PAGE 11ACCOUNTING FOUATIONPOST. REF.DEBITCREDITASSETSLIABILITIESEQUITYWidmer Company had gross wages of $200,000 during the week ended June 17. The amount ofwages subject to social security tax was $200,000, while the amount of wages subject to federaland state unemployment taxes was $30,000. Tax rates are as follows:General Journala. Journalize the entry to record the payroll for the week of June 17.b. Journalize the entry to record the payroll tax expense incurred for the week of June 17.Social security6.0%Medicare1.5%State unemployment5.4%Federal unemployment0.8%The total amount withheld from employee wages for federal taxes was $40,500.General Journal InstructionsRequired:a. Journalize the entry to record the payroll for the week of June 17.b. Journalize the entry to record the payroll tax expense incurred for the week of June17124DATEDESCRIPTION597B910JOURNAL

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Answered: PAGE 11 ACCOUNTING FOUATION POST. REF.…

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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Accounting
entries Payroll The payroll register for D. Salah Company for the week ended May 18 indicated the following: 1468,000 Federal lecome tax withheld 93,600 the salaries were al subject to the 6.0% social security tax and the 1.2% Medicare tax. In addition, state and federal unemployment tases were computed at the rate of 5.4% and 0.8%, respectively, on 19,000 of salaries Assume the company nuns all paychecks through Safarles Payable. If an amount box does not require an entry, leave it bank a. loomalize the entry to record the payroll for the week of May 18. May 18 Jake the entry to record the pay tax expeme locurred for the week of May 18. Hey 18
The payroll records of Jasper Co. provide the following data for the weekly pay period ended March 7 Employee Gross Pay Gross Pay To Date Income Taxes Medical Insurance Deduction Union Dues United Way A $500 $6,000 $100 $30 $15 $10 B 600 6,500 120 30 15 20 C 700 5,500 202 50 0 30 Assume CPP is 4.95 % and El is 1.66 %. 1) Prepare the general journal entry to accrue the payroll on March 7. 2) Prepare the general journal entry to record the payroll tax expense for March 7.
Exercise 10.7 (Static) Journalizing payroll transactions. LO 10-7 On July 31, the payroll register for Red Company showed the following totals for the month: gross earnings, $38,950; social security tax, $2,414.90; Medicare tax, $564.78; income tax, $5,842.00; and net amount due, $30,128.32. Of the total earnings, $30,500.00 was for sales salaries and $8,450.00 was for office salaries. Prepare a general journal entry to record the monthly payroll of the firm on July 31. (Round your final answers to 2 decimal places.) View transaction list Journal entry worksheet 1 Record the payroll expense and related taxes payable. Note: Enter debits before credits. Date General Journal Debit Credit July 31, 20X1 Mc Graw Hill 6.586 APE 6 23 MacBook Pro
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…
-prepare the journal entry to record the payroll tax expense and fringe benefit expense for Webber Packing Company for the week
Entries for Payroll and Payroll Taxes The following information about the payroll for the week ended December 30 was obtained from the records of Saine Co.: Salaries: Deductions: Sales salaries $214,000 Income tax withheld $77,616 Warehouse salaries 118,000 Social security tax withheld 26,460 Office salaries 109,000 Medicare tax withheld 6,615 $441,000 Retirement savings 9,702 Group insurance 7,938 $128,331 Tax rates assumed: Social security, 6% Medicare, 1.5% State unemployment (employer only), 5.4% Federal unemployment (employer only), 0.6% Required: If an amount box does not require an entry, leave it blank. 1a. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the entry on December 30 to record the payroll. Date Dec. 30 Account Debit Credit
Journalize Period Payroll The payroll register of Patel Heritage Co. indicates $1,200 of social security withheld and $300 of Medicare tax withheld on total salaries of $20,000 for the period. Federal withholding for the period totaled $3,600. 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. _________ __________ _______________ Complete the chart above as your journal.
JOURNALIZING AND POSTING PAYROLL ENTRIES Cascade Company has fouremployees. All are paid on a monthly basis. The fiscal year of the business is June 1 to May 31.The accounts kept by Cascade include the following: Required1. Journalize the preceding transactions using a general journal.2. Open T accounts for the payroll expenses and liabilities. Enter the beginning balances and post the transactions recorded in the journal.
Attached is the question and information for question 1a and 2a part 2b
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Bart Consulting Firm has the following payroll information for the week ended March 20th: Name Earnings at the end of the previous week Sun. Mon. Tues. Wed. Thurs. Fri. Sat. Pay Rate Federal Income Tax Lauren, F 14,400 8 8 8 8 8 30.00 222.52 Baylor, M 12,000 8 8 8 8 8 25.00 178.55 Lims, T 7,200 8 8 8 8 8 15.00 78.00 Tate, C 6,000 8 8 8 8 8 15.00 62.00 Musker, J 4,320 8 8 8 15.00 15.00 Mako, W 3,888 8 8 8 13.50 11.00 Additional Information: Taxable earnings for Social Security are based on the first $132,900. Taxable earnings for Medicare are based on all earnings. Taxable earnings for federal and state unemployment are based on the first $7,000. Employees are paid time-and-a-half for work in excess of 40 hours per week. Round amounts to the nearest penny. What you must do: Complete the attached Payroll Register (Excel Spreadsheet). Use the following information to help: The Social Security tax rate is 6.2 percent. The Medicare tax…

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