The following information about the payroll for the week ended December 30 was obtained from the records of Saine Co.: Salaries: Deductions: Sales salaries $282,000 Federal income tax withheld $102,256 Warehouse salaries 155,000 Social security tax withheld 34,860 Office salaries 144,000 Medicare tax withheld 8,715 $581,000 Retirement savings 12,782 Group insurance 10,458 $169,071 Tax rates assumed: Social security, 6% Medicare, 1.5% State unemployment (employer only), 5.4% Federal unemployment (employer only), 0.6% Required: If an amount box does not require an entry, leave it blank.

The following information about the payroll for the week ended December 30 was obtained from the records of Saine Co.: Salaries: Deductions: Sales salaries $282,000 Federal income tax withheld $102,256 Warehouse salaries 155,000 Social security tax withheld 34,860 Office salaries 144,000 Medicare tax withheld 8,715 $581,000 Retirement savings 12,782 Group insurance 10,458 $169,071 Tax rates assumed: Social security, 6% Medicare, 1.5% State unemployment (employer only), 5.4% Federal unemployment (employer only), 0.6% Required: If an amount box does not require an entry, leave it blank.

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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Instructions The payroll register of Heritage Co. indicates $13,320 of social security withheld and $3,330 of Medicare tax withheld on total salaries of $222,000 for the period. Federal withholding for the period totaled $43,180. Retirement savings withheld from employee paychecks were $2,040 for the period. Journalize the entry to record the period's payroll. General Journal On December 31, journalize the entry to record the period's payroll. General Journal Instructions How does grading work? DATE 1 Dec. 31 Salaries Expense 2 3 DESCRIPTION Social Security Tax Payable Medicare Tax Payable Employees State Income Tax Payable 4 5 Employees Federal Income Tax Payable 6 Retirement Savings Deductions Payable Check My Work 1 more Check My Work uses remaining. JOURNAL Score: 49/73 POST. REF. DEBIT CREDIT Shaded cells have feedback. PAGE 1 ACCOUNTING EQUATION ASSETS LIABILITIES EQUITY 13,320.00 ↑ 3,330.00 ✓ ↑ 2,040.00 ↑ Next>
ournalize Payroll Tax The payroll register of Patel Heritage Co indicates $1,986 of social security withheld and $496.50 of Medicare tax withheld on total salaries of $33,100 for the period. Earnings of $9,600 are subject to state and federal unemployment compensation taxes at the federal rate of 0.8% and the state rate of 5.4%. Provide the journal entry to record the payroll tax expense for the period. If an amount box does not require an entry, leave it blank. Round to two decimal places. Payroll Tax Expense Payroll Tax Expense Social Security Tax Payable Social Security Tax Payable Medicare Tax Payable Medicare Tax Payable State Unemployment Tax Payable State Unemployment Tax Payable Federal Unemployment Tax Payable Federal Unemployment Tax Payable
Journalize Payroll Tax The payroll register of Chen Heritage Co indicates $1,950 of social security withheld and $487.50 of Medicare tax withheld on total salaries of $32,500 for the period. Earnings of $9,800 are subject to state and federal unemployment compensation taxes at the federal rate of 0.8% and the state rate of 5.4%. Provide the journal entry to record the payroll tax expense for the period. If an amount box does not require an entry, leave it blank. Round to two decimal places.
