The following totals for the month of April were taken from the payroll records of Sunland Company $115200 8810 24000 4300 310 2070 Salaries FICA taxes withheld Income taxes withheld Medical insurance deductions Federal unemployment taxes State unemployment taxes The entry to record the payment of net payroll would include a debit to Salaries and Wages Payable for $76020. O debit to Salaries and Wages Payable for $78090. O debit to Salaries and Wages Payable for $69280. O credit to Cash for $86900.

The following totals for the month of April were taken from the payroll records of Sunland Company $115200 8810 24000 4300 310 2070 Salaries FICA taxes withheld Income taxes withheld Medical insurance deductions Federal unemployment taxes State unemployment taxes The entry to record the payment of net payroll would include a debit to Salaries and Wages Payable for $76020. O debit to Salaries and Wages Payable for $78090. O debit to Salaries and Wages Payable for $69280. O credit to Cash for $86900.

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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The totals from the first payroll of the year are shown below. TotalEarnings FICAOASDI FICAHI FITW/H StateTax UnionDues NetPay $36,195.10 $2,244.10 $524.83 $6,515.00 $361.95 $500.00 $26,049.22 Journalize the entry to record the payroll. For a compound transaction, if an amount box does not require an entry, leave it blank. If required, round your answers to two decimal places.
The totals from the first payroll of the year are shown below. TotalEarnings FICAOASDI FICAHI FITW/H StateTax UnionDues NetPay $36,195.10 $2,244.10 $524.83 $6,515.00 $361.95 $500.00 $26,049.22 Journalize the entry to deposit the FICA and FIT taxes. For a compound transaction, if an amount box does not require an entry, leave it blank. Round your answers to two decimal places.
The payroll register of Seaside Architecture Company indicates $920 of social security and $256 of Medicare tax withheld on total salaries of $15,000 for the period. Federal withholding for the period totaled $3,260. Required: Prepare the journal entry for the period's payroll. Refer to the Chart of Accounts for exact wording of account titles. Prepare the journal entry for the period's payroll on December 31. Refer to the Chart of Accounts for exact wording of account titles.
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…
The following totals for the month of April were taken from the payroll records of Metz Company. Salaries $90,000 FICA taxes withheld 6,885 Income taxes withheld 19,800 Medical insurance deductions 3,600 Federal unemployment taxes 720 State unemployment taxes 4,500 The entry to record the payment of net payroll would include a: a) debit to Salaries and Wages Payable for $54,495. b) debit to Salaries and Wages Payable for $59,715 c) debit to Salaries and Wages Payable for $55,21 d) credit to Cash for $55,215
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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
Below is a payroll sheet for Otis Import Company for the month of September 2014. 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 $113,700. In addition, 1.45% is charged both employer and employee for an employee's wages in excess of $113,700 per employee.
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The following totals for the month of June were taken from the payroll register of Arcon Company: Salaries expense $14,000 Social security and Medicare taxes withheld 1,050 Income taxes withheld 2,600 Retirement savings 1,000 The entry to record the payment of net pay would include a a. credit to salaries expense for $9,350 b. debit to salaries payable for $9,350 c. debit to salaries payable for $14,000 d. credit to salaries payable for $9,350
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