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.
KA Payroll Related Accounting Assume a weekly payroll of $30,000 entirely subject to F.I.C.A. and Medicare (7.65%) taxes, with income tax withholding of $3,960. Write the journal entry for the company to record the salaries and wages paid and the employee payroll deductions Assume a weekly payroll of $80,000 entirely subject to F.I.C.A. and Medicare (7.65%) taxes, federal unemployment tax (0.8%) and state unemployment tax (.6%). Write the journal entry to record the employers’ payroll taxes
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
The following totals for the month of June were taken from the payroll register of Arcon Company: Salaries expense $ 13,900.00 Social security and Medicare taxes withheld 1,042.50 Income taxes withheld 317.00 Retirement savings 450.00 The entry to record the payment of net pay would include a Oa. credit to Salaries Payable for $12,090.50 Ob. credit to Salaries Expense for $12,090.50 Oc. debit to Salaries Payable for $12,090.50 Od. debit to Salaries Payable for $13,900.00
Summertime Company has 10 employees and processes payroll bi-weekly. A summary of their payroll information is as follows: Total gross taxable earnings Total CPP, El & Income tax 2018 $270,000 Your Answer 84000 2019 $280,000 2020 (Estimated) $295,000 87000 95000 Calculate the average monthly withholding amount and enter the amount in the space below. Include two decimal places and do not include a dollar sign or a comma. i.e. 0000.00
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.

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