The following accounts, with the balances indicated, appear in the ledger of Garcon Co. on December 1 of the current year: 211 Salaries Payable — 212 Social Security Tax Payable $16,302 213 Medicare Tax Payable 4,290 214 Employees Federal Income Tax Payable 26,455 215 Employees State Income Tax Payable 25,740 216 State Unemployment Tax Payable 2,717 217 Federal Unemployment Tax Payable 858 218 U.S. Saving Bond Deductions Payable 6,000 219 Medical Insurance Payable 49,800 411 Operations Salaries Expense 1,732,000 511 Officers Salaries Expense 1,130,000 512 Office Salaries Expense 287,000 519 Payroll Tax Expense 245,960 The following transactions relating to payroll, payroll deductions, and payroll taxes occurred during December: Dec. 2 Issued Check No. 410 for $6,000 to Jay Bank to purchase U.S. savings bonds for employees. Dec. 2 Issued Check No. 411 to Jay Bank for $47,047 in payment of $16,302 of social security tax, $4,290 of Medicare tax, and…
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…
Gamma, Inc., has the following information from the payroll of June 30. Following are the details of federal taxes: Employees' federal income taxes withheld Employees' FICA taxes withheld Employer's share of FICA taxes $2,108.48 1,104.36 1,104.36 Determine the total federal undeposited taxes of Gamma, Inc., for the payroll period ended June 30. a. $2,108.48 b. $3,212.84 c. $2,208.72 d. $4,317.20
Calculating Payroll Taxes Expense and Preparing Journal Entry Selected information from the payroll register of Ebeling's Dairy for the week ended July 7, 20--, is shown below. The SUTA tax rate is 5.4%, and the FUTA tax rate is 0.6%, both on the first $7,000 of earnings. Social Security tax on the employer is 6.2% on the first $128,400 of earnings, and Medicare tax is 1.45% on gross earnings. Taxable Earnings Employee Name Cumulative PayBefore CurrentEarnings CurrentWeekly Earnings UnemploymentCompensation SocialSecurity Click, Katelyn $6,660 $850 Coombs, Michelle 6,380 750 Fauss, Erin 23,010 1,220 Lenihan, Marcus 6,900 980 McMahon, Drew 125,200 5,260 Newell, Marg 25,150 1,110 Stevens, Matt 28,970 1,240
Based on the payroll information above... Total gross earnings of all employees: $ 9,814.40 Total social security tax withheld: 608.49 Total medicare tax withheld 142.31 Total federal income tax withheld 1,766.00 Total insurance premiums withheld 804.00 Based on the payroll information above, calculate and record the employer's payroll taxes for the period on the general journal. The state unemployment tax rate is 5.4 percent, and the federal unemployment tax rate is 0.8 percent. (Round your answers to 2 decimal places. Omit the "$" sign in your response.)
Payroll Register The following data for Throwback Industries Inc. relate to the payroll for the week ended December 9, 20Y8: Hours Hourly Weekly Federal Retirements Employee Worked Rate Salary Income Tax Savings Aaron 44 $46 $486.68 $75 Cobb 42 32 295.84 70 Clemente 45 24 216.6 100 DiMaggio 38 34 271.32 100 Griffey, Jr. 48 42 458.64 105 Mantle $2,100 504.00 85 Robinson 35 36 189.00 70 Williams 2,350 517.00 75 Vaughn 43 28 249.20 70 Employees Mantle and Williams are office staff, and all of the other employees are sales personnel. All sales personnel are paid 1½ times the regular rate for all hours in excess of 40 hours per week. The social security tax rate is 6%, and Medicare tax is 1.5% of each employee's annual earnings. The next payroll check to be used is No. 901. Required: 1. Prepare a payroll register for Throwback Industries Inc.…
Journalize Payroll Tax The payroll register of Wang Engineering Co. indicates $2,700 of social security withheld and $675.00 of Medicare tax withheld on total salaries of $45,000 for the period. Earnings of $12,600 are subject to state and federal unemployment compensation taxes at the federal rate of 0.6% and the state rate of 5.4%. Provide the journal entry to record the payroll tax expense for the period. If an amount box does not require an entry, leave it blank. Round to two decimal places. cash/employees federal income tax payable/payroll tax expense/salaries expense/salaries payable/social security tax expense/socail securtiy tax payable/medicare tax expense/medicare tax payable/state umployment tax expense/state unemployment tax payable/federal unemployment tax expense 10 spaces you need to fill in with numbers and which one belongs to which
The payroll register of Chen Heritage Co. indicates $2,220 of social security withheld and $555 of Medicare tax withheld on total salaries of $37,000 for the period. Federal withholding for the period totaled $6,290. Retirement savings withheld from employee paychecks were $2,650 for the period. Provide the journal entry for the period's payroll. If an amount box does not require an entry, leave it blank.