B. Record the payment in cash of all employer liabilities only on June 1. Round your answers to the nearest whole dollar. If an amount box does not require an entry, leave it blank.June 1June 1June 1To recognize payment of accrued tax liabilitiesTo recognize payment of accrued employee union liabilitiesTo record payment of accrued employee benefit liabilities38 Toren Inc. employs one person to run its solar management company. The employee's gross income for the month of May is $16,000. Payroll for the month of May is as follows: FICA Social Security tax rate at 6.2%, FICA Medicare tax rate at 1.45%,federal income tax of $450, state income tax of $80, health-care insurance premium of $210, and union dues of $70. The employee is responsible for covering 30% of his or her health insurance premium.Toren Inc. have the following additional information:. May is the first pay period for this employee. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,700 paid to the employee. FICA Social Security and FICA Medicare match employee deductions. The employer is responsible for 70% of thehealth insurance premium.A. Record the employer payroll for the month of May, dated May 31, 2017. If an amount box does not require an entry, leave it blank.May 31 Employer Payroll Taxes ExpenseSalaries ExpenseMay 31To recognize employer payroll for MayTo record employer-paid benefits for May

For a transaction with dual purposes known as a journal entry, the debit and credit accounts can be…

oren Inc. employs one person to run its solar management company. The employee's gross income for the month of May is $16,000. Payroll for the month of May is as follows: FICA Social Security tax rate at 6.2%, FICA Medicare tax rate at 1.45%, ederal income tax of $450, state income tax of $80, health-care insurance premium $210, and union dues of $70. The employee is responsible for covering 30% of his or her health insurance premium. oren Inc. have the following additional information: May is the first pay period for this employee. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,700 paid to the employee. FICA Social Security and FICA Medicare match employee deductions. The employer is responsible for 70% of the health insurance premium. A. Record the employer payroll for the month of May, dated May 31, 2017. If an amount box does not require an entry, leave it blank. May 31 Employer Payroll Taxes Expense Salaries Expense May 31 To recognize employer payroll for May record amplower paid I

oren Inc. employs one person to run its solar management company. The employee's gross income for the month of May is $16,000. Payroll for the month of May is as follows: FICA Social Security tax rate at 6.2%, FICA Medicare tax rate at 1.45%, ederal income tax of $450, state income tax of $80, health-care insurance premium $210, and union dues of $70. The employee is responsible for covering 30% of his or her health insurance premium. oren Inc. have the following additional information: May is the first pay period for this employee. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,700 paid to the employee. FICA Social Security and FICA Medicare match employee deductions. The employer is responsible for 70% of the health insurance premium. A. Record the employer payroll for the month of May, dated May 31, 2017. If an amount box does not require an entry, leave it blank. May 31 Employer Payroll Taxes Expense Salaries Expense May 31 To recognize employer payroll for May record amplower paid I

