Complete the payroll sheet. (Round answers to 2 decimal places, e.g. 15.26.)LA$$Income TaxWithholdingLALA$FICALA$tA$StateUnemployment Tax$tA$Federal The following is a payroll sheet for Metlock Imports for the month of September. The company is allowed a 1% unemploymentcompensation rate by the state; the federal unemployment tax rate is 0.8% and the maximum for both is $7,000. Assume a 10%federal income tax rate for all employees and a 7.65% FICA tax on employee and employer on a maximum of $106,800. In addition,1.45% is charged both employer and employee for an employee's wages in excess of $106,800 per employee.(a)Complete the payroll sheet. (Round answers to 2 decimal places, e.g. 15.26.)NameJerry KayeJessie RandleJavier WhiteJeremy TaggleJohn JayJoan ShortTotal$Earningsto Aug. 31$77,000Account Titles and Explanation104,0005,700125,00042,6004,000$SeptemberEarnings$15,00016,00080023.000Debit7,3001,500$$Income TaxWithholdingMake the necessary entry to record the payment of the payroll. (Round answers to 2 decimal places, e.g. 15.26. If no entry is required,select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount isentered. Do not indent manually.)$Credit$

The journal entry can be defined as the process of accounting where the transaction is recorded in…

The following is a payroll sheet for Metlock Imports for the month of September. The company is allowed a 1% unemployment. compensation rate by the state; the federal unemployment tax rate is 0.8% and the maximum for both is $7,000. Assume a 10% federal income tax rate for all employees and a 7.65% FICA tax on employee and employer on a maximum of $106,800. In addition, 1.45% is charged both employer and employee for an employee's wages in excess of $106,800 per employee. Complete the payroll sheet. (Round answers to 2 decimal places, e.g. 15.26.) Name Jerry Kaye Earnings to Aug. 31 $77,000 September Earnings $15,000 $ Income Tax Withholding $

The following is a payroll sheet for Metlock Imports for the month of September. The company is allowed a 1% unemployment. compensation rate by the state; the federal unemployment tax rate is 0.8% and the maximum for both is $7,000. Assume a 10% federal income tax rate for all employees and a 7.65% FICA tax on employee and employer on a maximum of $106,800. In addition, 1.45% is charged both employer and employee for an employee's wages in excess of $106,800 per employee. Complete the payroll sheet. (Round answers to 2 decimal places, e.g. 15.26.) Name Jerry Kaye Earnings to Aug. 31 $77,000 September Earnings $15,000 $ Income Tax Withholding $

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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Nielson Corporation has three employees. Each employee is paid overtime at time and one-half after the first 40 hours worked for the week. The current social security and medicare taxes are 6.2% and 1.45% respectively. Social security tax is capped on the first $140,000 of annual wages. The current unemployment tax rates are 3% for state and 1% for federal on the first $8,000 of annual wages. Below is the payroll information for the first week of the new year (therefore, the annual wage caps will not apply). Employee Hourly Rate Hours Worked Federal W/H Rate Roth 401k Deduction Health Insurance United Way Susan W. 27 45 20% 120 150 5 George B. 25.25 50 20% 100 200 5 Maria M. 23 48 15% 75 125 5 a. Prepare a payroll register for the week's payroll (use the form provided to the right).…
An employee earns $5,500 per month working for an employer. The FICA tax rate for Social Security is 6.2% of the first $128,400 earned each calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee's pay. The employee has $182 in federal income taxes withheld. The employee has voluntary deductions for health insurance of $150 and contributes $75 to a retirement plan each month. What is the amount of net pay for the employee for the month of January? (Round your intermediate calculations to two decimal places.)
[The following information applies to the questions displayed below.] BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its employee, and FICA 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. Gross Pay through August 31 Gross Pay for September a. $ 6,000 $ 1,500 b. 2,000 2,100 c. 132,900 9,500 Exercise 11-9 (Algo) Payroll-related journal entries LO P3 Assuming situation (a), prepare the employer’s September 30 journal entry to record the employer’s payroll taxes expense and its related liabilities. Record the employer's September 30 payroll taxes expense and its related liabilities. Note: Enter debits before credits. Date General Journal Debit Credit September 30 Payroll taxes expense FICA—Social security taxes payable FICA—Medicare taxes payable Federal…
Peyton Company's payroll for the year is $741,150. Of this amount, $472,770 is for wages paid in excess of $7,000 to each individual employee. The SUTA rate in Peyton Company's state is 2.9% on the first $7,000 of each employee's earnings. Compute: Net FUTA tax
William Corp. pays its employees every two weeks. Employee wages earned over a two-week period is $250,000. All wages are subject to social security and Medicare taxes, while $50,000 of wages are subject to federal and state unemployment taxes. Tax rates are the following: • Social security tax 6.0%• Medicare tax 1.5%• State unemployment compensation tax 5.4%• Federal unemployment compensation tax 0.8% Additionally, the total amount withheld from wages for federal income taxes is $75,000 and the total amount withheld for state income taxes is $12,500. ________________________________________ When William Corp. records the journal entry to recognize payroll every two weeks, Employees’ State Income Tax Payable will be: Question 24 options: Debited for $12,500 Credited for $75,000 Debited for $75,000 Neither debited nor credited Credited for $12,500
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William Corp. pays its employees every two weeks. Employee wages earned over a two-week period is $250,000. All wages are subject to social security and Medicare taxes, while $50,000 of wages are subject to federal and state unemployment taxes. Tax rates are the following: • Social security tax 6.0%• Medicare tax 1.5%• State unemployment compensation tax 5.4%• Federal unemployment compensation tax 0.8% Additionally, the total amount withheld from wages for federal income taxes is $75,000 and the total amount withheld for state income taxes is $12,500. ________________________________________ When William Corp. records the journal entry to recognize payroll every two weeks, Payroll Tax Expense will be: Question 30 options: Debited for $75,000 Credited for $12,500 Debited for $12,500 Credited for $75,000 Neither debited nor credited
Based on the information in problem 2, calculate and record the employers payroll taxes for the period in the general journal below. The state employment tax rate is 5.4 percent, and the federal unemployment tax rate is 0.8 percent.
According to a summary of the payroll of Sinclair Company, $505,000 was subject to the 6.0% social security tax and $545,000 was subject to the 1.5% Medicare tax. Also, $10,000 was subject to state and federal unemployment taxes. Question Content Area Required: a. Compute the employer's payroll taxes using the following rates: State unemployment, 4.2%; Federal unemployment, 0.8%.$ fill in the blank bdfee804ffc2f82_1 Question Content Area b. Journalize the entry for the employer's payroll tax expense. If an amount box does not require an entry, leave it blank. - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select -
An employee receives a bi-weekly gross salary of $2,000. The employee’s deductions include income tax of $218, CPP of $99, EI of $36, and union dues of $50. The employer’s share of the deductions includes CPP of $139 and EI of $36. What is the total amount of salaries and employee benefits expense that X Corp. would record on its income statement as a result of the employee's bi-weekly salary? answers a. $1,597 b. $1,772 c. $2,000 d. $2,175
Addidas Co. had total payroll of $40,000 for the week ending March 5. The FICA rate is 7.65%, federal unemployment tax is .8% and state unemployment rate is 5.4%. **Assume total payroll is subject to federal and state unemployment taxes. Journalize Addidas Co.'s payroll tax expenses.