Summary Payroll Data In the following summary of data for a payroll period, some amounts have been intentionally omitted: Earnings: 1. At regular rate ? 2. At overtime rate $70,400 3. Total earnings ? Deductions: 4. Social security tax 28,200 5. Medicare tax 7,050 6. Income tax withheld 119,700 7. Medical insurance 16,200 8. Union dues ? 9. Total deductions 174,000 10. Net amount paid 296,000 Accounts debited: 11. Factory Wages 249,100 12. Sales Salaries ? 13. Office Salaries 94,000

Summary Payroll Data In the following summary of data for a payroll period, some amounts have been intentionally omitted: Earnings: 1. At regular rate ? 2. At overtime rate $70,400 3. Total earnings ? Deductions: 4. Social security tax 28,200 5. Medicare tax 7,050 6. Income tax withheld 119,700 7. Medical insurance 16,200 8. Union dues ? 9. Total deductions 174,000 10. Net amount paid 296,000 Accounts debited: 11. Factory Wages 249,100 12. Sales Salaries ? 13. Office Salaries 94,000

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter12: Preparing Payroll Records

Section: Chapter Questions

Problem 1MP

See similar textbooks

Related questions

Q: In the following summary of data for a payroll period, some amounts have been intentionally omitted:…

A: Total earnings = Net Amount paid + Total Deduction At regular rate = Total Earnings - At overtime…

Q: 1. co EMPLOYEE NUMBER -ALLOW. TOTAL HOURS Problem 13-8 Journalizing Payroll Transactions The Outback…

A: Payroll taxes are the tax expenses which are levied on salaries of the employees and employers and…

Q: Determine the amounts omitted in lines (1), (3), (8), and (12). Journalize the entry to record the…

A: Payroll: The total payment that a company is required to pay to its employee for the services…

Q: In the following summary of data for a payroll period, some amounts have been intentionally omitted.…

A: Total Earnings = Net Amount Paid + Total Deductions Earnings at regular rate = Total earnings -…

Q: 1. The total amount remitted to the BIR through the Tax Remittance Advice? 2. How much is the…

A: The Tax Remittance Advice (TRA) is an official document used by organizations to report and send…

Q: $ 9,814.40 Total gross earnings of all employees: Total social security tax withheld: 608.49 Total…

A: Payroll tax is a tax which is used to deducted to social security and Medicare expenses of employees…

Q: LZ Uonsəno Total gross earnings of all employees: $ 9,814.40 608.49 Total social security tax…

A: Payroll tax expense for the employer includes FICA taxes (social security tax and medicare tax) ,…

Q: În the following summary of data for a payroll period, some amounts have been intention- ally…

A: Payroll Accounting - It is accounting which consists of tracking and filing the data regarding…

Q: Journalize Period Payroll The payroll register of Shortman Co. indicates $3,240 of social security…

A: Since you have posted multiple different questions, we will do the first one for you. Please post…

Q: Are both taxes calculated on gross wages or calculated on adjusted wages for after pre-tax…

A: Explanation on Social Security tax and Medicare tax is given below,

Q: Payroll Tax Entries According to a summary of the payroll of Guthrie Co., $629,000 was subject to…

A: The payroll taxes refers to the taxes paid by the employer and employees on the salary and wages.…

Q: Assume that the social security tax rate is 6% and the Medicare tax rate is 1.5%. In the following…

A: Payroll refers to the formation of the list which includes the payment of salaries or wages to…

Q: The payroll register of Heritage Co. indicates $1,500 of social security withheld and $375 of…

A: The objective of the question is to record the payroll for the period in the company's journal. This…

Q: Journalize Period Payroll The payroll register of Wang Engineering Co. indicates $960 of social…

A: Payroll taxes: Payroll taxes are the taxes withheld by the employers from the wages/salary payable…

Q: Assume that the social security tax rate is 6% and the Medicare tax rate i 1.5%. In the following…

A: Payroll refers to the payment to be made by the employer to the employees for the services rendered…

