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, $128.90 for state income taxes, and $55 for union dues.   29.   Filed the Employer's Quarterly Federal Tax Return (Form 941) for the period ended March 31. No journal entry is required, since the FICA taxes and federal income taxes withheld have been timely paid.   29.   Filed the state contribution return for the quarter ended March 31 and paid the amount to the state unemployment compensation fund. May 2.   Paid the treasurer of the union the amount of union dues withheld from workers' earnings during April.   13.   Payroll: $5,810. All wages and salaries taxable. Withheld $507 for federal income taxes, $125.05 for state income taxes, and $55 for union dues.   16.   Electronically transferred funds to remove the liability for FICA taxes and federal income taxes withheld on the April payrolls.   31.   Payroll: $6,060. All wages and salaries taxable. Withheld $533 for federal income taxes, $119.00 for state income taxes, and $50 for union dues. June 3.   Paid the treasurer of the union the amount of union dues withheld from workers' earnings during May.   15.   Payroll: $6,380. All wages and salaries taxable, except only $5,000 is taxable under FUTA and SUTA. Withheld $549 for federal income taxes, $128.70 for state income taxes, and $50 for union dues.   15.   Electronically transferred funds to remove the liability for FICA taxes and federal income taxes withheld on the May payrolls.   30.   Payroll: $6,250. All wages and salaries taxable, except only $4,770 is taxable under FUTA and SUTA. Withheld $538 for federal income taxes, $127.60 for state income taxes, and $50 for union dues. The following are the account balances forwarded as of June 1: (1) Union Due Payable: $105 (2) Employees SIT Payable: $480.27 (3) FICA Taxes Payable - OASDI: $1,471.88 (4) FICA Taxes Payable - HI: $344.24 (5) Employees FIT Payable: $1,040.00 (6) FUTA Taxes Payable: $292.11 (7) SUTA Taxes Payable: $547.98 (8) Cash: $31,805.77 (9) Wages and Salaries: $95,185.00 (10) Payroll taxes: $9,360.29 Note: The SUTA tax rate is 2.3%. a.  Analyze and journalize the transactions described in the narrative above. If an amount box does not require an entry, leave it blank. If required, round your answers to the nearest cent. GENERAL JOURNAL PAGE 21 DATE DESCRIPTION DEBIT CREDIT 20--   Jun. 3   fill in the blank 2 fill in the blank 3     fill in the blank 5 fill in the blank 6   Jun. 15-Payroll   fill in the blank 8 fill in the blank 9     fill in the blank 11 fill in the blank 12     fill in the blank 14 fill in the blank 15     fill in the blank 17 fill in the blank 18     fill in the blank 20 fill in the blank 21     fill in the blank 23 fill in the blank 24     fill in the blank 26 fill in the blank 27   Jun. 15-Taxes   fill in the blank 29 fill in the blank 30     fill in the blank 32 fill in the blank 33     fill in the blank 35 fill in the blank 36     fill in the blank 38 fill in the blank 39     fill in the blank 41 fill in the blank 42   Jun. 15-Federal Taxes   fill in the blank 44 fill in the blank 45     fill in the blank 47 fill in the blank 48     fill in the blank 50 fill in the blank 51     fill in the blank 53 fill in the blank 54   Jun. 30-Payroll   fill in the blank 56 fill in the blank 57     fill in the blank 59 fill in the blank 60     fill in the blank 62 fill in the blank 63     fill in the blank 65 fill in the blank 66     fill in the blank 68 fill in the blank 69     fill in the blank 71 fill in the blank 72     fill in the blank 74 fill in the blank 75   Jun. 30-Taxes   fill in the blank 77 fill in the blank 78     fill in the blank 80 fill in the blank 81     fill in the blank 83 fill in the blank 84     fill in the blank 86 fill in the blank 87     fill in the blank 89 fill in the blank 90

