A egcc.instructure.comQuestion 36 ptAn employee has total gross wages of $7,000, federal withholding of 15% and state withholding of 5%Using this information, what is the correct journal entry for gross pay, federal and state withholdings,and FICA?DebitCreditFICA PayableFederal Withholding PayableState Withholding PayableNet Payroll Payable$535.50$1,050.00$350.00$1,935.50DebitCreditWages ExpenseFICA PayableFederal WithholdingPayableState Withholding$7,000.00$535.50$1,050.00$350.00PayableNet Payroll Payable$5,064.50DebitCredit$535.50FICA PayableFederal Withholding PayableState Withholding PayableNet Payroll Payable$1,050.00$350.00$5,064.50Wages Expense$7,000DebitCreditWage ExpenseNet Payroll Payable$7,000.00$7,000.00

Payroll taxes generally includes the FICA Tax as well as withholding tax which will be levied on the…

Answered: Question 3 6 p An employee has total…

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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%24 %24 %24 %24 Ohttps://ezto.mheducation.com/hm.tpx Based on the payroll information for Romac Electric that follows. Total gross earnings: $2,462.00 Social security tax rate: 6.2% Medicare tax rate: 1.45% State unemployment tax rate: 5.4% Federal unemployment tax rate: 0.8% Find the correct tax payable amounts. Social Security Tax Payable and Medicare Tax Payable amounts are to include both the employee's and employer's taxes. (Round your answers to 2 decimal places after performing the calculations. Omit the "S" sign in your response.) 1. Social Security Tax Payable (employees' and employer's) 2. Medicare Tax Payable (employees' and employer's) 3. State Unemployment Tax Payable 4. Federal Unemployment Tax Payable C0021 McGraw-Hill Education.Al rights reserve Type here to search
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Problem 8-74APayroll Accounting Jet Enterprises has the following data available for its April 30, 2019, payroll: Wages earned $485,000 * Federal income taxes withheld 92,300 * All subject to Social Security and Medicare matching and withholding of 6.2% and 1.45%, respectively. Federal unemployment taxes of 0.70% and state unemployment taxes of 0.90% are payable on $405,700 of the wages earned. Required: If required, round your answers to the nearest cent. 1. Compute the amounts of taxes payable and the amount of wages that will be paid to employees. Enter amounts as positive numbers. Social Security $fill in the blank a1cdad04ff8d01d_1 Medicare $fill in the blank a1cdad04ff8d01d_2 Federal unemployment $fill in the blank a1cdad04ff8d01d_3 State unemployment $fill in the blank a1cdad04ff8d01d_4 Net pay $fill in the blank a1cdad04ff8d01d_5 Prepare the journal entries to record the wages earned and the payroll taxes. If an amount box does not…
Wages $300 before any deductions Income tax withholding 10% FICA 6.2% Med 1.45% FUTA 0.8% SUTA 5.4% Required 1. Provide journal entry 2. Record the payroll 3. Record employment taxes
eBook Question Content Area Highridge Homes has the following payroll information for the week ended February 21: Name Earnings at End of Previous Week Daily Time Pay Rate Federal Income Tax S M T W T F S Arthur, P. 7,800.00 8 8 8 8 8 45.00 226.78 Bills, D. 2,060.00 8 8 8 8 8 12.50 26.00 Carney, W. 2,085.00 8 8 8 8 8 12.95 27.00 Dorn, J. 748.00 8 8 22.00 11.00 Edgar, L. 2,687.00 8 8 8 8 8 15.00 37.00 Fitzwilson, G. 4,150.00 8 8 8 8 8 8 23.00 125.00 Taxable earnings for Social Security are based on the first $118,500. Taxable earnings for Medicare are based on all earnings. Taxable earnings for federal and state unemployment are based on the first $7,000. Employees are paid time-and-a-half for work in excess of 40 hours per week. Prepare a general journal entry to record the payroll. The firm's general ledger contains a Wages Expense account and a Wages Payable account. Then assuming that the firm has…
3
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 Al-9 Payment of payroll deductions LO3 Paradise Hills Berry Farm has 21 employees who are paid biweekly. The payroll register showed the following payroll deductions for the pay period ending March 23, 2021. Gross Pay EI Premium Income Taxes 78,950.00 1,310.57 10,889.00 CPP 3,768.09 Medical Ins. United Way 1,475.00 1,644.00 Required: Prepare a journal entry to record payment by the employer to the Receiver General for Canada on April 15. (Do not round intermediate calculations. Round the final answers to 2 decimal places.) View transaction list Journal entry worksheet 1 Record the remittance to the Receiver General for Canada. Note: Enter debits before credits. Date April 15 General Journal + Debit Credit View general journal Record entry Clear entry
DATE OF PAY PERIOD ENDING 20- 20 PAYMENT NET СК. EARNINGS DEDUCTIONS EMPLOYEE MAR. TOTAL NAME ALLOW RATE SOC. SEC. FED. INC. STATE INC. HOSP. INS OTHERS TOTAL PAY NO. NUMBER STATUS HOURS REGULAR OVERTIME TOTAL MED. TAX TAX TAX TAX 10 2 3 6. 9. 10 11 10 12 11 13 14 13 15 14 16 17 15 18 16 17 18 25 12 7.
DIRECTIONS 1 Journalize the entry to RECORD the payroll 2 Journalize the entry to RECORD the employer's payroll taxes (SUTA rate is 3.7%) 3 Journalize the entry to deposit the FICA and FIT taxes TOTAL EARNINGS FICA OASDI FICA HI FIT W/H STATE TAX UNION DUES NET PAY $36,195.10 $2,244.10 $524.83 $6,515.00 $361.95 $500.00 $26,049.22 1 JOURNAL DATE DESCRIPTION DEBIT CREDIT 2 JOURNAL DATE DESCRIPTION DEBIT CREDIT…
QUESTION 8 FICA Rate (Social Security + Medicare Withholding) 7.65% (6.2% + 1.45%) 7.65% (6.2% + 1.45%) Employee Employer 15.3% Self-Employed (12.4% + 2.9%) Note: For employed wage earners, their Social Security portion is 6.2% on earnings up to the taxable maximum. Their Medicare portion is 1.45% on all earnings. Based on the above schedule, if Rosa owns a small hair salon, what is her FICA rate? O 7.65% O Her rate is dependent upon her taxable income bracket O 15.3% O 6.2%
6-9B LO 3 See Example 6-5 on page 6-12, Example 6-7 on page 6-19 The following information pertains to a weekly payroll of Fanelli Fashion Company: a. The total wages earned by employees are $2,910. b. The state unemployment insurance contribution rate is 3.75%. C. The entire amount of wages is taxable under FICA, FUTA, and SUTA. d. The amount withheld from the employees' wages for federal income taxes is $491; for state income taxes. $49.10; and for group insurance, $87.10. Journalize the payment of wages, and record the payroll taxes for this payroll. JOURNAL POST. REF. DATE DESCRIPTION DEBIT CREDIT 6. 10 11 11 12 4. 6

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