OASDI Тахаble HI Tаxable Wages Annual OASDI HI Employe Salary Wages Тах Тах Stern, Myra Lundy, Hal Franks, Rob Haggerty, Alan Ward, Randy Hoskin, Al Wee, Pam Prince, Harry Maven, Mary Harley, David $ 42,150 39,500 46,000 161,280 40,800 39,600 106,800 76,800 52,000 68,960 Totals Employer's OASDI Tax Employer's HI Tax

OASDI Тахаble HI Tаxable Wages Annual OASDI HI Employe Salary Wages Тах Тах Stern, Myra Lundy, Hal Franks, Rob Haggerty, Alan Ward, Randy Hoskin, Al Wee, Pam Prince, Harry Maven, Mary Harley, David $ 42,150 39,500 46,000 161,280 40,800 39,600 106,800 76,800 52,000 68,960 Totals Employer's OASDI Tax Employer's HI Tax

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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Wallace Corporation summarizes the following information from its weekly payroll records during April. Type of Salary Gross Pay F.I.C.A. Tax Federal Income Tax State Income Tax Net Pay Office Staff $80,000 $6,160 $5,621 $2,000 $63,219 What amount should be debited to salaries expense for the month of April?
b. Provide a June 28 journal entry to record the employer's payroll taxes, which have not yet been paid to the government. Date June 28, 2023 June 28, 2023 June 28, 2023 June 28, 2023 C. Payroll Tax Expense FICA Payable Date Account Debit Provide a June 30 journal entry to show the payment of all amounts owed to employees, government agencies, and a health insurance provider. Account Credit Debit Credit 2 0
In the Illustrative Case in this chapter, payroll transactions for Brookins Company were analyzed, journalized, and posted for the third quarter of the fiscal year. In this problem, you are to record the payroll transactions for the last quarter of the firm's fiscal year. The last quarter begins on April 1, 20--. Narrative of Transactions: Apr. 1. Paid the treasurer of the union the amount of union dues withheld from workers' earnings during March. 15. Payroll: $6,105. All wages and salaries taxable. Withheld $565 for federal income taxes, $107.32 for state income taxes, and $50 for union dues. 15. Paid the treasurer of the state the amount of state income taxes withheld from workers' earnings during the first quarter. 15. Electronically transferred funds to remove the liability for FICA taxes and employees' federal income taxes withheld on the March payrolls. 29. Payroll: $5,850. All wages and salaries taxable. Withheld $509 for federal income taxes,…
Empty fields company pays its salaried employees monthly on the last day of each month The annual salary payroll for 20-Follows. Compute the following for the payroll of December 31: Employer's OASDI Tax $____________ Employer's HI Tax $_____________
From the following information, calculate the payroll tax expense for Bowling Company for the payroll of April (Click the icon to view the payroll) The FICA tax rate for OASDI is 6.2% on the first $127.200 eamed, and Medicare is 1.45% on all earnings. Federal unemployment tax is 0.6% on the first $7,000 eamed by each employee. The SUTA tax rate for Bowling Company is 5.4% on the first $7,000 of employes earnings for state unemployment purposes. (Round to the nearest cent as needed) Total CELES
Encore Records has two employees who are paid on the 1st and 15th of each month for the work they performed in the preceding half-month. At February 28, each employee is owed gross pay of $1,000, but each one must have 10% of their pay withheld for income taxes. Each must also make Canada Pension Plan contributions of 5.1% of their gross pay and pay Employment Insurance premiums of 1.62% of their gross pay. Prepare the payroll journal entries required to reflect these amounts, along with Encore's share of CPP contributions and El premiums, in Encore's February 28 financial statements. Prepare the journal entry to record the accrual of the payroll on February 28. (Enter debits first, then credits. Enter explanations on the last line of the journal. Round amounts to the nearest cent.) Date February 28 Salaries Expense Accounts and Explanation Date February 28 Employee Income Tax Payable Employment Insurance Payable Canada Pension Plan Payable Salaries Payable To record payroll costs.…
McFriend Inc. records its liabilities for employees’ vacations at the end of each month. McFriend has 50 employees who are paid an average of $176 per day. The company allows 10 paid vacation days per year. For the August 31 payroll, McFriend pays its employees $160,000 for time worked and $10,000 for vacation taken. Required: Prepare the journal entry to record McFriend’s August 31 payroll.