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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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, $128.90 for state income taxes, and $55 for union dues.
  29.   Filed the Employer's Quarterly Federal Tax Return (Form 941) for the period ended March 31. No journal entry is required, since the FICA taxes and federal income taxes withheld have been timely paid.
  29.   Filed the state contribution return for the quarter ended March 31 and paid the amount to the state unemployment compensation fund.
May 2.   Paid the treasurer of the union the amount of union dues withheld from workers' earnings during April.
  13.   Payroll: $5,810. All wages and salaries taxable. Withheld $507 for federal income taxes, $125.05 for state income taxes, and $55 for union dues.
  16.   Electronically transferred funds to remove the liability for FICA taxes and federal income taxes withheld on the April payrolls.
  31.   Payroll: $6,060. All wages and salaries taxable. Withheld $533 for federal income taxes, $119.00 for state income taxes, and $50 for union dues.
June 3.   Paid the treasurer of the union the amount of union dues withheld from workers' earnings during May.
  15.   Payroll: $6,380. All wages and salaries taxable, except only $5,000 is taxable under FUTA and SUTA. Withheld $549 for federal income taxes, $128.70 for state income taxes, and $50 for union dues.
  15.   Electronically transferred funds to remove the liability for FICA taxes and federal income taxes withheld on the May payrolls.
  30.   Payroll: $6,250. All wages and salaries taxable, except only $4,770 is taxable under FUTA and SUTA. Withheld $538 for federal income taxes, $127.60 for state income taxes, and $50 for union dues.

The following are the account balances forwarded as of June 1:
(1) Union Due Payable: $105
(2) Employees SIT Payable: $480.27
(3) FICA Taxes Payable - OASDI: $1,471.88
(4) FICA Taxes Payable - HI: $344.24
(5) Employees FIT Payable: $1,040.00
(6) FUTA Taxes Payable: $292.11
(7) SUTA Taxes Payable: $547.98
(8) Cash: $31,805.77
(9) Wages and Salaries: $95,185.00
(10) Payroll taxes: $9,360.29

Note: The SUTA tax rate is 2.3%.

a.  Analyze and journalize the transactions described in the narrative above. If an amount box does not require an entry, leave it blank. If required, round your answers to the nearest cent.

GENERAL JOURNAL PAGE 21
DATE DESCRIPTION DEBIT CREDIT
20--  
Jun. 3
 
fill in the blank 2 fill in the blank 3
 
 
fill in the blank 5 fill in the blank 6
 
Jun. 15-Payroll
 
fill in the blank 8 fill in the blank 9
 
 
fill in the blank 11 fill in the blank 12
 
 
fill in the blank 14 fill in the blank 15
 
 
fill in the blank 17 fill in the blank 18
 
 
fill in the blank 20 fill in the blank 21
 
 
fill in the blank 23 fill in the blank 24
 
 
fill in the blank 26 fill in the blank 27
 
Jun. 15-Taxes
 
fill in the blank 29 fill in the blank 30
 
 
fill in the blank 32 fill in the blank 33
 
 
fill in the blank 35 fill in the blank 36
 
 
fill in the blank 38 fill in the blank 39
 
 
fill in the blank 41 fill in the blank 42
 
Jun. 15-Federal Taxes
 
fill in the blank 44 fill in the blank 45
 
 
fill in the blank 47 fill in the blank 48
 
 
fill in the blank 50 fill in the blank 51
 
 
fill in the blank 53 fill in the blank 54
 
Jun. 30-Payroll
 
fill in the blank 56 fill in the blank 57
 
 
fill in the blank 59 fill in the blank 60
 
 
fill in the blank 62 fill in the blank 63
 
 
fill in the blank 65 fill in the blank 66
 
 
fill in the blank 68 fill in the blank 69
 
 
fill in the blank 71 fill in the blank 72
 
 
fill in the blank 74 fill in the blank 75
 
Jun. 30-Taxes
 
fill in the blank 77 fill in the blank 78
 
 
fill in the blank 80 fill in the blank 81
 
 
fill in the blank 83 fill in the blank 84
 
 
fill in the blank 86 fill in the blank 87
 
 
fill in the blank 89 fill in the blank 90
 
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