Mission Books Company has three employees:Gross Pay through JulyGross Pay for AugustSmi$3,200$1,000thCai25,8003,500Cla124,60013,100rkThe company is subject to the following taxes:ТаxRateApplied To6.20FICA-Social SecurityFirst $132,900%FICA-Medicare1.45All gross payFUTA.80First $7,000SUTA5.40First $7,000What is Mission Company's August withholding payroll taxes collected from the three employees?Work Space:SmithCainClarkТОTALТОTALТОTAL

Withhold Payroll Taxes are the amount of taxes which were to be borne by employer on the income…

Answered: What is Mission Company's August…

What is Mission Company's August withholding payroll taxes collected from the three employees? Work Space: Smith Cain Clark

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Milligan's Millworks pays its employees on a weekly basis. Using the Wage-Bracket tables from…

A: The Internal Revenue Service is the statutory body which monitors on U.S.' civil tax laws and…

Q: Lauprechta Incorporated has the following employees on payroll. Assume that all the employees has…

Q: Calculation and Journal Entry for Employer Payroll Taxes 1. Calculate the employer's payroll taxes…

A: Total current earnings = $720+$370+$1240+$850+$900 = $4080 Total of unemployment compensation =…

Q: An employee's rate of pay is $36 per hour, with time-and-a-half for all hours worked in excess of 40…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Question 6: Match each pay-related term with its definition. Pay period Annual pay amount DROP HERE…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: Donna Strand's regular hourly wage rate is $19, and she receives an hourly rate of $20 for work in…

A: FICA (Federal Insurance Contributions Act) taxes are payroll taxes that fund two major social…

Q: Problem 10-57 (LO 10-2, 10-4) Lauprechta Incorporated has the following employees on payroll. Assume…

A: TaxThe amount of money paid by the government on the income or gains earned by a company or…

Q: Required: Calculate their net pay using the percentage method for manual payroll systems with Forms…

A: The percentage method for manual payroll systems has no wages or allowance limit. So, organizations…

Q: Maze Company has one employee that is paid $1,000 weekly. All of the employee's wages are subject to…

A: Payroll tax expense is the amount if tax charged on the payroll paid to the employees. It includes…

Q: ligan's pays its employees weekly. Use the wage-bracket tables

A: As per Internal Revenue Service [IRS] rules for the year 2022 [assumed…

Q: Laura Strand’s regular hourly wage rate is $20, and she receives an hourly rate of $30 for work in…

A: Journal entries are the primary reporting of the business transactions in the books of accounts.…

Q: Required information [The following information applies to the questions displayed below.] BMX…

A: >An employee’s wage or salary is subject to various deductions as per law. >Hence, various…

Q: Question 15: Under the wage-bracket method for an employee who completed the 2021 Form W-4, what…

A: Withholding tax is the amount of money that an employer deducts from an employee's gross salary and…

Q: Milligan's Millworks pays its employees weekly. Use the wage-bracket tables from Appendix C to…

A: salary dropped to at least $ 830 but less than $ 854 and exemption = 4. salary falls at least $ 1178…

Q: Mary's Luxury Travel uses a weekly federal income tax withholding table. Refer to Figure 8-4 in the…

A: It is the record that provides complete payroll information of each employee on weekly basis. This…

Q: Lauprechta Incorporated has the following employees on payroll. Assume that all the employees has…

A: Taxable income refers to the income on which the tax payer is liable to pay the desired tax as…

Q: Helen Strand's regular hourly wage rate is $14, and she receives an hourly rate of $21 for work in…

A: Gross pay is employees' earnings before making any deductions like taxes, benefits and other payroll…

Q: A company is not required to withhold payroll taxes for: Multiple Choice O O O O Employees paid by…

A: A COMPANY IS NOT REQUIRED TO WITHHOLD PAYROLL TAXES FOR SELF EMPLOYED INDIVIDUALS AS THEY ARE…

Q: The following salaried employees of Mountain Stone Brewery in Fort Collins, Colorado, are paid…

A: Gross Pay: The total amount of salary, wages, overtime, commission, bonus paid by the employer to an…

