Sunland Company has the following data for the weekly payroll ending January 31. Hours Employee M T W T F S Hourly Rate Federal Income Tax Withholding Health Insurance L. Helton 8 8 10 8 10 3 $10 $34 $10 R. Kenseth 8 8 8 8 8 3 16 37 25 D. Tavaras 9 10 8 8 9 0 13 58 25 Employees are paid 1½ times the regular hourly rate for all hours worked in excess of 40 hours per week. FICA taxes are 7.65% (the 7.65% FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and wages up to $128,400 and the Medicare tax rate of 1.45% on all salaries and wages). Sunland Company is subject to 5.4% state unemployment taxes and 0.6% federal unemployment taxes on the first $7,000 of gross earnings. Prepare the journal entry to record Sunland’s payroll tax expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 15.25.)
Sunland Company has the following data for the weekly payroll ending January 31. Hours Employee M T W T F S Hourly Rate Federal Income Tax Withholding Health Insurance L. Helton 8 8 10 8 10 3 $10 $34 $10 R. Kenseth 8 8 8 8 8 3 16 37 25 D. Tavaras 9 10 8 8 9 0 13 58 25 Employees are paid 1½ times the regular hourly rate for all hours worked in excess of 40 hours per week. FICA taxes are 7.65% (the 7.65% FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and wages up to $128,400 and the Medicare tax rate of 1.45% on all salaries and wages). Sunland Company is subject to 5.4% state unemployment taxes and 0.6% federal unemployment taxes on the first $7,000 of gross earnings. Prepare the journal entry to record Sunland’s payroll tax expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 15.25.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Sunland Company has the following data for the weekly payroll ending January 31.
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Hours
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||||||||||||||||||
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Employee
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M
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T
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W
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T
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F
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S
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Hourly Rate
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Federal Income Tax Withholding
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Health Insurance
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|||||||||
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L. Helton
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8 | 8 | 10 | 8 | 10 | 3 | $10 | $34 | $10 | |||||||||
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R. Kenseth
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8 | 8 | 8 | 8 | 8 | 3 | 16 | 37 | 25 | |||||||||
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D. Tavaras
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9 | 10 | 8 | 8 | 9 | 0 | 13 | 58 | 25 |
Employees are paid 1½ times the regular hourly rate for all hours worked in excess of 40 hours per week. FICA taxes are 7.65% (the 7.65% FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and wages up to $128,400 and the Medicare tax rate of 1.45% on all salaries and wages). Sunland Company is subject to 5.4% state
Prepare the
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Date
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Account Titles and Explanation
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Debit
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Credit
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Jan. 31
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enter an account title for the journal entry on January 31
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enter a debit amount
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enter a credit amount
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enter an account title for the journal entry on January 31
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enter a debit amount
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enter a credit amount
|
|
|
enter an account title for the journal entry on January 31
|
enter a debit amount
|
enter a credit amount
|
|
|
enter an account title for the journal entry on January 31
|
enter a debit amount
|
enter a credit amount
|
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