No d. Prepare the journal entry to record the payroll tax expense and fringe benefit expense for Webber Packing Company for the wee (Round your answers to 2 decimal places.) 1 Required Information [The following information applies to the questions displayed below.] The following information is available for the employees of Webber Packing Company for the first week of January Year 1: 1. Kayla earns $27 per hour and 1½ times her regular rate for hours over 43 per week. Kayla worked 45 hours the first week in January. Kayla's federal income tax withholding is equal to 12 percent of her gross pay. Webber pays medical Insurance of $95 per week for Kayla and contributes $59 per week to a retirement plan for her. 2. Paula earns a weekly salary of $1,050. Paula's federal Income tax withholding is 18 percent of her gross pay. Webber pays medical insurance of $115 per week for Paula and contributes $95 per week to a retirement plan for her. 3. Vacation pay is accrued at the rate of 2 hours per week (based on the regular pay rate) for Kayla and $70 per week for Paula. 2 Assume the Social Security tax rate is 6.0 percent on the first $110,000 of salaries and the Medicare tax rate is 1.5 percent of total salaries. The state unemployment tax rate is 5.4 percent and the federal unemployment tax rate is 0.6 percent of the first $7,000 of salary for each employee. Date Jan. Jan. Payroll tax expense Answer is not complete. General Journal FICA tax-SS payable FICA tax - Medicare payable Federal unemployment tax payable State unemployment tax payable Vacation pay expense Employee medical insurance expense Employee pension expense Vacation pay payable Employee medical insurance payable Employee pension payable 333 3333 Debit 124.00 Credit 106.92 x 26.73 x 10.69 x 98.23 x
No d. Prepare the journal entry to record the payroll tax expense and fringe benefit expense for Webber Packing Company for the wee (Round your answers to 2 decimal places.) 1 Required Information [The following information applies to the questions displayed below.] The following information is available for the employees of Webber Packing Company for the first week of January Year 1: 1. Kayla earns $27 per hour and 1½ times her regular rate for hours over 43 per week. Kayla worked 45 hours the first week in January. Kayla's federal income tax withholding is equal to 12 percent of her gross pay. Webber pays medical Insurance of $95 per week for Kayla and contributes $59 per week to a retirement plan for her. 2. Paula earns a weekly salary of $1,050. Paula's federal Income tax withholding is 18 percent of her gross pay. Webber pays medical insurance of $115 per week for Paula and contributes $95 per week to a retirement plan for her. 3. Vacation pay is accrued at the rate of 2 hours per week (based on the regular pay rate) for Kayla and $70 per week for Paula. 2 Assume the Social Security tax rate is 6.0 percent on the first $110,000 of salaries and the Medicare tax rate is 1.5 percent of total salaries. The state unemployment tax rate is 5.4 percent and the federal unemployment tax rate is 0.6 percent of the first $7,000 of salary for each employee. Date Jan. Jan. Payroll tax expense Answer is not complete. General Journal FICA tax-SS payable FICA tax - Medicare payable Federal unemployment tax payable State unemployment tax payable Vacation pay expense Employee medical insurance expense Employee pension expense Vacation pay payable Employee medical insurance payable Employee pension payable 333 3333 Debit 124.00 Credit 106.92 x 26.73 x 10.69 x 98.23 x
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![No
1
Required Information
[The following information applies to the questions displayed below.]
d. Prepare the journal entry to record the payroll tax expense and fringe benefit expense for Webber Packing Company for the week.
(Round your answers to 2 decimal places.)
2
The following Information is available for the employees of Webber Packing Company for the first week of January Year 1:
1. Kayla earns $27 per hour and 1⁄2 times her regular rate for hours over 43 per week. Kayla worked 45 hours the first
week in January. Kayla's federal income tax withholding is equal to 12 percent of her gross pay. Webber pays medical
Insurance of $95 per week for Kayla and contributes $59 per week to a retirement plan for her.
2. Paula earns a weekly salary of $1,050. Paula's federal Income tax withholding is 18 percent of her gross pay. Webber
pays medical Insurance of $115 per week for Paula and contributes $95 per week to a retirement plan for her.
3. Vacation pay is accrued at the rate of 2 hours per week (based on the regular pay rate) for Kayla and $70 per week for
Paula.
Assume the Social Security tax rate is 6.0 percent on the first $110,000 of salaries and the Medicare tax rate is 1.5 percent
of total salaries. The state unemployment tax rate is 5.4 percent and the federal unemployment tax rate is 0.6 percent of
the first $7,000 of salary for each employee.
Date
Jan.
Jan.
Payroll tax expense
Answer is not complete.
