The payroll register for Schmidt Company for the week ended April 29 indicated the following: Salaries $1,380,000 Social security tax withheld 82,800 Medicare tax withheld 20,700 Federal income tax withheld 276,000 In addition, state and federal unemployment taxes were computed at the rate of 5.4% and 0.6%, respectively, on $245,000 of salaries. a. Journalize the entry to record the payroll for the week of April 29. If an amount box does not require an entry, leave it blank. 290 000

The payroll register for Schmidt Company for the week ended April 29 indicated the following: Salaries $1,380,000 Social security tax withheld 82,800 Medicare tax withheld 20,700 Federal income tax withheld 276,000 In addition, state and federal unemployment taxes were computed at the rate of 5.4% and 0.6%, respectively, on $245,000 of salaries. a. Journalize the entry to record the payroll for the week of April 29. If an amount box does not require an entry, leave it blank. 290 000

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 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
According to a payroll register summary of Swifty Company, the amount of employees' gross pay in December was $852,000, of which $88,000 was not subject to Social Security taxes of 6.2% and $744,000 was not subject to state and federal unemployment taxes. (a) Determine the employer's payroll tax expense for the month, using the following rates: FICA 7.65%, state unemployment 5.40%, and federal unemployment 0.60%. (Round answer to 0 decimal places, e.g. 125.) Payroll tax expense $ eTextbook and Media List of Accounts
Sandhill Company has the following data for the weekly payroll ending January 31. Employee L. Helton R. Kenseth M 8 8 D. Tavaras 9 Jan. 31 T 8 8 12 Hours W 12 8 8 T 8 8 8 F 10 8 S 3 Date Account Titles and Explanation 5 9 0 Hourly Rate $12 16 13 Federal Income Tax Withholding Health Insurance $34 37 58 Employees are paid 1½ times the regular hcrly rate for all hours worked in excess of 40 hours per week. FICA taxes are 7.65% (the 7.65% FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and wages up to $128,400 and the Medicare tax rate of 1.45% on all salaries and wages). Sandhill Company is subject to 5.4% state unemployment taxes and 0.6% federal unemployment taxes on the first $7,000 of gross earnings. Debit $10 Prepare the journal entry to record Sandhill's payroll tax expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 15.25.) 25 Credit 25
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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 ________ __________
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 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
Payroll Register The following data for Throwback Industries Inc. relate to the payroll for the week ended December 9, 20Y8: Hours Hourly Weekly Federal Retirements Employee Worked Rate Salary Income Tax Savings Aaron 44 $46 $486.68 $75 Cobb 42 32 295.84 70 Clemente 45 24 216.6 100 DiMaggio 38 34 271.32 100 Griffey, Jr. 48 42 458.64 105 Mantle $2,100 504.00 85 Robinson 35 36 189.00 70 Williams 2,350 517.00 75 Vaughn 43 28 249.20 70 Employees Mantle and Williams are office staff, and all of the other employees are sales personnel. All sales personnel are paid 1½ times the regular rate for all hours in excess of 40 hours per week. The social security tax rate is 6%, and Medicare tax is 1.5% of each employee's annual earnings. The next payroll check to be used is No. 901. Required: 1. Prepare a payroll register for Throwback Industries Inc.…
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…
The following totals for the month of June were taken from the payroll register of Arcon Company: $11,940.00 Salaries expense Social security and Medicare taxes withheld Income taxes withheld 895.50 289.00 531.00 Retirement savings The entry to record the payment of net pay would include a O a. debit to Salaries Payable for $11,940.00. Ob. credit to Salaries Expense for $10,224.50. O c. debit to Salaries Payable for $10,224.50. Od. credit to Salaries Payable for $10,224.50.