The payroll register for Star Express & Company for the pay period ended January 31, 20--, showed the following: Total Earnings $834,000.00 Taxable Earnings: FUTA 6,700.00 SUTA 6,700.00 Social Security 787,000.00 Deductions: Federal income tax 129,600.00 Social Security tax 48,794.00 Medicare tax 11,411.50 Pension plan 38,450.00 Health insurance 23,400.00 United Way 16,000.00 The Social Security tax rate is 6.2%, Medicare tax is 1.45%, FUTA tax is 0.8%, and SUTA tax is 5.4%.

The payroll register for Star Express & Company for the pay period ended January 31, 20--, showed the following: Total Earnings $834,000.00 Taxable Earnings: FUTA 6,700.00 SUTA 6,700.00 Social Security 787,000.00 Deductions: Federal income tax 129,600.00 Social Security tax 48,794.00 Medicare tax 11,411.50 Pension plan 38,450.00 Health insurance 23,400.00 United Way 16,000.00 The Social Security tax rate is 6.2%, Medicare tax is 1.45%, FUTA tax is 0.8%, and SUTA tax is 5.4%.

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter7: Payroll

Section: Chapter Questions

Problem 2.1C

See similar textbooks

Similar questions

During the month of March, Sandhill Co.'s employees earned wages of $68,000. Withholdings related to these wages were $5,202 for FICA, $8,160 for federal income tax, $3,400 for state income tax, and $408 for union dues. The company incurred no cost related to these earnings for federal unemployment tax but incurred $680 for state unemployment tax.
Which one of the following statements about payroll is incorrect – * a. you must record an hourly rate, salary or commission to process a paycheque b. the program calculates EI, CPP and Income Tax based on federal tax tables C. you must enter amounts for RRSP and Medical manually in the payroll journals d. the payroll ledgers do not have a single control account
On January 13, at the end of the second weekly pay period of the year, a company's payroll register showed that its 39 employees had earned $27.070 of sales salaries and $9,230 of office salaries. Assume withholdings from the employees' salaries were to include $602.58 of EL $1,666.91 of CPP, S7470 of income taxes, $1,230 of hospital insurance, and $720 of union dues. Required: 1. Prepare the General Journal entry to record the January 13 payroll. (Do not round intermediate calculations. Round your answers to 2 decimal places) View transaction list Journal entry worksheet Record payroll deductions for the pay period ending Jan 13. Notel Enter debts before oredits. Date General Journal Debit Credit Jan 13 View general journal Clear entry Record entry Nevt On January 13, at the end of the second weekly pay period of the year, a company's payroll register showed that its 39 earned $27,070 of sales salaries and $9,230 of office salaries. Assume withholdings from the employees' salaries…
1. Journalize the entry to record the payroll.2. Journalize the entry to record the employer's payroll taxes.3. Journalize the entry to deposit the FICA and FIT taxes
Factory Payroll: (To record salaries and wages paid and the employee payroll deductions) (To record employer payroll taxes) Sales Payroll: (To record salaries and wages paid and the employee payroll deductions) || |
PSa 5-6 Record Employer Payroll Tax Journal Entry Based on the following figures for the most recent pay period, record the necessary journal entry to account for employer payroll taxes as of 01/20/2020. Chart of Accounts (attached) Notes: Enter the transaction date on the first line only (if multiple transactions are required, enter the date on the first line of each transaction). Enter all debits within the transaction prior to entering any credits. Omit journal entry explanations. See the Chart of Accounts provided for the proper account names to use. To earn any credit for a given line within the journal entry, the account name must be correct. Partial credit is given for a correct account name with an incorrect amount; full credit is given for a correct account name with the correct amount. Do not include journal entry explanation when submitting your answer. Account Name Amount Medicare Tax Payable $31.90 State Unemployment Tax Payable $74.80 Social Security Tax…
Journalize the February payroll and the payment of the payroll. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Feb. 28 (To record payroll.) (To record payment of payroll.) Feb. 28
Journalizing Payroll Transactions 1. Determine the amount of Social Security and Medicare taxes to be withheld. If required, round your answers to the nearest cent. 2. Record the journal entry for the payroll, crediting Cash for the net pay. When required, enter amounts in dollars and cents. If an amount box does not require an entry, leave it blank. On December 31, the payroll register of Hamstreet Associates indicated the following information: Wages and Salaries Expense $7,700 Employee Federal Income Tax Payable 800 United Way Contributions Payable 190 Earnings subject to Social Security tax 7,200
Journalizing Payroll Transactions 1. Determine the amount of Social Security and Medicare taxes to be withheld. If required, round your answers to the nearest cent. 2. Record the journal entry for the payroll, crediting Cash for the net pay. When required, enter amounts in dollars and cents. If an amount box does not require an entry, leave it blank. On December 31, the payroll register of Hamstreet Associates indicated the following information: Wages and Salaries Expense $7,900 Employee Federal Income Tax Payable 900 United Way Contributions Payable 190 Earnings subject to Social Security tax 7,200 Payroll Withholdings 1. Determine the amount of Social Security and Medicare taxes to be withheld. If required, round your answers to the nearest cent. Social Security Tax $fill in the blank 6752ad03b03cf89_1 Medicare Tax $fill in the blank 6752ad03b03cf89_2 General Journal 2. Record the journal entry for the payroll,…
1. co EMPLOYEE NUMBER -ALLOW. TOTAL HOURS Problem 13-8 Journalizing Payroll Transactions The Outback Guide Service payroll register for the week ending Dec. 31 is shown below. PAYROLL REGISTER PAY PERIOD ENDING Dec. 31 20 -- DATE OF PAYMENT Dec. 31 , 20- EARNINGS DEDUCTIONS CK. NO. NET NAME RATE 80C. SEC. MEDICARE FED. INC. TAX 8TATE INC TAX HOSP. INS. PAY REGULAR OVERTIME TOTAL TAX TAX OTHER TOTAL 31 Coleman, Clarence M 1 41 7.60 28 Lorman, Victoria S 1 30 8.00 33 Peterson, Peg 35 Torrez, Joyce 6 31 21 00 21 00 3 99 26 00 304 00 315 40 51 43 49 56 52 58 36 58 11 40 19 55 457 263 97 240 00 275 50 261 00 240 00 4 80 190 44 222 92 224 42 2. 14 88 3 48 2. S1 38 7.25 M2 36 7.25 275 50 261 00 5|51 5 22 3 17 08 3 4. 16 18 3 78 6 00 (LD)5 40 4. 24 24 25 25 TOTALS 1,080 50 11 40 1,091 90 67 69 15 82 74 00 21 84 10 80 190 15 901 75 Other Deductione: Write the appropriate code letter to the left of the amount: B-U.S. Savings Bonde; C-Credit Union: UD-Union Duee; UW-United Way. Use the above…
Summary Payroll Data In the following summary of data for a payroll period, some amounts have been intentionally omitted: Earnings: 1. At regular rate 2. At overtime rate 3. Total earnings Deductions: 4. Social security tax 5. Medicare tax 6. Income tax withheld 7. Medical insurance 8. Union dues 9. Total deductions 10. Net amount paid Accounts debited: 11. Factory Wages 12. Sales Salaries 13. Office Salaries $80,000 ? (32,400) (8,100) (135,000) (18,900) (201,150) $338,850 285,000 ? 120,000 a. Calculate the amounts omitted in lines (1), (3), (8), and (12). Assume that the social security tax rate was 6.0% and the Medicare tax rate was 1.5%. (1) (3)
Calculation and Journal Entry for Employer Payroll Taxes 1. Calculate the employer's payroll taxes expense. Round your answer to the nearest cent. 2. Prepare the journal entry to record the employer's payroll taxes expense for the week ended July 15 of the current year. Round your answers to the nearest cent, if required. If an amount box does not require an entry, leave it blank. Portions of the payroll register for Barney’s Bagels for the week ended July 15 are shown below. The SUTA tax rate is 5.4%, and the FUTA tax rate is 0.6%, both of which are levied on the first $7,000 of earnings. The Social Security tax rate is 6.2% on the first $118,500 of earnings. The Medicare rate is 1.45% on gross earnings. Barney’s BagelsPayroll Register Total Taxable Earnings of All Employees Total Earnings Unemployment Compensation Social Security $12,200 $10,500 $12,200