Q: According to a summary of the payroll of Mountain Streaming Co., $770,000 was subject to the 6.0%…

A: Journal Entry is the primary step to record the transaction in the books of accounts. The increase…

Q: Summary Payroll Data Assume that the social security tax rate is 6% and the Medicare tax rate is…

A: The income paid to an employee is comprised of various components that make the total income. Taxes…

Q: In the following summary of data for a payroll period, some amounts have been intentionally omitted:…

A: Payroll refers to the total amount of money that a company pays to its employees for the work they…

Q: Concerning payroll accounting - How would Medicare Tax withholdings be determined on Period wages of…

A: Social tax security is a compulsory contribution of employer and employee. It funds the retirement,…

Q: Complete the payroll sheet. Name Earnings to August 31 September Earnings Income Tax Witholding B.D.…

A: Payroll refers to the aggregate compensation payable by the company to its employees for a certain…

Q: Journalize Period Payroll The payroll register of Wang Engineering Co. indicates $1,860 of social…

A: Payroll is the system related to the recording and maintenance of salary structure in the…

Q: Summary Payroll Data In the following summary of data for a payroll period, some amounts have been…

A: a. Calculate the omitted amounts in line (1), (3), (8) and (12).(3) Calculate the amount of total…

Q: The following totals for the month of June were taken from the payroll register of Arcon Company=

A: Salaries are compensation paid to the administrative level employees of the company. it is an…

Q: Entries for payroll and payroll taxes The following information about the weekly payroll was…

A: Journal entry : Method of recording financial transactions in the book of original entry by debiting…

Concept explainers

Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.

Question

Summary Payroll Data

In the following summary of data for a payroll period, some amounts have been intentionally omitted:

Earnings:
	1. At regular rate	?
	2. At overtime rate	$70,400
	3. Total earnings	?
Deductions:
	4. Social security tax	28,200
	5. Medicare tax	7,050
	6. Income tax withheld	119,700
	7. Medical insurance	16,200
	8. Union dues	?
	9. Total deductions	174,000
	10. Net amount paid	296,000
Accounts debited:
	11. Factory Wages	249,100
	12. Sales Salaries	?
	13. Office Salaries	94,000

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Calculate the amount of total earnings (3):

VIEW

Calculate the amount of regular rate (1):

VIEW

Calculate the amount of union dues (8):

VIEW

Calculate the amount of sales salaries:

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 4 steps with 4 images

SEE SOLUTION Check out a sample Q&A here

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.

