According to a summary of the payroll of Scotland Company, $450,000 was subject to the 6.0% social security tax and $500,000 was subject to the 1.5% Medicare tax. Federal income tax withheld was $98,000. Also, $15,000 was subject to state (4.2%) and federal (0.8%) unemployment taxes. The journal entry to record the accrued payroll taxes would include a a.debit to SUTA Payable for $18,900 b.debit to SUTA Payable for $630 c.credit to SUTA Payable for $18,900 d.credit to SUTA Payable for $630 According to a summary of the payroll of Scotland Company, $450,000 was subject to the6.0% social security tax and $500,000 was subject to the 1.5% Medicare tax. Federal incometax withheld was $98,000. Also, $15,000 was subject to state (4.2%) and federal (0.8%)unemployment taxes. The journal entry to record the accrued payroll taxes would include aa. debit to SUTA Payable for $18,900b. debit to SUTA Payable for $630c. credit to SUTA Payable for $18,900d. credit to SUTA Payable for $630

The acronym SUTA stands for State Unemployment Tax which has been deducted for the unemployed…

ng to a summary of the payroll of Scotland Company, $450,000 was sub cial security tax and $500,000 was subject to the 1.5% Medicare tax. Fe held was $98,000. Also, $15,000 was subject to state (4.2%) and federa yment taxes. The journal entry to record the accrued payroll taxes woul pit to SUTA Payable for $18,900

ng to a summary of the payroll of Scotland Company, $450,000 was sub cial security tax and $500,000 was subject to the 1.5% Medicare tax. Fe held was $98,000. Also, $15,000 was subject to state (4.2%) and federa yment taxes. The journal entry to record the accrued payroll taxes woul pit to SUTA Payable for $18,900

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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The payroll register for Star Express & Company for the pay period ended January 31, 20--, showed the following: Total Earnings $834,000.00 Taxable Earnings: FUTA 6,700.00 SUTA 6,700.00 Social Security 787,000.00 Deductions: Federal income tax 129,600.00 Social Security tax 48,794.00 Medicare tax 11,411.50 Pension plan 38,450.00 Health insurance 23,400.00 United Way 16,000.00 The Social Security tax rate is 6.2%, Medicare tax is 1.45%, FUTA tax is 0.8%, and SUTA tax is 5.4%.Required: 1. Prepare a journal entry to record the payroll on January 31, 20--. If required, round your answers to the nearest cent. If an amount box does not require an entry, leave it blank.
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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
A6 please help....
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The payroll register of Chen Heritage Co. indicates $2,220 of social security withheld and $555 of Medicare tax withheld on total salaries of $37,000 for the period. Federal withholding for the period totaled $6,290. Retirement savings withheld from employee paychecks were $2,650 for the period. Provide the journal entry for the period's payroll. If an amount box does not require an entry, leave it blank.
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Payroll tax entries Instructions Chart of Accounts First Question Journal Instructions According to a summary of the payroll of Guthrie Co., $770,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax. Also, $42,000 was subject to state and federal unemployment taxes. Required: a. Compute the employer’s payroll taxes, using the following rates: state unemployment, 5.4%; federal unemployment, 0.6%. b. On December 31, journalize the entry to record the accrual of payroll taxes. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Chart of Accounts CHART OF ACCOUNTS Guthrie Co. General Ledger ASSETS 110 Cash 111 Accounts Receivable 112 Interest…
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