Q: Calculate the total cost to D Ski Resort for Greg's paycheck being deposited Wages Plus taxes FICA…

A: Payroll Taxes: The significance of payroll tax is that it is a duty that is paid by an organization,…

Q: Required information [The following information applies to the questions displayed below.] BMX…

A: The question is to solve for situation a only. Payroll taxes expense = FICA - Social Security taxes…

Q: Required information [The following information applies to the questions displayed below.] BMX…

A: Answer:- Federal income taxes:- The internal revenue service imposes a tax known as the federal…

Q: Assuming situation a. prepare the employer's September 30 journal entries to record salary expense…

A: FICA (Federal Insurance Contributions Act) consists of two components: the medical tax (Medicare)…

Q: The following information about the payroll for the week ended December 30 was obtained from the…

A: Payroll: The total payment that a company is required to pay to its employee for the services…

Q: The following salaried employees of Mountain Stone Brewery in Fort Collins, Colorado, are paid…

A: Answer:- Income tax refers to a charge levied by the government on the income earned by the…

Q: 3-5A LO 3 In 20-, the annual salaries paid each of the officers of Abrew, Inc., follow. The officers…

A: The federal Old-Age, Survivors, and Disability Insurance (OASDI) program is the official name for…

Q: Audrey Martin and Beth James are partners in the Country Gift Shop, which employs the individuals…

A: The official term for Social Security income benefits is the Old Age, Survivors, and Disability…

Q: a. Social security taxes are 4.2% of monthly gross pay up to a cumulative total pay of $106,800 for…

A: Case 1: Cumulative Gross Pay at October 31 = $15,570Social Security Tax:The Social Security tax rate…

Q: PAYROLL REGISTER AND PAYROLL JOURNAL ENTRY Mary Losch operates a travel agency called Mary'sLuxury…

A: All amounts ae in dollars ($).

Q: Required information [The following information applies to the questions displayed below.] BMX…

A: Given that: Social security tax rate = 6.2% Medicare tax rate = 1.45% Federal Income tax withheld =…

Q: Edward Dorsey is a part-time employee, and during the biweekly pay period he earned $395. In…

A: The total wages are:

Q: ayroll Register and Payroll Journal Entry 1. Prepare a payroll register for Mary’s Luxury Travel…

A: Payroll: Payroll refers to the total amount that is required to be paid by the company to its…

Q: 22. Laine, a tipped employee, reported to her employer that she had received $310 in tips during…

A: OASDI tax, commonly known as Social Security tax, is a payroll tax that provides benefits to retired…

Q: This problem continues the process of preparing the Kipley Company's Employee Payroll Register for…

A: Employee payroll register is a book in which all the records of all the employees for the particular…

Q: Calculation and Journal Entry for Employer Payroll Taxes Earnings for several employees for the…

Q: Moravanti Italian Imports has four employees and pays biweekly. Assume that box 2 is not checked for…

A: Wage bracket method tells the exact amount of tax that is to be withholding during the period. The…

Q: Amount to Be Withheld Percentage Wage-Bracket Method Method

A: Wage-Bracket Method:EmployeeGross Wageor SalaryAmount to BeWithheldRuiz S. (Single)$1040…

Q: The payroll records of Speedy Software show the following information about Marsha Gottschalk, an…

A: Payroll costs are incurred by businesses to cover employee salaries and benefits. Net salaries are…

Q: Taxes to be Withheld From Gross Pay Assuming situation (a), prepare the employer's September 30…

A: FICA - Social Security and MedicareFederal payroll taxes under the Federal Insurance Contributions…

Q: he following salaried employees of Mountain

A: Step 1: Define percentage method:-The percentage method has no wages or allowance limit, therefore…

Q: Susan Corbin's regular hourly wage rate is $18, and she receives an hourly rate of $27 for work in…

A: A journal entry is the act of keeping or making records of any transactions either economic or…

Q: The form below shows the amounts that appear in the Earnings to Date column of the employees'…

A: Payroll tax can be defined as the tax that is withheld, charged or levied on an employer's…

