Required Information [The following Information applies to the questions displayed below] A payroll summary for Cortez Consulting Company, owned by Cont Cortez. for the quarter ending June 30, 20X1. appears below. The firm made the required tax deposits as follows: a. For April taxes, paid on May 15. b. For May taxes, paid on June 17. Date Wages Paid April 8 $ 2,422.00 2,510.00 2,422.00 2,466.00 April 15 April 22 April 29 $9,820.00 Ray 5 $2,378.00 May 12 2,422.00 May 19 May 20 Total Earnings Social Security Medicare Tax Tax Deducted Income Tax Deducted Withheld $ 150.16 155.62 $35.12 36.40 $ 240.00 247.00 150.16 35.12 240.00 152.89 35.76 244.00 $60.83 $142.40 1971.00 $34.48 $236.00 35.12 35.12 35.76 $ 140.48 $155.62 $36.40 240.00 240.00 244.00 $ 960.00 $247.00 2,422.00 150.16 35.12 240.00 2,466.00 2,422.00 2,378.00 152.89 35.76 244.00 150.16 35.12 240.00 147.44 34.48 236.00 $756.27 $176.88 $1,207.00 $1,965.75 $459.76 $3,138.00 June 2 June 9 June 16 June 23 June 30 2,422.00 2,406.00 $9,688.00 $ 2,510.00 $147.44 150.16 150.16 152.89 $ 600.65 $ 12,198.00 Total $ 31,706.00 Social security 6.2 percent Medicare 1.45 FUTA SUTA 8.6 5.4 red: Using the tax rates given above, and accuming that all earnings are taxablo, make the general journal entry on April 8, 20X1, to record the employer's payroll tax experse on the payroll ending that date. Prepare the entries in general journal form to record deposit of the employee income tax withheld and the social security and Medicare taxes employee and employer shares) on May 15 for April taxes and on June 17 for May taxes.
Required Information [The following Information applies to the questions displayed below] A payroll summary for Cortez Consulting Company, owned by Cont Cortez. for the quarter ending June 30, 20X1. appears below. The firm made the required tax deposits as follows: a. For April taxes, paid on May 15. b. For May taxes, paid on June 17. Date Wages Paid April 8 $ 2,422.00 2,510.00 2,422.00 2,466.00 April 15 April 22 April 29 $9,820.00 Ray 5 $2,378.00 May 12 2,422.00 May 19 May 20 Total Earnings Social Security Medicare Tax Tax Deducted Income Tax Deducted Withheld $ 150.16 155.62 $35.12 36.40 $ 240.00 247.00 150.16 35.12 240.00 152.89 35.76 244.00 $60.83 $142.40 1971.00 $34.48 $236.00 35.12 35.12 35.76 $ 140.48 $155.62 $36.40 240.00 240.00 244.00 $ 960.00 $247.00 2,422.00 150.16 35.12 240.00 2,466.00 2,422.00 2,378.00 152.89 35.76 244.00 150.16 35.12 240.00 147.44 34.48 236.00 $756.27 $176.88 $1,207.00 $1,965.75 $459.76 $3,138.00 June 2 June 9 June 16 June 23 June 30 2,422.00 2,406.00 $9,688.00 $ 2,510.00 $147.44 150.16 150.16 152.89 $ 600.65 $ 12,198.00 Total $ 31,706.00 Social security 6.2 percent Medicare 1.45 FUTA SUTA 8.6 5.4 red: Using the tax rates given above, and accuming that all earnings are taxablo, make the general journal entry on April 8, 20X1, to record the employer's payroll tax experse on the payroll ending that date. Prepare the entries in general journal form to record deposit of the employee income tax withheld and the social security and Medicare taxes employee and employer shares) on May 15 for April taxes and on June 17 for May taxes.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![Required Information
[The following information applies to the questions displayed below]
A payroll summary for Cortez Consulting Company, owned by Cont Cortez, for the quarter ending June 30, 20X1. appears
below. The firm made the required tax deposits as follows:
a. For April taxes, paid on May 15.
b. For May taxes, paid on June 17.
April 29.
