→ O At the end of December 202X, the total amount of Social Security, $560, and Medicare, $300, was withheld as tax deductions from the employees of Lucky, Inc. Federal income tax of $2,940 was also deducted from their paychecks. Lucky is classified as a monthly depositor of Form 941 taxes. Indicate when this payroll tax deposit is due and provide a general journal entry to record the payment. Since Lucky Inc. is a monthly depositor, its deposits will be due Complete the general joumal entry to record the payment. (Record debits first, then credits. Exclude explanations from journal entries.) Credit Account Titles WILS Debit

→ O At the end of December 202X, the total amount of Social Security, $560, and Medicare, $300, was withheld as tax deductions from the employees of Lucky, Inc. Federal income tax of $2,940 was also deducted from their paychecks. Lucky is classified as a monthly depositor of Form 941 taxes. Indicate when this payroll tax deposit is due and provide a general journal entry to record the payment. Since Lucky Inc. is a monthly depositor, its deposits will be due Complete the general joumal entry to record the payment. (Record debits first, then credits. Exclude explanations from journal entries.) Credit Account Titles WILS Debit

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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19. Stanton Inc. is a calendar year, cash basis taxpayer. Stanton Inc. decides to change to the accrual method of accounting for the current year. Net income for this year under the accrual basis was $600,000 before any adjustments. On December 31 of last year, the balances in accounts receivable and accounts payable were $35,000 and $42,000, respectively. What is Stanton's current year "adjusted" net income? What are Stanton's reporting options?
am. 192.
If Form 941-V is utilized, the amount shown on line 2 of the form must agree with the amount displayed on which line of Form 941? a. 10 b.11 C. 12 d.14 2. Under which condition is an employer NOT required to file a quarterly Form 941? a.annual tax liability for federal income tax, Social Security, & Medicare tax is less than $1,000 b.annual tax liability for federal income tax, Social Security, & Medicare tax is less than $1,500 c. total annual tax liability is less than $2,500 d.total annual tax liability is less than $100,000 Employers pay a higher FUTA tax rate in states that are subject to a credit reduction. True False
Cruz Company has gathered the information needed to complete its Form 941 for the quarter ended September 30, 20--. They are a monthly depositor with the following monthly tax liabilities for this quarter: July $7,193.10 August 7,000.95 September 7,577.78 The company does not use a third-party designee, the tax returns are signed by the president, Carlos Cruz (Phone: 916-555-9739), and the date filed is October 31, 20--. Complete Parts 2, 4, and 5 of Form 941 for Cruz Company for the third quarter of 20--.
This problem continues the process of preparing the Kipley Company's Employee Payroll Register for the pay period ending January 8th, 20--. In previous chapters, gross wages were computed for each employee and using this data, FICA withholding and employer FICA liability was computed. Requirements: Refer to the SIMPLE Plan Contributions and enter each employee's SIMPLE plan deduction. Determine and record the federal income taxes for each employee. Determine and record the state income taxes for each employee. Determine and record the city income taxes for the city of Pittsburgh. Total each input column. Below lists each employee's assigned Time Card No., Filing Status, and Withholding Allowances. This information is necessary when determining the amount of tax to withhold. TimeCard No. EmployeeName FilingStatus No. ofWithholdingAllowances 11 Fran M. Carson S N/A 12 William A. Wilson S N/A 13 Harry T. Utley MFJ N/A 21 Lawrence R. Fife MFJ N/A 22 Lucy K. Smith S N/A…
11. Subject :- Accounting Nabil made $8,000 in after-tax contributions to his employer's qualified plan. At the time he requested a nonperiodic distribution, his account balance was $48,000. He received a one-time distribution of $18,000. How much of the distribution is tax-free?
4. The payroll register of Clapton Co. indicates $11,340 of social security withheld and $2,835 of Medicare tax withheld on total salaries of $189,000 for the period. Earnings of $19,000 are subject to state and federal unemployment compensation taxes at the federal rate of 0.6% and the state rate of 5.4%. Provide the journal entry to record the payroll tax expense for the period.
a) Tax FUTA SUTA b) Tax Compute BMX's amounts for each of these four taxes as applied to the employee's gross earnings for September under each of three separate situations (a), (b), and (c). (Round your answers to 2 decimal places.) BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its employee, and FICA 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. FICA-Social Security FICA-Medicare FUTA SUTA a. b. C. c) Tax Gross Pay through August 31 $ 6,400 2,700 133,300 FICA-Social Security FICA-Medicare FUTA SUTA FICA-Social Security FICA-Medicare September Earnings Subject to Tax 1,600.00 1,600.00 800.00 800.00 $ Gross Pay for September $ 1,700 2,800 9,900 September Earnings Subject to Tax 2,700.00 2,700.00 2,700.00 27,000.00 $ September Earnings Subject to Tax 4,700.00 9,600.00 $ 0 0 Tax Rate 6.20% 1.45% 0.60% 5.40% Tax Rate Tax Rate Tax Amount 6.20% 1.45% $…
> The payroll register of Seaside Architecture Company indicates $830 of social security taxes and $225 of Medicare taxes withheld on total salaries of $15,500 for the period. Assume earnings subject to state and federal unemployment compensation taxes are $5,200 at the federal rate of 0.8% and state rate of 5.4%. Journalize the entry for the employer's payroll taxes. If an amount box does not require an entry, leave it blank. If required, round your answers to two decimal places. 00000 ?
N2. Account
According to a summary of the payroll of Guthrie Co., $560,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax. Also, $60,000 was subject to state and fed-eral unemployment taxes. a. Compute the employer’s payroll taxes, using the following rates: state unemployment, 5.4%; federal unemployment, 0.6%. b. Journalize the entry to record the accrual of payroll taxes.
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