Financial accounting Summit Industries has the following payroll information forJune 2024:•..•.Base Salaries: $75,000Company's CPP Contribution: $3,150Company's EI Contribution: $1,425Employee Income Tax Withheld: $22,500Health Insurance Premium (paid by company): $750Employee CPP and EI Deductions: $4,575Calculate Summit Industries' total payroll-related expenses. a.$80,325 b. $102,825 c. $84,900 d. $107,400

Step 1: Define Total Payroll-Related ExpensesTotal Payroll-Related Expenses include the base…

Answered: Summit Industries has the following…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 10PA: Lemur Corp. is going to pay three employees a year-end bonus. The amount of the year-end bonus and...

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> So Kercise Ge ali payroll calculations, ese the following tax rates and round amounts to the Empioree: OASDI: 6,2% on first $118,500 earned; Medicare: 1.45% up to Ș200,000, 2 5% on earnings above $200,000. Employer: OASDI: 6.2% on first $118,500 earned; Medicare: 1.45%; FUTA: 0.6% on first $7,000 earned; SUTA: 5.4% on first $7,000 earned. S11-1 Determining current versus long-term liabilities Rios Raft Company had the following liabilities. a. Accounts Payable d. Note Payable due in 6 months b. Note Payable due in 3 years e. Sales Tax Payable c. Salaries Payable f. Unearned Revenue due in 8 months Determine whether each liability would be considered a current liability (CL) or a long-term liability (LTL).
Waterway Industries's payroll for the pay period ended October 31, 2021 is summarized as follows: DepartmentPayroll TotalWages FederalIncome TaxWithheld Amount of Wages Subjectto Payroll Taxes F.I.C.A. Unemployment Factory $77000 $9000 $68000 $33000 Sales 23000 3000 17000 3000 Office 18000 3000 9000 - $118000 $15000 $94000 $36000 Assume the following payroll tax rates: F.I.C.A. for employer and employee 7.65% each Unemployment 3% What amount should Waterway accrue as its share of payroll taxes in its October 31, 2021 balance sheet?
6. JYD Corp. Has the following data for the month of March 2021: Gross Payroll Employee's deductions: sss Contribution Philhealth Contribution Pag-ikig Contribution Withelding taxes 1,000,000 20,000 10,000 10,000 100,000 The employer contributions are as follows: sSS contribution Pbilbsalth contribution Pag-ibig contribution 40,000 10,000 10,000 The company distributes its total payroll as follows: 50% to direct labor, 20% to indirect labor, 25% to administrative and 5% to Sales salary. The company also apportions employer's contribution as follows: 70% to factory overhead,25% to administrative and 5% to selling expenses. Required: Prepare the journal entries for: A. Labor Incurrence B. Labor Distribution C. To record employer's contribution D. Payment of accrued payroll
The books of Kwek-Kwek Corp. shows the following information related to payroll as of December 31, 2020: • Accrued salaries and wages (payable on January 5, 2021)- P660,000 • Payroll deductions for:o Income taxes withheld- P66,000o SSS contributions- P70,000o PhilHealth contributions- P16,000o Advances to employees- P70,000 How much is the total liability related to the payroll as of the year-end?
3. Ethel Corp. Has the following data for the month of March 2021: Gross Payroll Employee's deductions: SSS Contribution Pbibsath PAgikis Witholding taxes P1,000,000 P20,000 10,000 10,000 100,000 The employer share of mandatory deductions are as follows: SSS Contribution Pbilbealth Pag-jkig P40,000 10,000 10,000 The company distributes its total payroll as follows: 50% to direct labor; 20% to indirect labor; 25% to administrative and 5% to sales salary. The company also apportions employer's contribution as follows: 70% to factory overhead; 25% to administrative and 5% to selling expenses. Determine the following: A. total accrued payroll. B. the amount charged to Worked in Process account. C. the amount charged to Factory Overhead. D. the employer's share charged to Factory Overhead. E. the employer's share charged to Selling and Administrative Expenses
The following summary data for the payroll period ended December 27, 2021, are available for Cayman Coating Company: Gross pay FICA tax withholdings Income tax withholdings Group hospitalization insurance Employee contributions to pension plan Total deductions Net pay $ 93,000 ? 15,480 1,650 ? 25,455 ? Additional information: • For employees, FICA tax rates for 2021 were 7.65% on the first $142,800 of each employee's annual earnings. However, no employees had accumulated earnings for the year in excess of the $142,800 limit. • For employers, FICA tax rates for 2021 were also 7.65% on the first $142,800 of each employee's annual earnings. • The federal and state unemployment compensation tax rates are 0.6% and 5.4%, respectively. These rates are levied against the employer for the first $7,000 of each employee's annual earnings. Only $15,600 of the gross pay amount for the December 27, 2021, pay period was owed to employees who were still under the annual limit. b-2. Assuming that…
Gilpin, Inc.'s payroll for November 2020 is summarized as follows: Amount of Wages Subject to Payroll Taxes Total Wages Federal Income Tax Withheld F.I.C.A. Unemployment $653,000 $127,200 $590,000 $74,000 The FICA rate is 7.65% each for the employer and the employee. Gilpin is subject to a total unemployment tax rate of 3.5%. What amount should Gilpin report as its liability for the employer's share of payroll taxes (exclude the employee's share) on its balance sheet as of November 30, 2020?
You [The following information applies to the questions displayed below.] The following summary data for the payroll period ended December 27, 2021, are available for Cayman Coating Company: Gross pay $ 100,000 FICA tax withholdings ?question mark Income tax withholdings 15,150 Group hospitalization insurance 1,580 Employee contributions to pension plan ?question mark Total deductions 26,673 Net pay ?question mark Additional information: For employees, FICA tax rates for 2021 were 7.65% on the first $142,800 of each employee’s annual earnings. However, no employees had accumulated earnings for the year in excess of the $142,800 limit. For employers, FICA tax rates for 2021 were also 7.65% on the first $142,800 of each employee’s annual earnings. The federal and state unemployment compensation tax rates are 0.6% and 5.4%, respectively. These rates are levied against the employer for the first $7,000 of each employee’s annual earnings. Only $15,700 of the gross…
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Payroll Wages and payroll expense amounted to P890,000 for the last payroll period ending on March 31, 2021. Additional information are as follows: Income tax withheld - P100,000 SSS, PhilHealth, and HDMF contributions, Employee's share - P10,000 SSS, PhilHealth, and HDMF Contibutions, Employer's share - P15,000 Based on the foregoing information, determine the adjusted balances of he following as of March 31, 2021. - Wages and payroll liability
answer d and e only
Aloha Company provided the following information on December 31, 2020: Carrying amount Tax base Accounts receivable 1,500,000 1,750,000 Motor vehicle 1,650,000 1,250,000 Provision for warranty 120,000 0 Deposits received in advance 150,000 0 The depreciation rates for accounting and taxation are 15% and 25% respectively. The deposits are taxable when received and warranty costs are deductible when paid. An allowance for doubtful accounts of P250,000 has been raised against accounts receivable for accounting purposes but such accounts are deductible only when written off as uncollectible. The entity showed accounting income before tax of P8,000,000 for 2020. The income tax rate is 30% Thre are no temporary differences at the beginning of the current year: Required:…

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