$ 9,820.00
May 5
$ 2,378.00
$ 147.44
May 12
May 19
2,422.00
2,422.00
May 26
2,400.00
$ 9,688.00
Date Wages
Paid
Total Earnings
Social Security:
Tax Deducted
April 8
$ 2,422.00
$ 150.16
Medicare Tax
Deducted
$ 35.12
Income Tax
Withheld
$ 240.00
April 15
April 22
2,510.00
2,422.00
2,466.00
155.62
150.16
152.89
$ 608.83
36.40
35.12
150.16
150.16
35.76
$142.40
$ 34.48
35.12
152.89
$ 140.48
5 971.00
$ 236.00
240.00
240.00
244.00
247.00
240.00
244.00
35.12
35.76
$ 600.65
$960,00
June 2
$
2,510.00
$ 155.62
$36.40
$247.00
June 9
June 16
June 23
June 30
2,422.00
150.16
35.12
240.00
2,466.00
152.89
35.76
244.00
2,422.00
150.16
35.12
240.00
2,378.00
147.44
34.48
236.00
$ 12,198.00
$756.27
$176.88
$ 1,207.00
Total
$ 31,706.00
$ 1,965.75
$ 459.76
$ 3,138.00
Social security
Medicare
FUTA
SUTA
6.2 percent
1.45
0.6
5.4
Required:
1. Using the tax rates given above, and accuming that all earnings are taxablo, make the general journal entry on April 8, 20X1, to
record the employer's payroll tax experse on the payroll ending that date.
2. Prepare the entries in general journal form to record deposit of the employee income tax withheld and the social security and
Medicare taxes employee and employer shares) on May 15 for April taxes and on June 17 for May taxes.
Note: For all requirements, round your answers to 2 decimal places.
View transaction Bet
Journal entry worksheet
<
1 2 3
Record payroll tax expense.
Note: Enter debita before credits.
Date
April 8, 20X1
General Journal
Debit
Credit](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2e00f69c-04f8-4e58-9b17-c3ca902df7f3%2F4790d081-d821-455d-9ade-06fe11ca235d%2Fixyreyu_processed.png&w=3840&q=75)
Transcribed Image Text:Required Information
[The following information applies to the questions displayed below]
A payroll summary for Cortez Consulting Company, owned by Cont Cortez, for the quarter ending June 30, 20X1. appears
below. The firm made the required tax deposits as follows:
a. For April taxes, paid on May 15.
b. For May taxes, paid on June 17.
April 29.
$ 9,820.00
May 5
$ 2,378.00
$ 147.44
May 12
May 19
2,422.00
2,422.00
May 26
2,400.00
$ 9,688.00
Date Wages
Paid
Total Earnings
Social Security:
Tax Deducted
April 8
$ 2,422.00
$ 150.16
Medicare Tax
Deducted
$ 35.12
Income Tax
Withheld
$ 240.00
April 15
April 22
2,510.00
2,422.00
2,466.00
155.62
150.16
152.89
$ 608.83
36.40
35.12
150.16
150.16
35.76
$142.40
$ 34.48
35.12
152.89
$ 140.48
5 971.00
$ 236.00
240.00
240.00
244.00
247.00
240.00
244.00
35.12
35.76
$ 600.65
$960,00
June 2
$
2,510.00
$ 155.62
$36.40
$247.00
June 9
June 16
June 23
June 30
2,422.00
150.16
35.12
240.00
2,466.00
152.89
35.76
244.00
2,422.00
150.16
35.12
240.00
2,378.00
147.44
34.48
236.00
$ 12,198.00
$756.27
$176.88
$ 1,207.00
Total
$ 31,706.00
$ 1,965.75
$ 459.76
$ 3,138.00
Social security
Medicare
FUTA
SUTA
6.2 percent
1.45
0.6
5.4
Required:
1. Using the tax rates given above, and accuming that all earnings are taxablo, make the general journal entry on April 8, 20X1, to
record the employer's payroll tax experse on the payroll ending that date.
2. Prepare the entries in general journal form to record deposit of the employee income tax withheld and the social security and
Medicare taxes employee and employer shares) on May 15 for April taxes and on June 17 for May taxes.
Note: For all requirements, round your answers to 2 decimal places.
View transaction Bet
Journal entry worksheet
<
1 2 3
Record payroll tax expense.
Note: Enter debita before credits.
Date
April 8, 20X1
General Journal
Debit
Credit
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps with 2 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education