Provide correct answer Accounting question The payroll for Atkinson Company at the end of March 31, 2013 consists ofsalaries of $ 50,000. The company portions of CPP and El contributions are$2,475 and $1,059 respectively. A total of $ 15,000 in income taxes iswithheld. The company also pays a monthly cost of $500 for a dental plan forits employees. How much would Atkinson Company record at the end ofMarch regarding its payroll-related expenses?a. $57,992b. $54,034c. None of the other alternatives are correct.d. $53,534e. $72,992

Step 1: Define Payroll-Related ExpensesA company's payroll is the salaries and wages it pays to its…

Answered: The payroll for Atkinson Company at the…

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter11: Current Liabilities And Payroll

Section: Chapter Questions

Problem 4PB

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The totals line from Nix Companys payroll register for the week ended March 31, 20--, is as follows: Payroll taxes are imposed as follows: Social Security tax, 6.2%; Medicare tax, 1.45%; FUTA tax, 0.6%; and SUTA tax, 5.4%. REQUIRED 1. a. Prepare the journal entry for payment of this payroll on March 31, 20--. b. Prepare the journal entry for the employers payroll taxes for the period ended March 31, 20--. 2. Nix Company had the following balances in its general ledger before the entries for requirement ( 1 ) were made: a. Prepare the journal entry for payment of the liabilities for federal income taxes and Social Security and Medicare taxes on April 15, 20--. b. Prepare the journal entry for payment of the liability for FUTA tax on April 30, 20--. c. Prepare the journal entry for payment of the liability for SUTA tax on April 30, 20--.
On January 21, the column totals of the payroll register for Great Products Company showed that its sales employees had earned 14,960, its truck driver employees had earned 10,692, and its office employees had earned 8,670. Social Security taxes were withheld at an assumed rate of 6.2 percent, and Medicare taxes were withheld at an assumed rate of 1.45 percent. Other deductions consisted of federal income tax, 3,975, and union dues, 560. Determine the amount of Social Security and Medicare taxes withheld and record the general journal entry for the payroll, crediting Salaries Payable for the net pay. All earnings were taxable. Round amounts to the nearest penny.
On January 21, the column totals of the payroll register for Great Products Company showed that its sales employees had earned 14,960, its truck driver employees had earned 10,692, and its office employees had earned 8,670. Social Security taxes were withheld at an assumed rate of 6.2 percent, and Medicare taxes were withheld at an assumed rate of 1.45 percent. Other deductions consisted of federal income tax, 3,975, and union dues, 560. Determine the amount of Social Security and Medicare taxes withheld and record the general journal entry for the payroll, crediting Salaries Payable for the net pay. All earnings were taxable. Round amounts to the nearest penny.
At the end of the weekly payroll period on June 30, the payroll register of Concord Consultants showed employee earnings of $71,000. Determine the firm's payroll taxes for the period. Use a social security rate of 6.2 percent, Medicare rate of 1.45 percent, FUTA rate of 0.6 percent, and SUTA rate of 5.4 percent. Consider all earnings subject to social security tax and Medicare tax and $40,908 subject to FUTA and SUTA taxes. (Round your answers to 2 decimal places.) Base Rate Tax Social security Medicare FUTA SUTA Total % % % % Amount
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In a recent pay period, Blue Company employees have gross salaries of $18,960. Total deductions are: CPP $886, EI $348, and income taxes $4,480. What is Blue Company’s total payroll expense for this pay period? Ignore vacation benefits and workers’ compensation premiums.
Sarasota Corp.s gross payroll for April is $50,300. The company deducted $2,217 for CPP, $1,073 for El, and $9,061 for income taxes from the employees' cheques. Employees are paid monthly at the end of each month. Prepare a journal entry for Sarasota on April 30 to record the payment of the April payroll to employees. (Credit account titles are automatlcally Indented when the amount Is entered. Do not Indent manually. If no entry Is requlred, select "No Entry" for the account titles and enter O for the amounts.)
A company's payroll records report $3,210 of gross pay and $434 of federal income tax withholding for an employee for the weekly pay period. Compute this employee's FICA Social Security tax (6.2%), FICA Medicare tax (1.45%), state income tax (1.0%), and net pay for the current pay period. Note: Round your final answers to 2 decimal places. Gross pay FICA Social Security tax deduction $ FICA Medicare tax deduction Federal income tax deduction State income tax deduction Total deductions Net pay 40.30 $ 40.30 -40.30
The following totals for the month of November were taken from the payroll register of Levine Company: Salaries expense Social security and Medicare taxes withheld Income taxes withheld Medical insurance deductions Life insurance deductions Salaries subject to federal and state unemployment taxes of 6.2 percent The entry to record the net payroll on November 30 would include a a. credit to Salaries Payable for $15,000 b. credit to Salaries Expense for $11,352 Oc. debit to Salaries Payable for $15,000 d. credit to Salaries Payable for $11,352 $15,000 1,148 1,800 400 300 900
Allison Hardware Company’s payroll for November 2022 is as follows: factory, €140,000; sales, €32,000; and administrative, €36,000. The Social Security rate is 8% on an employee’s wages. Income tax withheld amounts to €16,000 for factory, €7,000 for sales, and €6,000 for administrative. Instructions a. Prepare a schedule showing the employer’s total cost of salaries and wages for November by function. b. Prepare the journal entries to record the factory, sales, and administrative payrolls including the employer’s payroll taxes.
From the following information, calculate the payroll tax expense for Gray Company for the payroll of April (Click the icon to view the payroll) The FICA tax rate for OASDI is 6.2% on the first $127,200 eamed, and Medicare is 1.45% on all earnings. Federal unemployment tax is 0 6% on the first $7,000 earned by each employee. The SUTA tax rate for Gray Company is 5.4% on the first $7,000 of employee earnings for state unemployment purposes. (Round to the nearest cent as needed.) FICA-OASDI FICA-Medicare FUTA SUTA Total 112.53
In January, the payroll supervisor determines that gross earnings for Concord Company are $84,000. All earnings are subject to 7.65% FICA taxes, 5.40% state unemployment taxes, and 0.60% federal unemployment taxes. (b) Record the employer's payroll taxes. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to O decimal places, e.g. 125.) Account Titles and Explanation Debit Credit [

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