Which of the following situations would require that a T4A be issued? O An employee received $35,000.00 in retroactive pay An employee received vacation pay of $1,600.00 on termination A former employee's group term life was provided by the employer with a taxable benefit of $450.00 O An employee received wages in lieu of notice of $2,500.00 M

Which of the following situations would require that a T4A be issued? O An employee received $35,000.00 in retroactive pay An employee received vacation pay of $1,600.00 on termination A former employee's group term life was provided by the employer with a taxable benefit of $450.00 O An employee received wages in lieu of notice of $2,500.00 M

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 15EA: In EA14, you prepared the journal entries for the employee of Toren Inc. You have now been given the...

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In EA14, you prepared the journal entries for the employee of Toren Inc. You have now been given the following additional information: May is the first pay period for this employee. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to the employee. FICA Social Security and FICA Medicare match employee deductions. The employer is responsible for 70% of the health insurance premium. Using the information from EA14 and the additional information provided: A. Record the employer payroll for the month of May, dated May 31, 2017. B. Record the payment in cash of all employer liabilities only on June 1.
An employee receives the following compensation and benefits during the year while working:Annual Basic Salary Php 245,000.0013th Month Pay Php 20,416.67Company Bonuses Php 5,500.00Rice Subsidy Php 1,800.00/yearClothing Allowance Php 5,000.00/yearMedical benefits Php 9,500.00/yearLaundry allowance Php 2,400.00/year Present the computation of the taxable and non-taxable compensation income of the employee.
b. Assume that the employees of Purnell, Inc., must also pay state contributions (disability insurance) of 1% on the taxable payroll of Example 6-5 $24,100 and that the employees' contributions are to be deducted by the employer. Journalize the September 15 payment of wages, The journal entry to record the payroll from Figure 6.1, on pages 6-2 and 6-3, would be: assuming that the state contributions of the employees are kept in a separate account. Debit Credit For a compound transaction, if an amount box does not require an entry, leave it blank. Round your answers to the nearest cent. Wages Expense 24,762.70 FICA Taxes Payable-OASDI 1,535.29 Date Account Debit Credit FICA Taxes Payable-HI 359.06 Sept. 15 Wage Expense v 8,500 x FIT Payable 3,714.00 FICA Taxes Payable-OASDI 650.25 x SIT Payable 55.25 FICA Taxes Payable-HI V Group Insurance Payments W/H 54.70 Employees Disability Contributions Payable v Cash 19,044.40 Employees FIT Payable v Employees SIT Payable v Example 6-7 Cash v The…
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