FICA—OASDI 6.2% on first $137,700FICA—HI 1.45% on total earningsSUTA 0.5% on first $8,000Tax on Employer:FICA—OASDI 6.2% on first $137,700FICA—HI 1.45% on total earningsFUTA 0.6% on first $7,000SUTA 2.8% on first $8,000 AutoSaveOffModule 6 Mastery Assessment-4 -P Search (Alt+Q)Alexis DonaldFileHomeInsertPage LayoutFormulasDataReviewViewDeveloper HelpPower PivotТeamP CommentsA ShareX Cut> AutoSum vArialv 14 v A Aab Wrap TextGeneralNormal 22Normal 3Normal 32LE CopyFill -Paste= = = E EConditional Format asDelete FormatSort & Find &AnalyzeInsertIA vE Merge & Center$ • % 9 8 98Normal 4NormalBadS Format PainterFormattingTable vClearFilter v Select vDataUndoClipboardFontAlignmentNumberStylesCellsEditingAnalysisE20X v fxABEFGHJKLMNPQSU12from Employees'Earning Under34.FICAFICAFUTASUTAEarnings toDateGrossEarnings1,890.00%24OASDİOSADI5 Employee:6 Watson, Ruth T.7 Kinder, Ralph A.8 Sanchez, Robert T.9 Carey, Mary C.10 Cox, Mason, M.11 Kenni, Jack T.12 Britmayer, Tim A.13 Candi Mark B.14 Boxer, Barbara C.15 MicBride, James W. $16 Total Employee TaxesHISUTAHI$ 139,000.00 $$410.0014,950.00$4,060.00 $$395.008,190.00 $$295.006,460.00 $$ 137,500.00 $2$425.001,850.008,905.00 $$490.006,825.00 $57,000.00 $3,615.00 $325.001,150.00195.00171819 Taxable Earnings20 *Applicable tax rate21 Totals22 Total payroll taxes6.2%1.45%0.6%2.80%23242526272829Problem 1Problem 2Problem 2a JournalizingProblem 3Problem 4Ready囲100%6:11 PMP Type here to searchVR71°F Clear12/2/2021< > | 1>

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Business

Accounting

rst $7,000

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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Concept explainers

Payroll Entries

Payroll is a comprehensive record of employees that are paid by the company. Payroll classifies employees into various categories according to their function and pays scale (basic wage, allowance, income tax, other taxes, employee loans, etc.). Payroll processes form the bedrock of every organization as it contains sensitive information on the ‘wage and paycheck’ portion of the company’s strength—its employees. The organization needs to keep a track of the employees currently on the payroll, the net payout for the company, the record of transactions related to the employees including deductions and payroll taxes to identify the liability and its effect on the balance sheet (and other financial statements). Payroll records also include qualitative factors such as the conduct of the employee.

Question

FICA—OASDI 6.2% on first $137,700
FICA—HI 1.45% on total earnings
SUTA 0.5% on first $8,000
Tax on Employer:
FICA—OASDI 6.2% on first $137,700
FICA—HI 1.45% on total earnings
FUTA 0.6% on first $7,000
SUTA 2.8% on first $8,000

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1
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from Employees'
Earning Under
3
4.
FICA
FICA
FUTA
SUTA
Earnings to
Date
Gross
Earnings
1,890.00
%24
OASDİ
OSADI
5 Employee:
6 Watson, Ruth T.
7 Kinder, Ralph A.
8 Sanchez, Robert T.
9 Carey, Mary C.
10 Cox, Mason, M.
11 Kenni, Jack T.
12 Britmayer, Tim A.
13 Candi Mark B.
14 Boxer, Barbara C.
15 MicBride, James W. $
16 Total Employee Taxes
HI
SUTA
HI
$ 139,000.00 $
$
410.00
14,950.00
$
4,060.00 $
$
395.00
8,190.00 $
$
295.00
6,460.00 $
$ 137,500.00 $
2$
425.00
1,850.00
8,905.00 $
$
490.00
6,825.00 $
57,000.00 $
3,615.00 $
325.00
1,150.00
195.00
17
18
19 Taxable Earnings
20 *Applicable tax rate
21 Totals
22 Total payroll taxes
6.2%
1.45%
0.6%
2.80%
23
24
25
26
27
28
29
Problem 1
Problem 2
Problem 2a Journalizing
Problem 3
Problem 4
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