The following totals for the month of April were taken from the payroll records of Windsor, Inc.Salaries$103200FICA taxes withheld7890Income taxes withheld21500Medical insurance deductions3900Federal unemployment taxes280Štate unemployment taxes1860The entry to record the payment of net payroll would include aO credit to Cash for $77800.O debit to Salaries and Wages Payable for $62020.O debit to Salaries and Wages Payable for $68050.O debit to Salaries and Wages Payable for $69910.

The process of documenting commercial transactions for the first time in the books of accounts is…

The following totals for the month of April were taken from the payroll records of Windsor, Inc.. Salaries $103200 FICA taxes withheld 7890 Income taxes withheld 21500 Medical insurance deductions 3900 Federal unemployment taxes 280 State unemployment taxes 1860

The following totals for the month of April were taken from the payroll records of Windsor, Inc.. Salaries $103200 FICA taxes withheld 7890 Income taxes withheld 21500 Medical insurance deductions 3900 Federal unemployment taxes 280 State unemployment taxes 1860

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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Payroll Tax Entries According to a summary of the payroll of Guthrie Co., $587,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax. Also, $19,000 was subject to state and federal unemployment taxes. Question Content Area a. Compute the employer's payroll taxes, using the following rates: state unemployment, 5.4%; federal unemployment, 0.6%.$fill in the blank 04825efc801a047_1 Question Content Area b. Journalize the entry to record the accrual of payroll taxes. If an amount box does not require an entry, leave it blank.
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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The payroll register for D. Salah Company for the week ended May 18 indicated the following: Salaries $693,000 Federal income tax withheld 138,600 The salaries were all subject to the 6.0% social security tax and the 1.5% Medicare tax. In addition, state and federal unemployment taxes were calculated at the rate of 5.4% and 0.8%, respectively, on $13,000 of salaries. If an amount box does not require an entry, leave it blank. Question Content Area a. Journalize the entry to record the payroll for the week of May 18. May 18 _______ ________ Question Content Area b. Journalize the entry to record the payroll tax expense incurred for the week of May 18. May 18 ________ __________
Nemsky Co. has the following information for the pay period of December 15 - 31: Gross Payroll $14,000 Federal Income Tax Withheld $2,600 Social Security Rate 6% Federal Unemployment Tax Rate 0.8% Medicare Rate 1.5% State Unemployment Tax Rate 5.4% Assuming no employees are subject to ceilings for taxes on their earnings, Salaries Payable would be recorded for: a. $14,000 b. $10,350 C. $9,350 d. $10,238 2.
Recording Payroll and Payroll Taxes The following information about the payroll for the week ended October 4 was obtained from the records of Simkins Mining Co.: Salaries: Deductions: Sales salaries $30,000 Income tax withheld $17,000 Employee Wages 40,000 U.S. savings bonds 2,000 Office salaries 20,000 Group insurance 6,000 $90,000 Tax rates assumed: FICA tax, 7.5% of employee annual earnings State unemployment (employer only), 4.2% Federal unemployment (employer only), 0.8% Indicate the effects on net assets and EPS of each of the following: 1. Recording the payroll.2. Recording the payroll taxes.3. Paying the payroll and payroll taxes. Solvency Metric Profitability Metric Net Assets Earnings per Share 1. Recording payroll $___________ Decrease, increase or no effect ? 2. Recording payroll taxes $___________ Decrease, increase or no effect ? 3. Paying payroll and payroll taxes Decrease,…
The following totals for the month of April were taken from the payroll records of Sunland Company. $115200 8810 24000 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. 4300 310 2070
Payroll entries Widmer Company had gross wages of $350,000 during the week ended June 17. The amount of wages subject to social security tax was $350,000, while the amount of wages subject to federal and state unemployment taxes was $52,500. Tax rates are as follows: Social security Medicare State unemployment Federal unemployment June 7 Wages Expense 6.0% 1.5% 5.4% The total amount withheld from employee wages for federal taxes was $70,000. If an amount box does not require an entry, leave it blank. a. Journalize the entry to record the payroll for the week of June 17. June 7 Payroll Tax Expense 0.8% Social Security Tax Payable Medicare Tax Payable Employees Federal Income Tax Payable Wages Payable Social Security Tax Payable Medicare Tax Payable 350,000 THEA b. Journalize the entry to record the payroll tax expense incurred for the week of June 17. ✓ 21,000 5,250 HOW! 88
The following totals for the month of June were taken from the payroll register of Waterway Company. Salaries and wages $100000 FICA taxes withheld 7650 Income taxes withheld 17600 Medical insurance deductions 3200 Federal unemployment taxes 600 State unemployment taxes 5400 The entry to record the accrual of federal unemployment taxes would include a debit to Federal Unemployment Taxes Payable for $600. credit to Federal Unemployment Taxes Expense for $600. credit to Payroll Tax Expense for $600. credit to Federal Unemployment Taxes Payable for $600.
The following information about the payroll for the week ended December 30 was obtained from the records of Saine Co.: Salaries: Deductions: Sales salaries $174,000 Federal income tax withheld $63,184 Warehouse salaries 96,000 Social security tax withheld 21,540 Office salaries 89,000 Medicare tax withheld 5,385 $359,000 Retirement savings 7,898 Group insurance 6,462 $104,469 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. 1a. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the entry on December 30, to record the payroll. Date Account Debit Credit Dec. 30 fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 fill in the blank 8 fill in the…
The following information about the payroll for the week ended December 30 was obtained from the records of Pharrell Co.: Salaries: Sales salaries $325,000 Warehouse salaries 196,000 Office salaries 131,000 $652,000 Deductions: Income tax withheld $119,000 Social security tax withheld 39,120 Medicare tax withheld 9,780 Retirement savings 14,344 Group insurance 11,736 $193,980 Tax rates assumed: Social security 6% Medicare 1.5% State unemployment (employer only) 5.4% Federal unemployment (employer only) 0.6% Required: 1. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the following entries (refer to the Chart of Accounts for exact wording of account titles): A. December 30, to record the payroll. B. December 30, to record the employer's payroll taxes on the payroll to be paid on December 31. Of the total payroll for the last week of the year,…
The following information about the payroll for the week ended December 30 was obtained from the records of Boltz Co.: Salaries: Deductions: Sales salaries $540,000 Income tax withheld $160,000 Warehouse salaries 155,000 U.S. savings bonds 10,500 Office salaries 85,000 Group insurance 9,000 $780,000 Tax rates assumed: Social security 6% State unemployment (employer only) 5.4% Medicare 1.5% Federal unemployment (employer only) 0.8% Required: 1. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the following entries (refer to the Chart of Accounts for exact wording of account titles): a. December 30, to record the payroll. b. December 30, to record the employer’s payroll taxes on the payroll to be paid on December 31. Of the total payroll for the last week of the year, $48,000 is subject to unemployment compensation taxes. 2. Assuming that the payroll for the last…