Q: Laura Corbin’s regular hourly wage rate is $20, and she receives an hourly rate of $30 for work in…

A: Solution:- Preparation of the journal entries to record (a) Laura’s pay for the period and (b) the…

Q: Mary’s Luxury Travel uses a weekly federal income tax withholding table. Refer to Figure 8-4 in the…

A: Step 1: The computation of taxable earnings are shown below: Note: As per the question, Federal…

Q: Calculation and Journal Entry for Employer Payroll Taxes 1. Calculate the employer's payroll taxes…

A: Employer payroll tax expense:

Q: Data about the marital status, withholding allowances, and weekly salaries of the four office…

A: Tax liability refers to the obligation of a taxpayer towards the government. This obligation…

Concept explainers

Payroll Entries

Payroll is a comprehensive record of employees that are paid by the company. Payroll classifies employees into various categories according to their function and pays scale (basic wage, allowance, income tax, other taxes, employee loans, etc.). Payroll processes form the bedrock of every organization as it contains sensitive information on the ‘wage and paycheck’ portion of the company’s strength—its employees. The organization needs to keep a track of the employees currently on the payroll, the net payout for the company, the record of transactions related to the employees including deductions and payroll taxes to identify the liability and its effect on the balance sheet (and other financial statements). Payroll records also include qualitative factors such as the conduct of the employee.

Question

Mission Books Company has three employees:
Gross Pay through July
Gross Pay for August
Smi
$3,200
$1,000
th
Cai
25,800
3,500
Cla
124,600
13,100
rk
The company is subject to the following taxes:
Таx
Rate
Applied To
6.20
FICA-Social Security
First $132,900
%
FICA-Medicare
1.45
All gross pay
FUTA
.80
First $7,000
SUTA
5.40
First $7,000
What is Mission Company's August withholding payroll taxes collected from the three employees?
Work Space:
Smith
Cain
Clark
ТОTAL
ТОTAL
ТОTAL

