Problem Al-3A Journal entries-payroll taxes, and employee fringe benefits LO2, 3, 4A company showed the following information in its payroll register for the week ended March 16, 2018:DeductionsPayOfficeSales SalariesTotalDeductionsMedicalInsurance52.50Net PayEL Premium23.90ExpenseIncome Taxes289.38CPP67.95Union Dues105.00538.731,440.00901.271,009.8127.39381.9525.0078.34127.50640.1932.37480.7435.0093.1978.75720.051,229.95222.1947-5061.0290.00442.251,300,00105.241,374.26160.00300.50401.252,341.253,998.751,440.001,300.00Required:1. Prepare a General Journal entry to record the payroll register information. (Round your answers to 2 decimal places.)2. Prepare a General Journal entry to record the employer's payroll expenses resulting from the payroll. (Round your answers to 2decimal places.)View transaction listView journal entry worksheetDebitCreditNoGeneral JournalEmployees' income taxes payableEmployees' union dues payableCPP payable105.00300.503. Prepare General Journal entries to accrue employee fringe benefit costs for the week. Assume that the company matches theemployees' payments for medical insurance and contributes an amount equal to 8% of each employee's gross pay to a retirementprogram. Also, each employee accrues vacation pay at the rate of 6% of the wages and salaries earned. The company estimates thatall employees eventually will be paid their vacation pay. (Round your answers to 2 decimal places.)View transaction list View journal entry worksheetNoDateGeneral JournalDebitCredit1Mar 16Employees' medical insurance payableEstimated vacation pay liabilityDateMar 10405 50541.95Distribution160.00381 95Shop SalariesExpense1,650.001,950.003,600.00

Payroll entries show detailed record relating to salaries or wages of employees along with its…

taxes, and employee fringe benefits LO2, 3, 4 s payroll register for the week ended March 16, 2018: Pay Total Deductions Net Pay Union Dues 105.00 538.73 127.50 640.19 1,009.81 78.75 720.05 1,229.95 90.00 442.25 857.72 401.25 2,341.25 3,998.75 -19 02 50 Sales Salaries Expense 1,440.00 1,440.00 Distribution Office Expense 1,300.00 1,300.00 Shop Salaria Expense 1,650.00 1,950.00 3,600.00

taxes, and employee fringe benefits LO2, 3, 4 s payroll register for the week ended March 16, 2018: Pay Total Deductions Net Pay Union Dues 105.00 538.73 127.50 640.19 1,009.81 78.75 720.05 1,229.95 90.00 442.25 857.72 401.25 2,341.25 3,998.75 -19 02 50 Sales Salaries Expense 1,440.00 1,440.00 Distribution Office Expense 1,300.00 1,300.00 Shop Salaria Expense 1,650.00 1,950.00 3,600.00