SEE MORE QUESTIONS

Recommended textbooks for you

Quickbooks Online Accounting

Accounting

ISBN:

9780357391693

Author:

Owen

Publisher:

Cengage

College Accounting, Chapters 1-27

Accounting

ISBN:

9781337794756

Author:

HEINTZ, James A.

Publisher:

Cengage Learning,

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Quickbooks Online Accounting

Accounting

ISBN:

9780357391693

Author:

Owen

Publisher:

Cengage

College Accounting, Chapters 1-27

Accounting

ISBN:

9781337794756

Author:

HEINTZ, James A.

Publisher:

Cengage Learning,

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

SEE MORE TEXTBOOKS

GET THE APP

About FAQ Academic Integrity Sitemap Document Sitemap

Contact Bartleby Contact Research (Essays)High School Textbooks Literature Guides Concept Explainers by Subject Essay Help Mobile App

GET THE APP

Privacy

Your CA Privacy Rights

Your NV Privacy Rights

About Ads

Manage My Data

bartleby, a Learneo, Inc. business

Total Earnings	$834,000.00
Taxable Earnings:
FUTA	6,700.00
SUTA	6,700.00
Social Security	787,000.00
Deductions:
Federal income tax	129,600.00
Social Security tax	48,794.00
Medicare tax	11,411.50
Pension plan	38,450.00
Health insurance	23,400.00
United Way	16,000.00