Ricardo's Mexican Restaurant incurred salaries expense of $62,000 for 2024. The payroll expense includes employer FICA fax, in addition to state unemployment taxand federal unemployment tax. Of the total salaries $22,000 is subject to unemployment tax. Also, the company provides the following benefits for employees healthinsurance (cost to the company, $3,000), life insurance (cost to the company, $330), and retirement benefits (cost to the company 10% of salaries expense)(Click the icon to view payroll tax rate information.)Read the requirementsRequirement 2. What was Ricardo's total expense for 2024 related to payroll?Select the labels associated with total payroll expense, and then enter in the corresponding amounts. (Round all amounts to the nearest cent. If a box is not used inthe table leave the box empty; do not select a label or enter a zero.)

1. Salaries Expense: $62,0002. Employer Payroll Taxes:Unemployment Taxes: This is calculated based…

Answered: Ricardo's Mexican Restaurant incurred…

PAYROLL ACCT.,2019 ED.(LL)-TEXT

19th Edition

ISBN:9781337619783

Author:BIEG

Publisher:BIEG

Chapter5: Unemployment Compensation Taxes

Section: Chapter Questions

Problem 14PA

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Payrex Co. has six employees. All are paid on a weekly basis. For the payroll period ending January 7, total employee earnings were 12,500, all of which were subject to SUTA, FUTA, Social Security, and Medicare taxes. The SUTA tax rate in Payrexs state is 5.4%, but Payrex qualifies for a rate of 2.0% because of its good record of providing regular employment to its employees. Other employer payroll taxes are at the rates described in the chapter. REQUIRED 1. Calculate Payrexs FUTA, SUTA, Social Security, and Medicare taxes for the week ended January 7. 2. Prepare the journal entry for Payrexs payroll taxes for the week ended January 7. 3. What amount of payroll taxes did Payrex save because of its good employment record?
For tax purposes, assume that the maximum taxable earnings are 118,500 for Social Security and 7,000 for the unemployment tax and that all earnings are taxable for Medicare. For the payroll register for the month of November for Shelby, Inc., determine the taxable earnings for each employee.
K Felipe's Mexican Restaurant incurred salaries expense of $70,000 for 2024. The payroll expense includes employer FICA tax, in addition to state unemployment tax and federal unemployment tax. Of the total salaries, $23,000 is subject to unemployment tax. Also, the company provides the following benefits for employees: health insurance (cost to the company, $2,000), life insurance (cost to the company, $400), and retirement benefits (cost to the company. 8% of salaries expense). i (Click the icon to view payroll tax rate information.) Read the requirements. More info For all payroll calculations, use the following tax rates and round amounts to the nearest cent: Employee: Employer: OASDI: 6.2% on first $132,900 earned; Medicare: 1.45% up to $200,000, 2.35% on earnings above $200,000. OASDI: 6.2% on first $132,900 earned per employee; Medicare: 1.45%; FUTA: 0.6% on first $7,000 earned per employee; SUTA: 5.4% on first $7,000 earned per employee. Date Print Done Requirement 1. Journalize…
Axel's Mexican Restaurant incurred salaries expense of $61,000 for 2024. The payroll expense includes employer FICA tax, in addition to state unemployment tax and federal unemployment tax. Of the total salaries, $21,000 is subject to unemployment tax. Also, the company provides the following benefits for employees: health insurance (cost to the company, $2,300), life insurance (cost to the company, $370), and retirement benefits (cost to the company, 8% of salaries expense). More info For all payroll calculations, use the following tax rates and round amounts to the nearest cent: Employee: Employer: OASDI: 6.2% on first $132,900 earned; Medicare: 1.45% up to $200,000, 2.35% on earnings above $200,000. OASDI: 6.2% on first $132,900 earned per employee; Medicare: 1.45%, FUTA: 0.6% on first $7,000 earned per employee; SUTA: 5.4% on first $7,000 earned per employee. Requirements A 1. Journalize Axel's expenses for employee benefits and for payroll taxes. Explanations are not required. 2.…
Felipe's Mexican Restaurant incurred salaries expense of $70,000 for 2024. The payroll expense includes employer FICA tax, in addition to state unemployment tax and federal unemployment tax. Of the total salaries, $23,000 is subject to unemployment tax. Also, the company provides the following benefits for employees: health insurance (cost to the company, $2,000), life insurance (cost to the company, $400), and retirement benefits (cost to the company, 8% of salaries expense). Requirement 1. Journalize Felipe's expenses for employee benefits and for payroll taxes. Explanations are not required. Begin with the entry to accrue Felipe's employer payroll taxes. (Round all amounts to the nearest cent. Record debits first, then credits. Exclude explanations from journal entries.) Date ages Get more help - Accounte [99+ More info Dabit Gradit For all payroll calculations, use the following tax rates and round amounts to the nearest cent: Employee: Employer: OASDI: 6.2% on first $132,900…
