No point added just for practice. I want to see want I did wrong state unemployment tax (5.4%)1. Record the entries for the payment of payroll and the employer's payroll tax expense in the generaljournalNoDateGeneral JournalDebitCredit1Dec. 31Payroll Tax Expense901.75 XCash in Bank901.75Dec. 31Payroll Tax Expense179.35 XSocial Security Tax Payable67.69Medicare Tax Payable15.82Employees' Federal Income Tax Payable74.00 XEmployees' State Income Tax Payable21.84 X2. Problem 13-8 Journalizing Payroll TransactionsThe Outback Guide Service payroll register for the week ending Dec. 31 is shown below.PAYROLL REGISTERPAY PERIOD ENDING Dec. 3120 --DATE OF PAYMENT Dec. 31, 20-EARNINGSDEDUCTIONSNETPAYNAMERATE8OC. SEC. |MEDICARE FED. INC.TAXSTATEINC. TAXHOSP.INS.CK.NO,REGULAROVERTIMETOTALTAXOTHERTOTALTAX31 Coleman, Clarence28 Lorman, Victoria8 33 Peterson, Peg35 Torrez, JoyceM1 41 7.60304 0011 40315 4019 5545721 006 3151 4349 56263 971.S 1 30 8.00S1 38 7.25M|2 36 7.25240 00240 00275 50261 00(LD)5 403 48 21 0026 0014 884 80190 44275 5017 085515 2239952 58222 9234261 0016 183 786 00(LD)5 4036 58224 42424242525TOTALS 1,080 5011 40 1,091 9067 6915 8274 0021 8410 80190 15901 75Other Deductione: Write the appropriate code letter to the left of the amount: B-U.S. Savings Bonde; C-Credit Union: UD-Union Duee; UW-United Way.Use the above information in the payroll register.FICA taxes (6.2% for social security, 1.45% for Medicare)federal unemployment tax (0.8%)state unemployment tax (5.4%)o EMPLOYEENUMBER-ALLOW.OTALHOURS

Given, Social security tax = 6.2% Medicare = 1.45%

Problem 13-8 Journalizing Payroll Transactions The Outback Guide Service payroll register for the week ending Dec. 31 is shown below. PAYROLL REGISTER PAY PERIOD ENDING Dec. 31 20 - DATE OF PAYMENT Dec. 31, 20- EARNINGS DEDUCTIONS RATE CK. NO. NAME 80C. SEC. MEDICARE FED. INC. TAX 8TATE INC. TAX HOSP. INS. NET PAY REGULAR OVERTIME TOTAL ТАХ TAX OTHER TOTAL 31 Coleman, Clarence M1 41 7.60 28 Lorman, Victoria 33 Peterson, Peg 35 Torrez, Joyce 304 00 240 00 11 40 315 40 21 00 21 00 26 00 19 55 4 57 6 31 S1 30 8.00 S1 38 7.25 M2 36 7.25 51 43 49 56 52 58 36 58 263 97 190 44 222 92 224 42 240 00 LO)5 40 1488 17 08 16 18 3 48 4 80 5 51 5 22 2. 275 50 275 50 261 00 3 99 3 78 261 00 600 LD)5 40 4. 4. 24 24 25 25 TOTALS 1,080 50 11 40 1,091 90 67 69 15 82 74 00 21 84 10 80 190 15 901 75 Other Deductione: Write the appropriate code letter to the left of the amount:B-U.S. Savings Bonde; C-Credit Union: UD-Union Duee; UW-United Way. Use the above information in the payroll register. · FICA taxes (6.2% for social security, 1.45% for Medicare) • federal unemployment tax (0.8%) • state unemployment tax (5.4%) EMPLOYEE

Problem 13-8 Journalizing Payroll Transactions The Outback Guide Service payroll register for the week ending Dec. 31 is shown below. PAYROLL REGISTER PAY PERIOD ENDING Dec. 31 20 - DATE OF PAYMENT Dec. 31, 20- EARNINGS DEDUCTIONS RATE CK. NO. NAME 80C. SEC. MEDICARE FED. INC. TAX 8TATE INC. TAX HOSP. INS. NET PAY REGULAR OVERTIME TOTAL ТАХ TAX OTHER TOTAL 31 Coleman, Clarence M1 41 7.60 28 Lorman, Victoria 33 Peterson, Peg 35 Torrez, Joyce 304 00 240 00 11 40 315 40 21 00 21 00 26 00 19 55 4 57 6 31 S1 30 8.00 S1 38 7.25 M2 36 7.25 51 43 49 56 52 58 36 58 263 97 190 44 222 92 224 42 240 00 LO)5 40 1488 17 08 16 18 3 48 4 80 5 51 5 22 2. 275 50 275 50 261 00 3 99 3 78 261 00 600 LD)5 40 4. 4. 24 24 25 25 TOTALS 1,080 50 11 40 1,091 90 67 69 15 82 74 00 21 84 10 80 190 15 901 75 Other Deductione: Write the appropriate code letter to the left of the amount:B-U.S. Savings Bonde; C-Credit Union: UD-Union Duee; UW-United Way. Use the above information in the payroll register. · FICA taxes (6.2% for social security, 1.45% for Medicare) • federal unemployment tax (0.8%) • state unemployment tax (5.4%) EMPLOYEE

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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