate Marie's gross earnings for the next pay period, including the current salary and the retroactive increase. This will be paid on one cheque.Cruz Company has gathered the information needed to complete its Form 941 for the quarter ended September 30, 2015. Using the information presented below, complete Part 1 of Form 941 # of employees for pay period that included September 12-14 employees Wages paid third quarter- $79,750.17 Federal income tax withheld in the third quarter- $9,570.00 Taxable social security and Medicare wages - $79,750.17 Total tax deposits for the quarter-$21,771.83The following summary data for the payroll period ended December 27, 2021, are available for Cayman Coating Company: Gross pay FICA tax withholdings Income tax withholdings Group hospitalization insurance Employee contributions to pension plan Total deductions Net pay $ 93,000 ? 15,480 1,650 ? 25,455 ? Additional information: • For employees, FICA tax rates for 2021 were 7.65% on the first $142,800 of each employee's annual earnings. However, no employees had accumulated earnings for the year in excess of the $142,800 limit. • For employers, FICA tax rates for 2021 were also 7.65% on the first $142,800 of each employee's annual earnings. • The federal and state unemployment compensation tax rates are 0.6% and 5.4%, respectively. These rates are levied against the employer for the first $7,000 of each employee's annual earnings. Only $15,600 of the gross pay amount for the December 27, 2021, pay period was owed to employees who were still under the annual limit. b-2. Assuming that…
- During 2023, Lincoln Company hires 24 individuals who are certified to be members of a qualifying targeted group. Each employee works in excess of 600 hours and is paid wages of $9,850 during the year. Determine the amount of Lincoln's work opportunity credit. $fill in the blank 1.The payroll of Coronado Company for September 2025 is as follows. Total payroll was $434,000, of which $104,000 is exempt from Social Security tax because it represented amounts paid in excess of $142,800 to certain employees. The amount paid to employees in excess of $7.000 (the maximum for both federal and state unemployment taxes) was $363,000. Income taxes in the amount of $72,400 were withheld, as was $9.500 in union dues. The state unemployment tax is 3.5%, but Coronado Company is allowed a credit of 2.3% by the state for its unemployment experience. Also, assume that the current FICA tax is 7.65% on an employee's wages to $142,800 and 1.45% in excess of $142,800. The federal unemployment tax rate is 0.8% after state credit. Prepare the necessary journal entries if the wages and salaries paid and the employer payroll taxes are recorded separately. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are…On January 1, 2021, Panda Corporation agreed to grant all its employees two weeks paid vacation each year, with the stipulation that vacations earned each year can be taken the following year. For the year ended December 31, 2021, Panda's employees each earned an average of $500 per week. A total of 1,000 vacation weeks were earned in 2021, with 400 vacation weeks earned in 2021 but not taken during 2021. In its December 31, 2021, balance sheet, what amount of liability for compensated absences is Panda required to report? $500,000. $200,000. $0. $300,000.