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

1.Why do the employee deductions display as negative amounts on the Payroll Entry window 2.What are the gross pay amounts for Brandee M. Nunnley and for Drake V. Carter? Include Mr. Carter's overtime pay. 3.What is the net pay for Brandee M. Nunnley and for Drake V. Čarter? Include Mr. Carter's overtime pay. 4.What happens when payroll entries are posted? what informarion ia missing
-prepare the journal entry to record the payroll tax expense and fringe benefit expense for Webber Packing Company for the week
The payroll records of Speedy Software show the following information about Marsha Gottschalk, an employee, for the weekly pay period ending September 30. Gottschalk is single and claims one allowance. Compute her Social Security tax (6.2%), Medicare tax (1.45%), federal income tax withholding (use the withholding table in Exhibit 9A.6), state income tax (1.0%), and net pay for the current pay period. (Round your final answers to 2 decimal places.) Total (gross) earnings for current pay period Cumulative earnings of previous pay periods Gross pay Social security tax deduction Medicare tax deduction Federal income tax deduction State income tax deduction Total deductions Net pay $ 720 $ 9,360
Lauprechta Incorporated has the following employees on payroll. Assume that all the employees has only one job or that step 2 of Form W-4 is not checked and all dependents are under the age of 17. Also, the employer uses the Percentage Method Tables for Manual Payroll Systems with Forms W-4 from 2020 or Later. Use percentage method tables for a manual payroll systems. Number of Dependents from Form Marital Status Semimonthly Payroll W-4 Naila Wilfred Byron $ 6,220 $ 5,520 $ 4,120 320 Married Married Single Annie $ 4,390 1 Head of Household Required: Complete the table for taxes to be withheld for each pay period. Note: Round your intermediate computations and final answers to 2 decimal places. Employee Federal Withholding Tax Social Security Tax Medicare Tax Total Taxes Withheld Naila Wilfred Byron Annie
Q) Find the federal withholding tax using the wage bracket method for each of the following employees. Kerry Cook: 1 withholding allowance, single, $2165.17 monthly earnings Mary Jackson: 2 withholding allowances, married, $639.80 weekly earnings Julie Pendleton: 0 withholding allowances, single, $1843.19 monthly earnings L. Sanchez: 3 withholding allowances, married, $521.10 weekly earnings B. Maynard: 4 withholding allowance, married, $2484.97 monthly earnings
Journal Entries for Payment of Employer Payroll Taxes Jason Chen owns a business called Chen Home Building. He does his banking at Citizens National Bank in Seattle, Washington. The amounts in his general ledger for payroll taxes and the employees' withholding of Social Security, Medicare, and federal income tax payable as of April 15 of the current year are as follows: Social Security tax payable (includes both employer and employee) $11,250 Medicare tax payable (includes both employer and employee) 2,625 FUTA tax payable 580 SUTA tax payable 3,930 Employee income tax payable 6,825 Journalize the quarterly payment of the employee federal income taxes and Social Security and Medicare taxes on April 15, 20--, and the payments of the FUTA and SUTA taxes on April 30, 20--. If an amount box does not require an entry, leave it blank.
Can I do a general journal entry on this scenario, if so how do i do it? Master Flow’s first employee, Emma Stone starts at the Company. She will be responsible for Warehouse Management. She will be paid $20 / Hour. Emma works 30 Hours / Pay Period (every two weeks). The pay period ends on 12-31-20. Emma’s Federal Tax Withholding is $50, based on her W4, and all other standard payroll taxes apply at their appropriate rates. She does not receive benefits and does not have any contributions of any type withheld from her pay.
Wage and tax statement data on employer FICA tax Obj. 2 Ehrlich Co. began business on January 2. Salaries were paid to employees on the last day of each month, and social security tax, Medicare tax, and federal income tax were withheld in the required amounts. An employee who is hired in the middle of the month receives half the monthly salary for that month. All required payroll tax reports were filed, and the correct amount of payroll taxes was remitted by the company for the calendar year. Early in the following year, before the Wage and Tax Statements (Form W-2) could be prepared for distribution to employees and for filing with the Social Security Administration, the employees’ earnings records were inadvertently destroyed. None of the employees resigned or were discharged during the year, and there were no changes in salary rates. The social security tax was withheld at the rate of 6.0% and Medicare tax at the rate of 1.5% on salary. Data on dates of employment, salary rates, and…
Milligan's Millworks pays its employees weekly. Use the wage-bracket tables from Appendix C to compute the federal income tax withholdings for the following employees of Milligan's Millworks: (Assume that no pre-tax deductions exist for any employee and box 2 is not checked for all employees and Manual payroll system is used.) (Round your intermediate calculations and final answers to 2 decimal places. Leave no cells blank. Enter "0" wherever required.) Employee D. Balestren Y Milligan H. Curran D. Liberti Filing Status Single Single Married/Joint Head of Household Dependents Two <17 One Other Two <17, one Other One <17 $ $ $ $ Weekly Pay 760 5 1,213 752 $ 895 Federal Tax 0.00 0.00
Payroll Register and Payroll Journal Entry Mary Losch operates a travel agency called Mary’s Luxury Travel. She has five employees, all of whom are paid on a weekly basis. The travel agency uses a payroll register, individual employee earnings records, and a general journal. Mary’s Luxury Travel uses a weekly federal income tax withholding table. Refer to Figure 8-4 in the text. The payroll data for each employee for the week ended March 22, 20—, are given. Employees are paid 1½ times the regular rate for working over 40 hours a week. Name No. ofAllowances MaritalStatus Total HoursWorked Mar. 16–22 Rate Total EarningsJan. 1–Mar. 15 Bacon, Andrea 4 M 44 $14.00 $6,300.00 Cole, Andrew 1 S 40 15.00 6,150.00 Hicks, Melvin 3 M 44 13.50 5,805.00 Leung, Cara 1 S 36 14.00 5,600.00 Melling, Melissa 2 M 40 14.50 5,945.00 Social Security tax is withheld from the first $128,400 of earnings at the rate of 6.2%. Medicare tax is withheld at the rate of 1.45%, and city…