Paid salary for the month of Match $4,800
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- Payroll Entries The payroll register for the Puhl Company for the week ended January 15th showed the following: Wages $800,000 Federal Income Tax withheld 160,000 Roth IRA deductions 5,000 United Way deductions 1,200 Union dues deductions 850 All the wages were subject to FICA (6% social security and 1.5% medicare tax) In addition, $620,000 of the wages were subject to federal and state unemployment taxes The state unemployment rate is 5.4% and the federal unemployment rate is 0.8% Required: 1. Journalize the entry to record the payroll for the week of January 15th. (Select the account from the dropdown menu)…Carson Ltd. has prepared the following 2021 projections for its beverage company: Sales Month Cash Sales Credit Sales Мay $ 16,000 $ 68,000 June 20,000 80,000 July 18,000 74,000 August 24,000 92,000 September 22,000 76,000 Receivables have been historically collected at the following rates: • 40% in the month of sale 45% in the month following sale 15% two months after sale Inventory Purchases Month Purchase Amounts May $ 70,000 June 72,000 July 74,000 August 78,000 September 80,000 40% of purchases are paid for in cash in the month of sale, and the balance is paid the following month.Compute commission and gross pay
- Hours Employee M T W T F S Hourly Rate Federal Income Tax Withholding Health Insurance L. Helton 9 7 8 8 10 2 $12 $33 $12 R. Kenseth 7 8 8 8 8 5 14 36 27 D. Tavaras 9 10 8 9 9 0 15 60 26 Employees are paid 1.50 times the regular hourly rate for all hours worked in excess of 40 hours per week. FICA taxes are 7.65% on the first $132,900 of gross earnings. Bonita Company is subject to 5.40% state unemployment taxes and 0.60% federal unemployment taxes on the first $7,000 of gross earnings. (a) Prepare the payroll register for the weekly payroll. (Round answers to 2 decimal places, e.g. 15.25.) Employee Total Hours L. Helton R. Kenseth D. Tavaras Totals Earnings Regular Overtime Gross Pa $33Assignment: The following information about the payroll for the week ended December 30 was obtained from the records of KLM Co.: Salaries: Sales Salaries $350,000 Warehouse Salaries 180,000 Office Salaries 145,000 $675,000 Deductions: Income Tax Withheld $118,800 Social Security Tax Withheld 40,500 Medicare Tax Withheld 10.125 US Savings Bonds 14,850 Group Insurance 12.150 $196,425 Tax Rates Assumed: Social Security, 6% Medicare 1.5% State Unemployment (SUTA) 5.4% Federal Unemployment (FUTA) 0.6% Required: Prepare the journal entries to 1. Record the December 30 payroll 2. Record the employer's payroll taxes. Assume that $35,000 is subject to unemployment compensation taxes
- P4-3 Roppongi Company incurred payroll for the week of P100,000, which consists of P70,000 also estimated that annual bonus of P432,000 will be paid at year end. All employees are earned by 20 production workers and P30,000 earned by 10 sales workers. Roppongi Required: Prepare the journal entries to: (a) distribute the weekly payroll and to (b) accrue CHAPTER 4 Accountir Sawed wth Canseaner entitled to 4-week paid vacation and 10 paid holidays. the bonus, vacation and holiday pay. for Innuary shows the following informationMedicare 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. a. b. C. Gross Pay through August 31 $ 6,100 2,100 133,000 Exercise 9-8 (Algo) Payroll-related journal entries LO P2 Assuming situation (a), prepare the employer's September 30 journal entry to record salary expense and its related payroll liabilities for this employee. The employee's federal income taxes withheld by the employer are $90 for this pay period. Complete this question by entering your answers in the tabs below. Taxes to be Withheld From Gross Pay Gross Pay for September $ 1,400 2,200 9,600 General Journal The employee's federal income taxes withheld by the employer are $90 for this pay period. Assuming situation (a), compute the taxes to be withheld from gross pay for this employee. Note: Round your answers to 2 decimal places. Federal income tax Taxes to be Withheld From Gross Pay (Employee-Paid Taxes) September Earnings Subject to Tax…EA14 Toren Inc. employs one person to run its solar management company. The employee’s gross income for the month of May is $6,000. 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 $400, state income tax of $75, health-care insurance premium of $200, and union dues of $50. The employee is responsible for covering 30% of his or her health insurance premium. Record the journal entry to recognize employee payroll for the month of May, dated May 31, 2017. Record remittance of the employee’s salary with cash on June 1.
- 02.Question text Lidge Company of Texas (TX) is classified as a monthly depositor and pays its employees monthly. The following payroll information is for the second quarter of 20--. WITHHOLDINGS EMPLOYER'S Wages OASDI HI FIT OASDI HI April $86,100 $ 5,338.20 $1,248.46 $ 9,650 $ 5,338.20 $1,248.45 May 92,500 5,735.00 1,341.26 10,005 5,735.00 1,341.25 June 73,400 4,550.80 1,064.30 8,995 4,550.80 1,064.30 Totals $252,000 $15,624.00 $3,654.02 $28,650 $15,624.00 $3,654.00 The number of employees on June 12, 20-- was 11. a. Complete the following portion of Form 941. What are the payment due dates of each of the monthly liabilities assuming all deposits were made on time, and the due date of the filing of Form 941 (year 20--)?PLZ ANSWER TO ALL