Similar questions

In the following summary of data for a payroll period, some amounts have been intentionally omitted: Earnings: 1. At regular rate ? 2. At overtime rate $66,000 3. Total earnings ? Deductions: 4. Social security tax 37,560 5. Medicare tax 9,390 6. Income tax withheld 130,000 7. Medical insurance 21,910 8. Union dues ? 9. Total deductions 205,610 10. Net amount paid 420,390 Accounts debited: 11. Factory Wages 267,000 12. Sales Salaries ? 13. Office Salaries 100,000 Required: A. Calculate the amounts omitted in lines (1), (3), (8), and (12). B. On December 19, journalize the entry to record the payroll accrual.* C. On December 20, journalize the entry to record the payment of the payroll.
Sümmary Payroll Data Assume that the social security tax rate is 6% and the Medicare tax rate is 1.5%. In the following summary of data for a payroll period, some amounts have been intentionally omitt Earnings: 1. At regular rate 2. At overtime rate $57,500 3. Total earnings Deductions: 4. Social security tax 23,040 I. 5. Medicare tax 5,760 6. Federal income tax withheld 97,800 7. Medical insurance 13,200 8. Union dues 9. Total deductions 142,000 10. Net amount paid 242,000 Accounts debited: 11. Factory Wages 203,500 12. Sales Salaries 13. Office Salaries 76,800
Summary Payroll Data Assume that the social security tax rate is 6% and the Medicare tax rate is 1.5%. In the following summary of data for a payroll period, some amounts have been intentionally omitted: Earnings: 1. At regular rate ? 2. At overtime rate $80,000 3. Total earnings ? Deductions: 4. Social security tax 32,400 5. Medicare tax 8,100 6. Federal income tax withheld 135,000 7. Medical insurance 18,900 8. Union dues ? 9. Total deductions 201,150 10. Net amount paid 338,850 Accounts debited: 11. Factory Wages 285,000 12. Sales Salaries ? 13. Office Salaries 120,000 a. Determine the amounts omitted in lines (1), (3), (8), and (12). (1) $fill in the blank 87b534fc705303d_1 (3) $fill in the blank 87b534fc705303d_2 (8) $fill in the blank 87b534fc705303d_3 (12) $fill in the blank 87b534fc705303d_4 b. Journalize the entry to record the payroll accrual. If an amount box does not require…
In the following summary of data for a payroll period, some amounts have been intentionally omitted. Calculate the amounts omitted below. Enter all your answers as positive amounts. Earnings: 1. At regular rate $fill in the blank 1 2. At overtime rate 81,600 3. Total earnings $fill in the blank 2 Deductions: 4. FICA tax $32,700 5. Income tax withheld 138,700 6. Medical insurance 18,800 7. Union dues fill in the blank 3 8. Total deductions $202,000 9. Net amount paid $343,000 Accounts debited: 10. Wages $288,900 11. Sales Salaries $fill in the blank 4 12. Office Salaries $109,000
Assume that the social security tax rate is 6% and the Medicare tax rate is 1.5%. In the following summary of data for a payroll period, some amounts have been intentionally omitted: Earnings: 1. At regular rate ? 2. At overtime rate $64,000 3. Total earnings ? Deductions: 4. Social security tax 30,240 5. Medicare tax 7,560 6. Federal income tax withheld 128,000 7. Medical insurance 17,640 8. Union dues ? 9. Total deductions 190,190 10. Net amount paid 313,810 Accounts debited: 11. Factory Wages 264,000 12. Sales Salaries ? 13. Office Salaries 110,000 Required: a. Determine the amounts omitted in lines (1), (3), (8), and (12). b. On December 19, journalize the entry to record the payroll accrual.* c. On December 20, journalize the entry to record the payment of the payroll.*
Concerning Payroll Accounting - I need to clarify what portion of wages are used to calculate Social Security tax (6.2%) & Medicare tax (1.45%) in a single pay period. Are both taxes calculated on gross wages or calculated on adjusted wages for after pre-tax deductions (i.e., Health Insurance Premiums & Retirement deductions)? Thank you. Jewelee Marple
Assume that the social security tax rate is 6% and the Medicare tax rate is 1.5%. In the following summary of data for a payroll period, some amounts have been intentionally omitted: Earnings: At regular rate ? At overtime rate $80,000 Total earnings ? Deductions: Social security tax $32,400 Medicare tax $8,100 Federal income tax withheld $135,000 Medical insurance $18,900 Union dues ? Total deductions $201,150 Net amount paid $338,850 Accounts debited: Factory Wages $285,000 Sales Salaries ? Office Salaries $120,000 Determine the amounts omitted in lines (1), (3), (8), and (12). Journalize the entry to record the payroll accrual. Journalize the entry to record the payment of the payroll. Total earnings should be $540,000
.
H1. Account
please give me answer in relatable
Entries for payroll and payroll taxes The following information about the weekly payroll was obtained from the records of Saine Co.: Salaries: Sales salaries Warehouse salaries Office salaries Deductions: Income tax withheld U.S. savings bonds Group insurance Tax rates assumed: $214,000 118,000 109,000 $441,000 $77,616 9,702 7,938 Social security, 6% Medicare, 1.5% State unemployment (employer only), 5.4% Federal unemployment (employer only), 0.8% Required: If an amount box does not require an entry, leave it blank. 1a. Assuming that the payroll related to the first full week of the year and was paid on January 11, journalize the entry on January 11, to record the payroll.
Op.30.