Given the following, calculate the state (assume 5.3%) and federal unemployment taxesthat the employer must pay for each of the first two quarters. The federal unemploymenttax is 0.8% on the first $7,000. Both state and federal unemployment taxes apply to thefirst $7,000 only. (Round your answers to the nearest cent.)PAYROLLSUMMARYQuarter 1 Quarter 2$3,200Bill Adams$ 7,30012,800Rich Haines7,400Alice Smooth2,6004,400PAYROLL SUMMARYQuarter 1Quarter 2Total$780.8 8$451.4SUTA$678.4$392.2 8FUTA$102.42459.2 *...< Prev7 of 11Next >

SUTA (State Unemployment Tax Act) signifies the taxes which are paid at the state level. It is a…

PAYROLL SUMMARY Quarter 1 Quarter 2 $3,200 Bill Adams $ 7,300 12,800 Rich Haines 7,400 Alice Smooth 2,600 4,400 PAYROLL SUMMARY Quarter 1 Quarter 2 Total $780.8 8 $451.4 SUTA $678.4 O $392.2 8 FUTA $102.4 O 24 59.2 8

PAYROLL SUMMARY Quarter 1 Quarter 2 $3,200 Bill Adams $ 7,300 12,800 Rich Haines 7,400 Alice Smooth 2,600 4,400 PAYROLL SUMMARY Quarter 1 Quarter 2 Total $780.8 8 $451.4 SUTA $678.4 O $392.2 8 FUTA $102.4 O 24 59.2 8

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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Cap 10 - NÃ³minas > Widmer Company had gross wages of $201,000 during the week ended June 17. The amount of wages subject to social security tax was $180,900, while the amount of wages subject to federal and state unemployment taxes was $25,000. Tax rates are as follows: Social security Medicare State unemployment Federal unemployment The total amount withheld from employee wages for federal taxes was $40,200. If an amount box does not require an entry, leave it blank. If required, round answers to two decimal places. June 17 Wages Expense Wages Payable Feedback 6.0% a. Journalize the entry to record the payroll for the week of June 17. 1.5% ►Check My Work 5.4% Social Security Tax Payable Medicare Tax Payable Employees Federal Income Tax Payable June 17 Payroll Tax Expense 0.8% 201,000 Social Security Tax Payable Medicare Tax Payable State Unemployment Tax Payable Federal Unemployment Tax Payable 10,854 10,854 b. Journalize the entry to record the payroll tax expense incurred for the…
Accounting Problem 11-3 Twin City Enterprises had the following information available for the payroll of May 31st. Wages Earned $365,000 Federal Income Tax Withheld 54,750 State Income Tax Withheld 18,000 All wages are subject to Social Security and Medicare matching and withholding of 6.2% and 1.45%, respectively. Federal Unemployment Tax of 0.70% and State Unemployment Tax of 1.50% is payable on $240,000 of the wages. Calculate the following amounts. Social Security withholding Medicare withholding FUTA SUTA Total withholdings Net Wages Total cost to the company Prepare the journal entry to record wages and withholdings. Prepare the journal entry to record payroll taxes.
156 Principles of Cost Accounting Journal entries for payroll A partial summary of the payroll data for Burrington Manufactur- ing Company for each week of June is as follows: ЕЗ-5 LO2 LO3 June 7 June 14 June 21 June 28 Gross earnings . $ 36,500 $ 34,200 $ 37,300 $ 38,400 Deductions: FICA tax, 8% $? $? $? $? Tax-sheltered annuity. 1,825 1,780 1,855 1,870 Income tax 4,215 4,120 4,320 4,410 Health insurance 600 600 600 600 Total deductions $? $? $? $? Net earnings $? $? $? $? a. Compute the missing amounts in the summary, assuming that no employees have reached the $100,000 FICA maximum. b. For each payroll period, prepare journal entries to (1) record the payroll and (2) record the payments to employees.
Exercise 9-10 (Algo) Recording payroll LO P2, P3 The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $380,000; Office salaries, $76,000; Federal income taxes withheld, $114,000; State income taxes withheld, $25,500; Social security taxes withheld, $28,272; Medicare taxes withheld, $6,612; Medical insurance premiums, $9,000; Life insurance premiums, $6,000; Union dues deducted, $3,000; and Salaries subject to unemployment taxes, $54,000. The employee pays 40% of medical and life insurance premiums. Assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6%. 1. & 2. Using the above information, complete the below table and prepare the journal entries to record accrued payroll, including employee deductions, and cash payment of the net payroll (salaries payable) for July. 3. Using the above information, complete the below table. 4. Record the accrued employer payroll taxes and other related employment…
7 The accounts payable balance at the beginning of the year was $85,000. The company purchased $380,000 worth of goods on account, and the ending balance of the payables account was $70,000. What were the total payments on account? Multiple Choice $450,000 $395,000 $535,000 $465,000
Salaries and wages $72,000 FICA taxes withheld 5,508 Income taxes withheld 15,000 Medical insurance deductions 2,700 Federal unemployment taxes 192 State unemployment taxes 1,296 The entry to record the payment of net payroll would include a Select one: a. credit to Cash for $54,300. b. debit to Salaries and Wages Payable for $47,304. c. debit to Salaries and Wages Payable for $48,792. d. debit to Salaries and Wages Payable for $43,284. e. The answer does not exist
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Dept. N $ 41,000 Dept. O $72,000 Dept. P $60,000 Dept. T $ 40,000 Total Dept. M $79,000 $ 292,000 Sales Expenses Avoidable 15,800 56,600 43,600 19,800 148,000 146,600 20,000 20,000 46,600 48,600 18, 200 Unavoidable 5,400 Total expenses 72,400 63,400 25,400 66,600 66,800 294, 600 Net income (loss) $ 6,600 $(22,400) $46,600 $(6,600) $(26,800) $ (2,600) Recompute and prepare the departmental income statements (including a combined total column) for the company under each of the following separate scenarios. Exercise 25-9 Part 1 (1) Management eliminates departments with expected net losses. DEPARTMENTS WITH EXPEC TED NET LOSSES ELIMINATED Dept. M Dept. N Dept. O Dept. P Dept. T Total Sales $ 79,000 72,000 151,000 Expenses: Avoidable 15,800 20,000 35,800 Unavoidable 56,600 5,400 62,000 Total expenses 72,400 25,400 97,800 Net income (loss) 6,600 $ $ 46,600 $ $ $ 53,200
MC Qu. 10-86 Zorn Inc. makes a sale for... Zorn Inc. makes a sale for $400. The company is required to collect sales taxes amounting to 9%. What is the amount that will be credited to the Sales Tax Payable account? Multiple Cholce $36 $33 $200 $39 ype here to search. W Trop storm warning DELL