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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Portia Grant is an employee who is paid monthly. For the month of January of the current year, she earned a total of $8,260. The FICA tax for social security is 6.2% of the first $128,400 earned each calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The FUTA tax rate of 0.6% and the SUTA tax rate of 5.4% are applied to the first $7,000 of an employee's pay. The amount of federal income tax withheld from her earnings was $1,325.17. What is the total amount of taxes withheld from the Portia's earnings? (Round your intermediate calculations to two decimal places.) O $1,957.06 O $3,097.17 O $2,443.21 O $1,722.00 O O $1,495.36
Portia Grant is an employee who is paid monthly. For the month of January of the current year, she earned a total of 9,038. The FICA tax for social security is 6.2% of the first $132,900 of employee earnings each calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The FUTA tax rate of 0.6% and the SUTA tax rate of 5.4% are applied to the first $7,000 of an employee's pay. The amount of federal income tax withheld from her earnings was $1,499.67. Her net pay for the month is: (Round your intermediate calculations to two decimal places.)
Doyle Watson works for Clear Pencil Accounting, which pays employees on a semimonthly basis. Doyle’s annual salary is $258,000. Required: Calculate the following: (Round ''Employer Share Medicare Tax'' to 2 decimal places.) Pay Date Prior YTD Earnings Social Security Taxable Wages Medicare Taxable Wages Employer Share Social Security Tax Employer Share Medicare Tax November 30 December 31
Paloma Company has four employees. FICA Social Security taxes are 6.2 % of the first $137,700 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. Also, for the first $7,000 paid to each employee, the company's FUTA taxes are 0.6% and SUTA taxes are 5.4%. The company is preparing its payroll calculations for the week ended August 25. Payroll records show the following information for the company's four employees. Name Dali Trey Kiesha Chee Gross Pay through August 18 $ 125,400 135,300 7,800 1,750 Employee Tax Rate Dali Current Week Trey Kiesha Chee Gross Pay $ 5,600 2,400 1,600 2,000 In addition to gross pay, the company must pay one-half of the $74 per employee weekly health insurance, each employee pays the remaining one-half. The company also contributes an extra 8% of each employee's gross pay (at no cost to employees) to a pension fund. Required: Compute the following for the week ended August 25 Note: Round your intermediate calculations and final answers to 2…
An employee earned $44,800 during the year working for an employer when the maximum limit for Social Security was $137,700. The Federal Insurance Contributions Act (FICA) tax rate for Social Security is 6.2% and the Federal Insurance Contributions Act (FICA) tax rate for Medicare is 1.45%. The employee's annual Federal Insurance Contributions Act (FICA) taxes amount is:
The following information pertains to a weekly payroll of Texera Tile Company:1. The total wages earned by employees are $17,210.2. The state unemployment insurance contribution rate is 3.5%.3. The entire amount of wages is taxable under FICA, FUTA, and SUTA.4. The amount withheld from the employees’ wages for federal income taxes is $1,890; for state income taxes, $369.40; and for group insurance, $193.00.Journalize the payment of wages and record the payroll taxes for this payroll
An employee receives a bi-weekly gross salary of $2,000. The employee’s deductions include income tax of $218, CPP of $99, EI of $36, and union dues of $50. The employer’s share of the deductions includes CPP of $139 and EI of $36. What is the total amount of salaries and employee benefits expense that X Corp. would record on its income statement as a result of the employee's bi-weekly salary? answers a. $1,597 b. $1,772 c. $2,000 d. $2,175
A company has one employee. All wages for September are subject to 6.2% FICA Social Security taxes and 1.45% FICA Medicare taxes. The company's FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Gross Pay through August Gross Pay for September 31 $6,500 $ 1,900 Prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its related liabilities. Enter answers in the tabs below. Payroll Taxes General Expense Journal Prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its related liabilities. Note: Round answers to 2 decimals. No 1 Date X Answer is not complete. September 30 General Journal Salaries expense FICA-Social security taxes payable FICA-Medicare taxes payable Salaries payable < Payroll Taxes Expense X General Journal Debit 1,900.00 Credit 117.80 27.55 1,754.65
Trey Morgan is an employee who is paid monthly. For the month of January of the current year, he earned a total of $4,540. The Federal Insurance Contributions Act (FICA) tax for social security is 6.2% of the first $137.700 earned each calendar year, and the Federal Insurance Contributions Act (FICA) tax rate for Medicare is 1.45% of all earnings for both the employee and the employer. The amount of federal income tax withheld from his earnings was $680.70. What is the total amount of taxes withheld from the Trey's eamings? Multiple Choice O O $1,375.02 $746.50 $962.06 $1,028.01 $680.70
A company has 10 employees, each of whom earns $1,800 per month and has been employed since January 1. All wages for this period are subject to 6.2% FICA Social Security taxes and 1.45% FICA Medicare taxes. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to each employee. Prepare the February 28 journal entry to record the February payroll taxes expense. Note: Round your answers to 2 decimal places. View transaction list Journal entry worksheet Record employer payroll taxes. Note: Enter debits before credits. General Journal Date February 28 Payroll taxes expense FICA-Social security taxes payable FICA-Medicare taxes payable Federal unemployment taxes payable State unemployment taxes payable Debit Credit
The following information pertains to a weekly payroll of Texera Tile Company: a. The total wages earned by employees are $17,500.b. The state unemployment insurance contribution rate is 3.5%.c. The entire amount of wages is taxable under FICA, FUTA, and SUTA.d. The amount withheld from the employees' wages for federal income taxes is $1,950; for state income taxes, $372.60; and for group insurance, $192.00. ournalize the payment of wages, and record the payroll taxes for this payroll. If an amount box does not require an entry, leave it blank. Round your answers to the nearest cent. Account Debit Credit Payment of wages Payroll taxes
Francisco Company has 10 employees, each of whom earns $2,500 per month and is paid on the last day of each month. All 10 have been employed continuously at this amount since January 1. On March 1, the following accounts and balances exist in its general ledger. FICA—Social Security Taxes Payable, $3,100; FICA—Medicare Taxes Payable, $726. (The balances of these accounts represent total liabilities for both the employer's and employees' FICA taxes for the February payroll only.) Employees' Federal Income Taxes Payable, $6,250 (liability for February only). Federal Unemployment Taxes Payable, $300 (liability for January and February together). State Unemployment Taxes Payable, $2,700 (liability for January and February together). The company had the following payroll transactions. Mar. 15 Issued check payable to Swift Bank, a federal depository bank authorized to accept employers' payments of FICA taxes and employee income tax withholdings. The $10,076 check is in payment of…