Prepare a schedule showing the employer's total cost of wages for November by function. Wages FICA Taxes Federal U.T. State U.T. Total Cost tA Factory $ $ LA Sales $ $ tA Administrative $ LA $ LA Total
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- Waterway Industries's payroll for the pay period ended October 31, 2021 is summarized as follows: DepartmentPayroll TotalWages FederalIncome TaxWithheld Amount of Wages Subjectto Payroll Taxes F.I.C.A. Unemployment Factory $77000 $9000 $68000 $33000 Sales 23000 3000 17000 3000 Office 18000 3000 9000 - $118000 $15000 $94000 $36000 Assume the following payroll tax rates: F.I.C.A. for employer and employee 7.65% each Unemployment 3% What amount should Waterway accrue as its share of payroll taxes in its October 31, 2021 balance sheet?1. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the following entries: Salaries: Sales salaries $625,000Warehouse salaries $240,000Office salaries $320,000 Total $1,185,000 Deductions: Federal income tax withheld $232,260Social security tax withheld $71,100Medicare tax withheld $17,775Retirement savings $35,500Group insurance $53,325 Total $409,960 Tax rates assumed: Social security, 6% Medicare, 1.5%State unemployment (employer only), 5.4% Federal unemployment (employer only), 0.6% Instructions 1. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the following entries: a. December 30, to record the payroll. b. December 30, to record the employer’s payroll taxes on the payroll to be paid on December…Below is a payroll sheet for Otis Import Company for the month of September 2014. The company is allowed a 1% unemployment compensation rate by the state; the federal unemployment tax rate is 0.8% and the maximum for both is $7,000. Assume a 10% federal income tax rate for all employees and a 7.65% FICA tax on employee and employer on a maximum of $113,700. In addition, 1.45% is charged both employer and employee for an employee's wages in excess of $113,700 per employee.
- Department Payroll Factory Sales Office Total Wages $77000 23000 17000 O $22430. O $8430. O $14830. O $9030. $117000 Assume the following payroll tax rates: F.I.C.A. for employer and employee Unemployment Federal Income Tax Withheld 8% each 3% $8000 4000 2000 Amount of Wages Subject to Payroll Taxes F.I.C.A. $71000 16000 6000 $14000 $93000 Unemployment $31000 2000 $33000 What amount should Pharoah accrue as its share of payroll taxes in its October 31, 2026 balance sheet?N4. AccountSummary Payroll Data In the following summary of data for a payroll period, some amounts have been intentionally omitted: Earnings: 1. At regular rate ? 2. At overtime rate $70,400 3. Total earnings ? Deductions: 4. Social security tax 28,200 5. Medicare tax 7,050 6. Income tax withheld 119,700 7. Medical insurance 16,200 8. Union dues ? 9. Total deductions 174,000 10. Net amount paid 296,000 Accounts debited: 11. Factory Wages 249,100 12. Sales Salaries ? 13. Office Salaries 94,000
- Summary Payroll Data In the following summary of data for a payroll period, some amounts have been intentionally omitted: Earnings: 1. At regular rate ? 2. At overtime rate $77,100 3. Total earnings ? Deductions: 4. Social security tax 30,840 5. Medicare tax 7,710 6. Income tax withheld 131,100 7. Medical insurance 17,700 8. Union dues ? 9. Total deductions 190,000 10. Net amount paid 324,000 Accounts debited: 11. Factory Wages 272,400 12. Sales Salaries ? 13. Office Salaries 102,800 a. Calculate the amounts omitted in lines (1), (3), (8), and (12). (1) $ (3) $ (8) $ (12) $ b. Journalize the entry to record the payroll accrual. If an amount box does not require an entry, leave it blank. c. Journalize the entry to record the payment of the payroll.Assuming a FICA tax rate of 7.65% on the first $142800 in wages, 1.45% on amounts in excess of $142800, and a federal income tax rate of 10% on all wages, what would be an employee's net pay for the year if he earned $199100 for the year? $168534 $178373 $168717 $167449Concerning payroll accounting - How would Medicare Tax withholdings be determined on Period wages of $10,500 & Year To Date salary @ end of previous pay period is $195,000? Thank you, Jewelee Marple
- > So Kercise Ge ali payroll calculations, ese the following tax rates and round amounts to the Empioree: OASDI: 6,2% on first $118,500 earned; Medicare: 1.45% up to Ș200,000, 2 5% on earnings above $200,000. Employer: OASDI: 6.2% on first $118,500 earned; Medicare: 1.45%; FUTA: 0.6% on first $7,000 earned; SUTA: 5.4% on first $7,000 earned. S11-1 Determining current versus long-term liabilities Rios Raft Company had the following liabilities. a. Accounts Payable d. Note Payable due in 6 months b. Note Payable due in 3 years e. Sales Tax Payable c. Salaries Payable f. Unearned Revenue due in 8 months Determine whether each liability would be considered a current liability (CL) or a long-term liability (LTL).Write the journal entry 01/14/2022 (7a) Accrued $7,000 in salaries for the period 01/01 - 01/14. Assume no deductions from employee earnings other than taxes. (7b) Recorded payroll tax expense. Use a 20% Federal income tax rate and 5.75% state income tax rate for withholding, and 5.4% state unemployment tax rate.Lee Company has the following information for the pay period of December 15–31: Gross payroll $16,034 Federal income tax withheld $2,805 Social security rate 6% Federal unemployment tax rate 0.8% Medicare rate 1.5% State unemployment tax rate 5.4% Assuming no employees are subject to ceilings for taxes on their earnings, Salaries Payable would be recorded for a.$11,032.34 b.$16,034.00 c.$12,026.45 d.$12,234.89