Alpine Company pays its employees time-and-a-half for hours worked in excess of 40 per week. The information available from time cards and employees’ individual earnings records for the pay period ended October 14 is shown in the following chart: Earnings at End Daily Time Income Tax Name of Previous Week M T W T F S Pay Rate Allowances or Amount Bardin, J. 43,627.00 8 8 8 8 8 2 21.30 2 Caris, A. 44,340.00 8 8 8 8 8 8 21.60 1 Drew, W. 43,845.00 8 10 10 8 8 0 21.50 1 Garen, S. 117,600.00 8 8 8 8 8 0 49.00 $227.83 North, O. 43,875.00 8 8 8 8 8 5 21.40 3 Ovid, N. 40,150.00 8 8 8 8 8 0 21.50 1 Ross, J. 6,430.00 8 8 8 8 8 4 20.50 1 Springer, O. 44,175.00 8 8 8 8 8 3 21.25 2 Taxable earnings for Social Security are based on the first $118,500. Taxable earnings for Medicare are based on all earnings. Taxable earnings for federal and state unemployment are based on the first $7,000. *Round to the nearest penny. Required: 1. Complete the payroll register…
In 20--, the annual salaries paid each of the officers of Abrew, Inc., follow. The officers are paid semimonthly on the 15th and the last day of the month. Compute the FICA taxes to be withheld from each officer's pay on (a) November 15 and (b) December 31. Round your answers to the nearest cent. If an amount is zero, enter "0". a. November 15 Name and Title AnnualSalary OASDI TaxableEarnings OASDI Tax HI TaxableEarnings HI Tax Hanks, Timothy, President $163,200 $fill in the blank 1 $fill in the blank 2 $fill in the blank 3 $fill in the blank 4 Grath, John, VP Finance 138,000 fill in the blank 5 fill in the blank 6 fill in the blank 7 fill in the blank 8 James, Sally, VP Sales 69,600 fill in the blank 9 fill in the blank 10 fill in the blank 11 fill in the blank 12 Kimmel, Joan, VP Mfg. 54,000 fill in the blank 13 fill in the blank 14 fill in the blank 15 fill in the blank 16 Wie, Pam, VP Personnel 51,600 fill in the blank 17 fill in the blank 18 fill in the blank 19…
Thomas Martin receives an hourly wage rate of $15, with time-and-a-half pay for all hours worked in excess of 40 hours during a week. Payroll data for the current week are as follows: hours worked, 48; federal income tax withheld, $370; social security tax rate, 6.0%; and Medicare tax rate, 1.5%. What is the gross pay for Martin? Round your answer to the nearest whole dollar. Oa. $720 Ob. $780 Oc. $1,080 Od. $1,440
Wallace Corporation summarizes the following information from its weekly payroll records during April. Type of Salary Gross Pay F.I.C.A. Tax Federal Income Tax State Income Tax Net Pay Office Staff $80,000 $6,160 $5,621 $2,000 $63,219 What amount should be debited to salaries expense for the month of April?
During the month of January, an employee earned $4,400 of salary. Withholdings from the employee's salary consist of FICA Social Security taxes of $272.80, FICA Medicare taxes of $63.80, federal income taxes of $468.60, and medical insurance deductions of $187.00. Prepare the journal entry to record the employer's salaries expense and related liabilities assuming these wages will be paid in early February. Note: Round your final answers to 2 decimal places. View transaction list Journal entry worksheet 1 Record payroll for period. Note: Enter debits before credits. Date January 31 + General Journal Debit Credit X