Widmer Company had gross wages of $201,000 during the week ended June 17. The amount of wages subject to social security tax was $180,900, while the amount of wages subject to federal and state unemployment taxes was $25,000. Tax rates are as follows: Social security Medicare State unemployment Federal unemployment The total amount withheld from employee wages for federal taxes was $40,200. If an amount box does not require an entry, leave it blank. If required, round answers to two decimal places. June 17 Wages Expense Feedback 6.0% a. Journalize the entry to record the payroll for the week of June 17. Check My Work 1.5% 5.4% Social Security Tax Payable Medicare Tax Payable ✓ Employees Federal Income Tax Payable Wages Payable ✔ June 17 Payroll Tax Expense 0.8% 201,000 ✔ Social Security Tax Payable Medicare Tax Payable ✓ State Unemployment Tax Payable Federal Unemployment Tax Payable b. Journalize the entry to record the payroll tax expense incurred for the week of June 17. X 10,854 10,854 3,015 3,015 40,200 X X X

Widmer Company had gross wages of $201,000 during the week ended June 17. The amount of wages subject to social security tax was $180,900, while the amount of wages subject to federal and state unemployment taxes was $25,000. Tax rates are as follows: Social security Medicare State unemployment Federal unemployment The total amount withheld from employee wages for federal taxes was $40,200. If an amount box does not require an entry, leave it blank. If required, round answers to two decimal places. June 17 Wages Expense Feedback 6.0% a. Journalize the entry to record the payroll for the week of June 17. Check My Work 1.5% 5.4% Social Security Tax Payable Medicare Tax Payable ✓ Employees Federal Income Tax Payable Wages Payable ✔ June 17 Payroll Tax Expense 0.8% 201,000 ✔ Social Security Tax Payable Medicare Tax Payable ✓ State Unemployment Tax Payable Federal Unemployment Tax Payable b. Journalize the entry to record the payroll tax expense incurred for the week of June 17. X 10,854 10,854 3,015 3,015 40,200 X X X

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter8: Employer Taxes, Payments, And Reports

