The following is a payroll register for Green Rock Associates, for the week ended March 06: Sale Salaries $125,000 Office Salaries 35,000 Federal Income Tax Withheld 32,300 Social Security Tax Withheld 10,200 Medicare Tax Withheld 2,550 What journal entry would you make to record Green Rock Associates' payroll for the week of February 28 - March 6?
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- Irina Company pays its employees weekly. The last pay period for 20-1 was on December 28. From December 28 through December 31, the employees earned $1,754, so the following adjusting entry was made: The first pay period in 20-2 was on January 4. The totals line from IrinaCompany’s payroll register for the week ended January 4, 20-2, was as follows: Required1. Prepare the journal entry for the payment of the payroll on January 4, 20-2.2. Prepare T accounts for Wages and Salaries Expense and Wages and Salaries Payable showing the beginning balance, January 4, 20-2, entry, and ending balance as of January 4, 20-2.Recording Employee Payroll On January 15, the end of the first biweekly pay period of the year, Chen Company's payroll register showed that its employees earned $35,000 of sales salaries. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $6,500 of federal income taxes, $772.50 of medical insurance deductions, and $120 of union dues. No employee earned more than $7,000 in this first period. Prepare the journal entry to record Chen Company's January 15 (employee) payroll expenses and liabilities. (Round amounts to cents.)Specialty Manufacturing estimated that its total payroll for the coming year would be $482,500. The workers' compensation insurance premium rate is 0.2%. Required: 1. Calculate the estimated workers' compensation insurance premium.$ Prepare the journal entry for the payment as of January 2, 20--. If an amount box does not require an entry, leave it blank. Page: DATE ACCOUNT TITLE DOC.NO. POST.REF. DEBIT CREDIT 1 20-- Jan. 2 1 2 2 3 3 2. Assume that Specialty Manufacturing's actual payroll for the year is $487,000. Calculate the total insurance premium owed.$ Prepare a journal entry as of December 31, 20--, to record the adjustment for the underpayment. The actual payment of the additional premium will take place in January of the next year. If an amount box does not require an entry, leave it blank. Page: DATE ACCOUNT TITLE DOC.NO. POST.REF. DEBIT CREDIT 1 20-- Dec. 31 1 2…
- 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…Sandhill Company has the following data for the weekly payroll ending January 31. Employee L. Helton R. Kenseth M 8 8 D. Tavaras 9 Jan. 31 T 8 8 12 Hours W 12 8 8 T 8 8 8 F 10 8 S 3 Date Account Titles and Explanation 5 9 0 Hourly Rate $12 16 13 Federal Income Tax Withholding Health Insurance $34 37 58 Employees are paid 1½ times the regular hcrly 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). Sandhill Company is subject to 5.4% state unemployment taxes and 0.6% federal unemployment taxes on the first $7,000 of gross earnings. Debit $10 Prepare the journal entry to record Sandhill'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.) 25 Credit 25If any math is done, please tell me how you did it so I can understand. Thank you! Please Do not Give image format
- Selected information from the payroll register of Barbara's Stables for the week ended September 28, 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 0.8%, and SUTA tax is 5.4% each on the first $7,000 of earnings. Cumulative Pay Current Taxable Earnings Employee Name Before CurrentEarnings GrossPay UnemploymentCompensation SocialSecurity Carlosi, Peggy $ 84,240 $2,350 Sanchez, Carmela 81,900 2,100 Delaney, Roger 109,800 3,320 Weitz, Alana 6,300 1,100 Dunhill, Craig 6,800 1,000 Bella, Stephen 42,330 1,850Calculating 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 1,240Payroll 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.…
- McLoyd Company completed the salaries and wages payroll for March. The payroll provided the following details: Salaries and wages earned Employee income taxes withheld FICA taxes withheld Unemployment taxes Required: $ 410,000 37,925 29,315 2,850 1. Considering both employee and employer payroll taxes, use the preceding information to calculate the total labor cost for the company for March. 2. & 3. Prepare the journal entry to record the payroll for March, including employee deductions (but excluding employer payroll taxes) and record employer's FICA taxes and unemployment taxes. Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3 Considering both employee and employer payroll taxes, use the preceding information to calculate the total labor cost for the company for March. Total Labor Cost Req 1 Req 2 and 3 >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.E10-4B. L. Murray Day Care Services has calculated the following amounts for an employee during the last week of April: Gross wages $3,600 Taxes withheld 775 CPP contributions 255 El contributions 82 a. Calculate the employee's net pay. b. Prepare the journal entries to record payroll for the employee.