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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Bart Consulting Firm has the following payroll information for the week ended March 20th: Name Earnings at the end of the previous week Sun. Mon. Tues. Wed. Thurs. Fri. Sat. Pay Rate Federal Income Tax Lauren, F 14,400 8 8 8 8 8 30.00 222.52 Baylor, M 12,000 8 8 8 8 8 25.00 178.55 Lims, T 7,200 8 8 8 8 8 15.00 78.00 Tate, C 6,000 8 8 8 8 8 15.00 62.00 Musker, J 4,320 8 8 8 15.00 15.00 Mako, W 3,888 8 8 8 13.50 11.00 Additional Information: Taxable earnings for Social Security are based on the first $132,900. Taxable earnings for Medicare are based on all earnings. Taxable earnings for federal and state unemployment are based on the first $7,000. Employees are paid time-and-a-half for work in excess of 40 hours per week. Round amounts to the nearest penny. What you must do: Complete the attached Payroll Register (Excel Spreadsheet). Use the following information to help: The Social Security tax rate is 6.2 percent. The Medicare tax…
DATE OF PAY PERIOD ENDING 20- 20 PAYMENT NET СК. EARNINGS DEDUCTIONS EMPLOYEE MAR. TOTAL NAME ALLOW RATE SOC. SEC. FED. INC. STATE INC. HOSP. INS OTHERS TOTAL PAY NO. NUMBER STATUS HOURS REGULAR OVERTIME TOTAL MED. TAX TAX TAX TAX 10 2 3 6. 9. 10 11 10 12 11 13 14 13 15 14 16 17 15 18 16 17 18 25 12 7.
Example 6-5 The journal entry to record the payroll from Figure 6.1, on pages 6-2 and 6-3, would be: Debit Credit Wages Expense 24,762.70 FICA Taxes Payable—OASDI 1,535.29 FICA Taxes Payable—HI 359.06 FIT Payable 3,714.00 SIT Payable 55.25 Group Insurance Payments W/H 54.70 Cash 19,044.40 Example 6-7 The journal entry to record the payroll tax entry from Figure 6.1 on pages 6-2 and 6-3 would be (assume a SUTA tax rate of 3.0%): Debit Credit Payroll Taxes 2,785.81 FICA Taxes Payable—OASDI 1,535.29 FICA Taxes Payable—HI 359.06 FUTA Taxes Payable 148.58 SUTA Taxes Payable 742.88 Kip Bowman is owner and sole employee of KB Corporation. He pays himself a salary of $1,500 each week. Additional tax information includes: FICA tax—OASDI 6.2% on first $132,900 FICA tax—HI 1.45% on total pay Federal income tax $232.00 per pay State income tax 22% of the federal income tax withholding Federal unemployment…
Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. a. b. C. Gross Pay through August 31 $ 6,100 2,100 133,000 Exercise 9-8 (Algo) Payroll-related journal entries LO P2 Assuming situation (a), prepare the employer's September 30 journal entry to record salary expense and its related payroll liabilities for this employee. The employee's federal income taxes withheld by the employer are $90 for this pay period. Complete this question by entering your answers in the tabs below. Taxes to be Withheld From Gross Pay Gross Pay for September $ 1,400 2,200 9,600 General Journal The employee's federal income taxes withheld by the employer are $90 for this pay period. Assuming situation (a), compute the taxes to be withheld from gross pay for this employee. Note: Round your answers to 2 decimal places. Federal income tax Taxes to be Withheld From Gross Pay (Employee-Paid Taxes) September Earnings Subject to Tax…
Wage and tax statement data on employer FICA tax Ehrlich Co. began business on January 2, 20Y8. Salaries were paid toemployees on the last day of each month, and social security tax. Medicare tax, and federal income tax were withheld in the requiredamounts. An employee who is hired in the middle of the month receives half the monthly .salary for that month. All required payroll tax reports were filed, and the correct amount of payroll taxes was remitted by the company for the calendar year. Early in 2019, before the Wage and TaxStatements (Form W-2) could be prepared for distribution to employees and for filing with the Social Security Administration, the employeesearnings records were inadvertently destroyed. None of the employees resigned or were discharged during the year, andthere were no changes in salary rates. 'The social security tax was withheld at the rate of 6.0% and Medicare lax at the rate of 1.5%. Data ondates of employment, salary rates, and employees' income…
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Question text Lidge Company of Texas (TX) is classified as a monthly depositor and pays its employees monthly. The following payroll information is for the second quarter of 20--. WITHHOLDINGS EMPLOYER'S Wages OASDI HI FIT OASDI HI April $86,100 $ 5,338.20 $1,248.46 $ 9,650 $ 5,338.20 $1,248.45 May 92,500 5,735.00 1,341.26 10,005 5,735.00 1,341.25 June 73,400 4,550.80 1,064.30 8,995 4,550.80 1,064.30 Totals $252,000 $15,624.00 $3,654.02 $28,650 $15,624.00 $3,654.00 The number of employees on June 12, 20-- was 11. a. Complete the following portion of Form 941. What are the payment due dates of each of the monthly liabilities assuming all deposits were made on time, and the due date of the filing of Form 941 (year 20--)?
PROBLEM: ON JANUARY 16, 2021, THE PAYROLL DEPARTMENT PROCESSED PAYROLL CHECKS FOR 300 EMPLOYEES COVERING THE WORK PERIOD FROM DECEMBER 24, 2020 TO JANUARY 08, 2021 AMOUNTING TO 450,000 1. RECORD THE TRANSACTION ON JANUARY 16, 2021: 1. DR.=? 2. =? 3. CR.=? 4. =? 2. RECORD THE REVERSING ON THE ACCRUAL PAYROLL ON JANUARY 1, 2021 5. DR. =? 6. =? 7. CR =? 8. =? INSTRUCTIONS: CHOOSE FROM THE FOLLOWING ACCOUNTS FOR THE CORRECT ACCOUNT OF ADJUSTING ENTRIES: A. SALARIES EXPENSE B. PAYROLL PAYABLE C. ACCRUED PAYROLL PAYABLE
Calculation of Taxable Earnings and Employer Payroll Taxes and Preparation of Journal Entry Selected information from the payroll register of Joanie's Boutique for the week ended September 14, 20--, is as follows: Social Security tax is 6.2% on the first $128,400 of earnings for each employee. Medicare tax is 1.45% of gross earnings. FUTA tax is 0.6% and SUTA tax is 5.4% on the first $7,000 of earnings.