General Journal
FICA tax - SS payable
FICA tax - Medicare payable
Federal unemployment tax payable
State unemployment tax payable
Vacation pay expense
Employee medical insurance expense
Employee pension expense
Vacation pay payable
Employee medical insurance payable
Employee pension payable
333
Debit
124.00
Credit
106.92 x
26.73 X
×××
10.69 x
96.23](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F564026bb-d7e5-47a0-9970-251d58fff8a2%2Fc7b45005-ad0c-4753-9c79-1ff1e5dfc38d%2Feyreom_processed.png&w=3840&q=75)
Transcribed Image Text:No
1
Required Information
[The following information applies to the questions displayed below.]
d. Prepare the journal entry to record the payroll tax expense and fringe benefit expense for Webber Packing Company for the week.
(Round your answers to 2 decimal places.)
2
The following Information is available for the employees of Webber Packing Company for the first week of January Year 1:
1. Kayla earns $27 per hour and 1⁄2 times her regular rate for hours over 43 per week. Kayla worked 45 hours the first
week in January. Kayla's federal income tax withholding is equal to 12 percent of her gross pay. Webber pays medical
Insurance of $95 per week for Kayla and contributes $59 per week to a retirement plan for her.
2. Paula earns a weekly salary of $1,050. Paula's federal Income tax withholding is 18 percent of her gross pay. Webber
pays medical Insurance of $115 per week for Paula and contributes $95 per week to a retirement plan for her.
3. Vacation pay is accrued at the rate of 2 hours per week (based on the regular pay rate) for Kayla and $70 per week for
Paula.
Assume the Social Security tax rate is 6.0 percent on the first $110,000 of salaries and the Medicare tax rate is 1.5 percent
of total salaries. The state unemployment tax rate is 5.4 percent and the federal unemployment tax rate is 0.6 percent of
the first $7,000 of salary for each employee.
Date
Jan.
Jan.
Payroll tax expense
Answer is not complete.
General Journal
FICA tax - SS payable
FICA tax - Medicare payable
Federal unemployment tax payable
State unemployment tax payable
Vacation pay expense
Employee medical insurance expense
Employee pension expense
Vacation pay payable
Employee medical insurance payable
Employee pension payable
333
Debit
124.00
Credit
106.92 x
26.73 X
×××
10.69 x
96.23
![Required Information
[The following information applies to the questions displayed below.]
The following information is available for the employees of Webber Packing Company for the first week of January Year 1:
1. Kayla earns $27 per hour and 1/2 times her regular rate for hours over 43 per week. Kayla worked 45 hours the first
week in January. Kayla's federal Income tax withholding is equal to 12 percent of her gross pay. Webber pays medical
Insurance of $95 per week for Kayla and contributes $59 per week to a retirement plan for her.
2. Paula earns a weekly salary of $1,050. Paula's federal Income tax withholding is 18 percent of her gross pay. Webber
pays medical Insurance of $115 per week for Paula and contributes $95 per week to a retirement plan for her.
3. Vacation pay is accrued at the rate of 2 hours per week (based on the regular pay rate) for Kayla and $70 per week for
Paula.
Assume the Social Security tax rate is 6.0 percent on the first $110,000 of salaries and the Medicare tax rate is 1.5 percent
of total salaries. The state unemployment tax rate is 5.4 percent and the federal unemployment tax rate is 0.6 percent of
the first $7,000 of salary for each employee.
e. What is the total cost of compensation expense for the first week of January Year 1 for Webber Packing Company? (Do not round
Intermediate calculations. Round your answer to 2 decimal places.)
Total compensation expense](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F564026bb-d7e5-47a0-9970-251d58fff8a2%2Fc7b45005-ad0c-4753-9c79-1ff1e5dfc38d%2F8t3ipco_processed.png&w=3840&q=75)
Transcribed Image Text:Required Information
[The following information applies to the questions displayed below.]
The following information is available for the employees of Webber Packing Company for the first week of January Year 1:
1. Kayla earns $27 per hour and 1/2 times her regular rate for hours over 43 per week. Kayla worked 45 hours the first
week in January. Kayla's federal Income tax withholding is equal to 12 percent of her gross pay. Webber pays medical
Insurance of $95 per week for Kayla and contributes $59 per week to a retirement plan for her.
2. Paula earns a weekly salary of $1,050. Paula's federal Income tax withholding is 18 percent of her gross pay. Webber
pays medical Insurance of $115 per week for Paula and contributes $95 per week to a retirement plan for her.
3. Vacation pay is accrued at the rate of 2 hours per week (based on the regular pay rate) for Kayla and $70 per week for
Paula.
Assume the Social Security tax rate is 6.0 percent on the first $110,000 of salaries and the Medicare tax rate is 1.5 percent
of total salaries. The state unemployment tax rate is 5.4 percent and the federal unemployment tax rate is 0.6 percent of
the first $7,000 of salary for each employee.
e. What is the total cost of compensation expense for the first week of January Year 1 for Webber Packing Company? (Do not round
Intermediate calculations. Round your answer to 2 decimal places.)
Total compensation expense
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