Section: Chapter Questions

Problem 1PB

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SUTA taxes on July 31, 20--. WORKERS COMPENSATION INSURANCE AND ADJUSTMENT Columbia Industries estimated that its total payroll for the coming year would be 385,000. The workers compensation insurance premium rate is 0.2%. REQUIRED 1. Calculate the estimated workers compensation insurance premium and prepare the journal entry for the payment as of January 2, 20--. 2. Assume that Columbia Industries actual payroll for the year is 396,000. Calculate the total insurance premium owed and prepare a journal entry as of December 31, 20--, to record the adjustment for the underpayment. The actual payment of the additional premium will take place in January of the next year.
On January 21, the column totals of the payroll register for Great Products Company showed that its sales employees had earned 14,960, its truck driver employees had earned 10,692, and its office employees had earned 8,670. Social Security taxes were withheld at an assumed rate of 6.2 percent, and Medicare taxes were withheld at an assumed rate of 1.45 percent. Other deductions consisted of federal income tax, 3,975, and union dues, 560. Determine the amount of Social Security and Medicare taxes withheld and record the general journal entry for the payroll, crediting Salaries Payable for the net pay. All earnings were taxable. Round amounts to the nearest penny.
Case 10.2A company has 24 employees who are paid on a monthly basis. For the most recent month, gross earnings were $78,000, of which $27,000 is subject to employment taxes. The federal unemployment tax rate is .8% and the state unemployment rate is 5.4%. Federal income taxes are withheld at the rate of 20% of total earnings. All earnings are subject to FICA taxes of 8%.Refer to Case 10.2. What is the company's total payroll cost for the month? A. 101,514 B. 85,914 C. 78,000 D. 6,240 E None of the Above What is the employer's total payroll taxes expense for the month? A. 6,240 B. 12,480 C. 7,914 D. 23,514 E. None of the Above
EL Payroll Entries Widmer Company had gross wages of $153,000 during the week ended June 17. The amount of wages subject to social security tax was $137,700, while the amount of wages subject to federal and state unemployment taxes was $19,000. Tax rates are as follows: Social security Medicare 1.5% State unemployment 5.4% Federal unemployment 0.8% The total amount withheld from employee wages for federal taxes was $30,600. > If an amount box does not require an entry, leave it blank. If required, round answers to two decimal places. a. Journa entry to record the payroll for the week of June 17. June 7 b. Journalize the entry to record the payroll tax expense incurred for the week of June 17. June 7
Instructions. Widmer Company had gross wages of $320,000 during the week ended June 17. The amount of wages subject to social security tax was $320,000, while the amount of wages subject to federal and state unemployment taxes was $25,000. Tax rates are as follows: Social security 6.0% Medicare 1.5% State unemployment 5,4% Federal unemployment 0.8% The total amount withheld from employee wages for federal taxes was $46,000 Required: a. Journalize the entry to record the pay for the ook of June 17." b. Joumalize the entry to record the payroll tax expense incurred for the week of June 17." *Refer to the Chart of Accounts for exact wording of account titles.
Payroll Entries Widmer Company had gross wages of $162,000 during the week ended June 17. The amount of wages subject to social security tax was $145,800, while the amount of wages subject to federal and state unemployment taxes was $20,000. Tax rates are as follows: Social security 6.0% Medicare 1.5% State unemployment 5.4% Federal unemployment 0.8% The total amount withheld from employee wages for federal taxes was $32,400. If an amount box does not require an entry, leave it blank. If required, round answers to two decimal places. a. Journalize the entry to record the payroll for the week of June 17. June 7 fill in the blank ff7bb505303103a_2 fill in the blank ff7bb505303103a_3 fill in the blank ff7bb505303103a_5 fill in the blank ff7bb505303103a_6 fill in the blank ff7bb505303103a_8 fill in the blank ff7bb505303103a_9 fill in the blank ff7bb505303103a_11 fill in the blank ff7bb505303103a_12 fill in the blank ff7bb505303103a_14 fill…
Payroll Entries Widmer Company had gross wages of $155,000 during the week ended June 17. The amount of wages subject to social security tax was $139,500, while the amount of wages subject to federal and state unemployment taxes was $19,000. Tax rates are as follows: Social security 6.0% Medicare 1.5% State unemployment 5.4% Federal unemployment 0.8% The total amount withheld from employee wages for federal taxes was $31,000. If an amount box does not require an entry, leave it blank. If required, round answers to two decimal places. Question Content Area a. Journalize the entry to record the payroll for the week of June 17. June 7 - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - b. Journalize the entry to record the payroll tax expense incurred for the week of June 17. June 7 - Select - - Select - - Select - - Select - - Select -…
Payroll Entries Widmer Company had gross wages of $226,000 during the week ended June 17. The amount of wages subject to social security tax was $203,400, while the amount of wages subject to federal and state unemployment taxes was $28,000. Tax rates are as follows: Social security 6.0% Medicare 1.5% State unemployment 5.4% Federal unemployment 0.8% The total amount withheld from employee wages for federal taxes was $45,200. If an amount box does not require an entry, leave it blank. If required, round answers to two decimal places. a. Journalize the entry to record the payroll for the week of June 17. June 7 Wages Expense fill in the blank 2b4f37fc8061016_2 fill in the blank 2b4f37fc8061016_3 Social Security Tax Payable fill in the blank 2b4f37fc8061016_5 fill in the blank 2b4f37fc8061016_6 Medicare Tax Payable fill in the blank 2b4f37fc8061016_8 fill in the blank 2b4f37fc8061016_9 Employees Federal Income Tax Payable fill in the blank…
Payroll Entries Urban Window Company had gross wages of $320,000 during the week ended July 15. The amount of wages subject to social security tax was $320,000, while the amount of wages subject to federal and state unemployment taxes was $40,000. Tax rates are as follows: Social security 6.0% Medicare 1.5% State unemployment 5.4% Federal unemployment 0.6% The total amount withheld from employee wages for federal taxes was $75,200. For a compound transaction, if an amount box does not require an entry, leave it blank. a. Journalize the entry to record the payroll for the week of July 15. b. Journalize the entry to record the payroll tax expense incurred for the week of July 15.
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
Nemsky 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.
Lee Company has the following information for the pay period of December 15–31: Gross payroll $15,416 Federal income tax withheld $3,151 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.$10,153.01 b.$11,309.21 c.$15,416.00 d.$11,108.80