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 $7,000 paidto its employee.a.b.C.Gross Pay throughAugust 31$ 6,1002,100133,000Exercise 9-8 (Algo) Payroll-related journal entries LO P2Assuming situation (a), prepare the employer's September 30 journal entry to record salary expense and its related payroll liabilities forthis employee. The employee's federal income taxes withheld by the employer are $90 for this pay period.Complete this question by entering your answers in the tabs below.Taxes to beWithheld FromGross PayGross Pay forSeptember$ 1,4002,2009,600GeneralJournalThe employee's federal income taxes withheld by the employer are $90 for this pay period. Assuming situation (a), computethe taxes to be withheld from gross pay for this employee.Note: Round your answers to 2 decimal places.Federal income taxTaxes to be Withheld From Gross Pay (Employee-Paid Taxes)September EarningsSubject to TaxTax RateTax Amount$90.00

Introduction:Federal income taxes:- The internal revenue service imposes a tax known as the federal…

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. a. b. C. Gross Pay through August 31 $ 6,100 2,100 133,000 Taxes to be Withheld From Gross Pay Gross Pay for September $1,400 Exercise 9-8 (Algo) Payroll-related journal entries LO P2 Assuming situation (a), prepare the employer's September 30 journal entry to record salary expense and its related payroll liabilities for this employee. The employee's federal income taxes withheld by the employer are $90 for this pay period. 2,200 9,600 Complete this question by entering your answers in the tabs below. General Journal

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. a. b. C. Gross Pay through August 31 $ 6,100 2,100 133,000 Taxes to be Withheld From Gross Pay Gross Pay for September $1,400 Exercise 9-8 (Algo) Payroll-related journal entries LO P2 Assuming situation (a), prepare the employer's September 30 journal entry to record salary expense and its related payroll liabilities for this employee. The employee's federal income taxes withheld by the employer are $90 for this pay period. 2,200 9,600 Complete this question by entering your answers in the tabs below. General Journal

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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Payroll Review ProblemCalculate payroll for Uno company’s one employee for the first week of March. Their only employee worked 50 hours and makes $12/hour. The employee has not exceeded any of the wage or tax limits. Use the tax rates as follows: TAX RATE LIMITS FICA – Soc Sec 6.20% $118,500 FICA – Medicare 1.45% None Fed Inc Tax 8.00% None FUTA 0.60% $7,000 SUTA 5.40% $12,000 Required: Calculate gross pay, deductions, and net pay. Prepare the journal entry to record wages expense and its related payroll liabilities for the employee’s payroll. Prepare the journal entry to record the payroll tax expense and related liabilities for Uno Company’s payroll.
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156 Principles of Cost Accounting Journal entries for payroll A partial summary of the payroll data for Burrington Manufactur- ing Company for each week of June is as follows: ЕЗ-5 LO2 LO3 June 7 June 14 June 21 June 28 Gross earnings . $ 36,500 $ 34,200 $ 37,300 $ 38,400 Deductions: FICA tax, 8% $? $? $? $? Tax-sheltered annuity. 1,825 1,780 1,855 1,870 Income tax 4,215 4,120 4,320 4,410 Health insurance 600 600 600 600 Total deductions $? $? $? $? Net earnings $? $? $? $? a. Compute the missing amounts in the summary, assuming that no employees have reached the $100,000 FICA maximum. b. For each payroll period, prepare journal entries to (1) record the payroll and (2) record the payments to employees.
Assignment: The following information about the payroll for the week ended December 30 was obtained from the records of KLM Co.: Salaries: Sales Salaries $350,000 Warehouse Salaries 180,000 Office Salaries 145,000 $675,000 Deductions: Income Tax Withheld $118,800 Social Security Tax Withheld 40,500 Medicare Tax Withheld 10.125 US Savings Bonds 14,850 Group Insurance 12.150 $196,425 Tax Rates Assumed: Social Security, 6% Medicare 1.5% State Unemployment (SUTA) 5.4% Federal Unemployment (FUTA) 0.6% Required: Prepare the journal entries to 1. Record the December 30 payroll 2. Record the employer's payroll taxes. Assume that $35,000 is subject to unemployment compensation taxes
Exercise Al-9 Payment of payroll deductions LO3 Paradise Hills Berry Farm has 21 employees who are paid biweekly. The payroll register showed the following payroll deductions for the pay period ending March 23, 2021. Gross Pay EI Premium Income Taxes 78,950.00 1,310.57 10,889.00 CPP 3,768.09 Medical Ins. United Way 1,475.00 1,644.00 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.) View transaction list Journal entry worksheet 1 Record the remittance to the Receiver General for Canada. Note: Enter debits before credits. Date April 15 General Journal + Debit Credit View general journal Record entry Clear entry
DATE OF PAY PERIOD ENDING 20- 20 PAYMENT NET СК. EARNINGS DEDUCTIONS EMPLOYEE MAR. TOTAL NAME ALLOW RATE SOC. SEC. FED. INC. STATE INC. HOSP. INS OTHERS TOTAL PAY NO. NUMBER STATUS HOURS REGULAR OVERTIME TOTAL MED. TAX TAX TAX TAX 10 2 3 6. 9. 10 11 10 12 11 13 14 13 15 14 16 17 15 18 16 17 18 25 12 7.
Exercise 9-10 (Algo) Recording payroll LO P2, P3 The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $380,000; Office salaries, $76,000; Federal income taxes withheld, $114,000; State income taxes withheld, $25,500; Social security taxes withheld, $28,272; Medicare taxes withheld, $6,612; Medical insurance premiums, $9,000; Life insurance premiums, $6,000; Union dues deducted, $3,000; and Salaries subject to unemployment taxes, $54,000. The employee pays 40% of medical and life insurance premiums. Assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6%. 1. & 2. Using the above information, complete the below table and prepare the journal entries to record accrued payroll, including employee deductions, and cash payment of the net payroll (salaries payable) for July. 3. Using the above information, complete the below table. 4. Record the accrued employer payroll taxes and other related employment…
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QS 11-8 (Algo) Recording employee payroll taxes LO P2 On January 15, the end of the first pay period of the year, North Company's employees earned $28,000 of sales salaries. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $2,100 of federal income taxes, $459 of medical insurance deductions, and $230 of union dues. No employee earned more than $7,000 in this first period. Prepare the journal entry to record North Company's January 15 salaries expense and related liabilities. No 1 Date January 15 X Answer is complete but not entirely correct. General Journal Salaries expense FICA-Social security taxes payable FICA-Medicare taxes payable Employee medical insurance payable Employee union dues payable Salaries payable Federal unemployment taxes payable × Debit 28,000 Credit 1,736 406 678 X 190 X 21,190 X 3,800 X
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