Wallace Corporation summarizes the following information from its weekly payroll records during April. Type of Salary Gross Pay F.I.C.A. Tax Federal Income Tax State Income Tax Net Pay Office Staff $80,000 $6,160 $5,621 $2,000 $63,219 What amount should be debited to salaries expense for the month of April?
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Type of Salary
|
Gross Pay
|
F.I.C.A. Tax
|
Federal Income Tax
|
State Income Tax
|
Net Pay
|
Office Staff | $80,000 | $6,160 | $5,621 | $2,000 | $63,219 |
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- Assuming no employees are subject to ceilings for their earnings, Harris Company has the following information for the pay period of January 15–31. Gross payroll $18,729 Federal income tax withheld $3,167 Social security rate 6% Federal unemployment tax rate 0.8% Medicare rate 1.5% State unemployment tax rate 5.4% Salaries Payable would be recorded in the amount of a.$12,996.13 b.$14,400.80 c.$14,157.33 d.$18,729.00The following transactions relating to payroll, payroll deductions, and payroll taxes occurred during December: On page 10 of the journal: Dec. Salary distribution: Officers Operations Office Deductions: Social security tax Medicare tax 2 Issued Check No. 410 for $3,400 to Jay Bank to purchase U.S. savings bonds for employees. Issued Check No. 411 to Jay Bank for $27,012 in payment of $9,280 of social security tax, $2,302 of Medicare tax, and $15,430 of employees' federal income tax due. 2 Journalized the entry to record the biweekly payroll. A summary of the payroll record follows: Federal income tax withhold 13 State income tax withheld Savings bond deductions 13 13 Net amount 16 19 On page 11 of the journal: Officers Medical insurance deductions 3,700 29,464 $45,736 Operations Office Salary distribution: Deductions: Social security tax Medicare tax 27 27 $42,400 Dec. 27 Journalized the entry to record the biweekly payroll. A summary of the payroll record follows: Net amount 27…The following totals for the month of June were taken from the payroll register of Arcon Company: Salaries expense $13,000.00 Social security and Medicare taxes withheld 975.00 Income taxes withheld 292.00 Retirement savings 590.00 The entry to record the payment of net pay would include a a.credit to Salaries Payable for $11,143.00. b.debit to Salaries Payable for $13,000.00. c.credit to Salaries Expense for $11,143.00. d.debit to Salaries Payable for $11,143.00.
- XYZ Company is processing payroll for the week ending January 9th. Employee earnings total $5,000. Federal income tax withheld from employee paychecks totaled $1,100. The social security tax rate is 6%, the Medicare tax rate is 1.5%, the state unemployment tax rate is 5.4% and the federal unemployment tax rate is .8%. a) Journalize the payroll entry for the week. DATE Debit Credit X/X b) Journalize the payroll tax entry for the week. DATE Debit Credit X/XThe payroll register of Seaside Architecture Company indicates $840 of social security and $213 of Medicare tax withheld on total salaries of $14,200 for the period. Assume earnings subject to state and federal unemployment compensation taxes are $4,900 at the federal rate of 0.80% and state rate of 5.40%. Required: Prepare the journal entry to record the payroll tax expense for the period. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to two decimal places. CHART OF ACCOUNTS Seaside Architecture Company General Ledger ASSETS 110 Cash 111 Accounts Receivable 112 Interest Receivable 113 Notes Receivable 115 Inventory 116 Supplies 118 Prepaid Insurance 120 Land 123 Building 124 Accumulated Depreciation-Building 125 Office Equipment 126 Accumulated Depreciation-Office Equipment LIABILITIES 210 Accounts Payable 213 Interest Payable 214 Notes Payable 221 Salaries Payable 222…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
- 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 900The payroll register of Seaside Architecture Company indicates $920 of social security and $256 of Medicare tax withheld on total salaries of $15,000 for the period. Federal withholding for the period totaled $3,260. Required: Prepare the journal entry for the period's payroll. Refer to the Chart of Accounts for exact wording of account titles. Prepare the journal entry for the period's payroll on December 31. Refer to the Chart of Accounts for exact wording of account titles.Bart Consulting Firm has the following payroll information for the week ended March 20th: Name Earnings at the end of the previous week Sun. Mon. Tues. Wed. Thurs. Fri. Sat. Pay Rate Federal Income Tax Lauren, F 14,400 8 8 8 8 8 30.00 222.52 Baylor, M 12,000 8 8 8 8 8 25.00 178.55 Lims, T 7,200 8 8 8 8 8 15.00 78.00 Tate, C 6,000 8 8 8 8 8 15.00 62.00 Musker, J 4,320 8 8 8 15.00 15.00 Mako, W 3,888 8 8 8 13.50 11.00 Additional Information: Taxable earnings for Social Security are based on the first $132,900. Taxable earnings for Medicare are based on all earnings. Taxable earnings for federal and state unemployment are based on the first $7,000. Employees are paid time-and-a-half for work in excess of 40 hours per week. Round amounts to the nearest penny. What you must do: Complete the attached Payroll Register (Excel Spreadsheet). Use the following information to help: The Social Security tax rate is 6.2 percent. The Medicare tax…
- Addidas Co. had total payroll of $40,000 for the week ending March 5. The FICA rate is 7.65%, federal unemployment tax is .8% and state unemployment rate is 5.4%. **Assume total payroll is subject to federal and state unemployment taxes. Journalize Addidas Co.'s payroll tax expenses.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 $55,215Nemsky 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.