Felipe's Mexican Restaurant incurred salaries expense of $60,000 for 2024. The payroll expense includes employer FICA tax, in addition to state unemployment tax and federal unemployment tax. Of the total salaries, $19,000 is subject to unemployment tax. A provides the following benefits for employees: health insurance (cost to the company, $2,900), life insurance (cost to the company, $390), and retirement benefits (cost to the company, 8% of salaries expense). i (Click the icon to view payroll tax rate information.) Read the requirements. Requirement 1. Journalize Felipe's expenses for employee benefits and for payroll taxes. Explanations are not required. Begin with the entry to accrue Felipe's employer payroll taxes. (Round all amounts to the nearest cent. Record debits first, then credits. Exclude explanations from journal entries.) Date Accounts Debit Credit Now record the accrual of Felipe's employee benefit expenses. Date Accounts Debit C Credit Requirement 2. What was Felipe's…
Diego's Mexican Restaurant incurred salaries expense of $58,000 for 2018. The payroll expense includes employer FICA tax, in addition to state unemployment tax and federal unemployment tax. Of the total salaries, $23,000 is subject to unemployment tax. Also, the company provides the following benefits for employees: health insurance (cost to the company, $2,100), life insurance (cost to the company, $310), and retirement benefits (cost to the company, 6% of salaries expense). Requirements: 1. Journalize Diego's expenses for employee benefits and for payroll taxes. Explanations are not required. ( I'm stuck on the last two numbers) 2. What was Diego's total expense for 2018 related to payroll? Finished work: First Account Box: FICA tax payable = 58000 * 6.2% = 3596 FICA - medicare taxes payable = 58000 * 1.45% = 841 Federal unemployment taxes = 23000 * 0.6% = 138 State unemployment taxes = 23000 * 5.4% = 1242 Payroll tax expenses =…
All info for this question is inc
Advanced Computer Repair incurred salaries expense of $84,000for 2024. The payroll tax expense includes employer FICA tax, state unemployment tax, and federal unemployment tax. Year−to−date earnings do not exceed $132,900. Of the total salaries, $11,000 is subject to unemployment tax.Currently, state unemployment tax is 5.4% and federal unemployment tax is 0.6%. Also, the company provides the following benefits for employees: health insurance (cost to the company,$2,500), life insurance (cost to the company,$890), and retirement benefits (cost to the company, 5% of salaries expense). What is the amount of the employer payroll tax expense for the year? a. $7,086 b. $14,676 c. $6,700 d. $7,590
Ricardo's Mexican Restaurant incurred salaries expense of $67,000 for 2016. The payroll expense includes employer FICA tax, in addition to state unemployment tax and federal unemployment tax. Of the total salaries, $19,000 is subject to unemployment tax. Also, the company provides the following benefits for employees: health insurance (cost to the company, $2,600), life insurance (cost to the company, $390), and retirement benefits (cost to the company, 7% of salaries expense). Journalize Ricardo's expenses for employee benefits and for payroll taxes. Explanations are not required. (Round all amounts to the nearest cent. Record debits first, then credits. Exclude explanations from journal entries.) (Click the icon to view payroll tax rate information.) Begin with the entry to accrue Ricardo's employer payroll taxes. Date Accounts and Explanation Debit Credit
Goofy Productions Limited had gross wages owing to their employees of $8,400 on March 31, 2022. Employees pay 2% of their gross salaries to the government employment insurance plan and 4% of gross salaries to the government pension plan. The income tax payable on the wages owing at March 31, 2022 is $1,700. The company matches employees' government pension contributions 1 to 1, and employment insurance contributions 1.4 to 1. Required: 1. Calculate the deductions and net pay owing to Goofy's employees on March 31, 2022. 2. Calculate the employer's portion of employment insurance and government pension plan owing at March 31, 2022. 3. Prepare the journal entry to record the payment to the Government of Canada on April 10 for the amounts owing from the March 31 payroll.
he following is a payroll sheet for Teal Imports for the month of September 2020. 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 $128,400. In addition, 1.45% is charged both employer and employee for an employee’s wages in excess of $128,400 per employee. Unemployment Tax Name Earnings Aug. 31 September Earnings B. D. Williams $6,800 $900 D. Raye 6,300 800 K. Baker 7,400 1,200 F. Lopez 14,700 1,800 A. Daniels 116,600 12,900 B. Kingston 121,300 16,400 (a) Complete the payroll sheet. (Round answers to 2 decimal places Income Tax Withholding FICA State Federal

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