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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Urban Window Company had gross wages of $310,000 during the week ended July 15. The amount of wages subject to social security tax was $310,000, while the amount of wages subject to federal and state unemployment taxes was $35,000. 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 $47,000. Required: 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.* *Refer to the Chart of Accounts for exact wording of account titles.
Assuming no employees are subject to ceilings for their earnings, Harris Company has the following information for the pay period of January 15-31. Use this information to answer the question that follow. Gross payroll Social security rate Medicare rate Federal income tax withheld Federal unemployment tax rate State unemployment tax rate Assuming that all wages are subject to federal and state unemployment taxes, the employer's payroll tax expense would be a. $2,870 b. $1,370 c. $750 Od. $620 $10,000 6.0% 1.5% $1,800 0.8% 5.4%
In January, the payroll supervisor determines that gross earnings for Pharoah Company are $64,000. All earnings are subject to 7.65% FICA taxes, 5.4% state unemployment taxes, and 0.6% federal unemployment taxes.Pharoah asks you to record a journal entry for the employer payroll taxes. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 12.25.) Account Titles and Explanation Debit Credit enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount
Please help me
According to a summary of the payroll of Sinclair Company, $505,000 was subject to the 6.0% social security tax and $545,000 was subject to the 1.5% Medicare tax. Also, $10,000 was subject to state and federal unemployment taxes. Question Content Area Required: a. Compute the employer's payroll taxes using the following rates: State unemployment, 4.2%; Federal unemployment, 0.8%.$ fill in the blank bdfee804ffc2f82_1 Question Content Area b. Journalize the entry for the employer's payroll tax expense. If an amount box does not require an entry, leave it blank. - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select -
The payroll register for the Puhl Company for the week ended January 15th showed the following : Wages-$800,000 Federal Income Tax withheld- 160,000 Roth IRA deductions- 5,000 United Way deductions- 1,200 Union dues deductions- 850 All wages were subject to FICA (6.2% social security and 1.45% medicare tax). In addition , 620,000 of wages were subject to federal and state unemployment taxes. The state unemployment rate 5.4% and the federal unemployment is 0.8%. 1. Journalize the entry to record the payroll for the week of January 15th. 2. Journalize the entry to record the payroll tax expense for the week of January 15th
The following information pertains to a weekly payroll of Texera Tile Company: a. The total wages earned by employees are $17,500.b. The state unemployment insurance contribution rate is 3.5%.c. The entire amount of wages is taxable under FICA, FUTA, and SUTA.d. The amount withheld from the employees' wages for federal income taxes is $1,950; for state income taxes, $372.60; and for group insurance, $192.00. ournalize the payment of wages, and record the payroll taxes for this payroll. If an amount box does not require an entry, leave it blank. Round your answers to the nearest cent. Account Debit Credit Payment of wages Payroll taxes
During the month of March, Sandhill Company's employees earned wages of $79,000. Withholdings related to these wages were $6,044 for Social Security (FICA), $13,100 for federal income tax, $5,500 for state income tax, and $530 for union dues. The company incurred no cost related to these earnings for federal unemployment tax, but incurred $1,140 for state unemployment tax. (a) Prepare the necessary March 31 journal entry to record wages expense and wages payable. Assume that wages earned during March will be paid during April. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Mar. 31 Debit T Credit
On January 21, the column totals of the payroll register for Great Products Company showed that its sales employees had earned $14,710, its truck driver employees had earned $10,300, and its office employees had earned $8,240. 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, $3,990; and union dues, $540. 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. If necessary, round intermediate calculations and the final answer to the nearest cent. If an amount box does not require an entry, leave it blank.
A company's employer payroll tax rates are 0.6% for federal unemployment taxes, 5.4% for state unemployment taxes, 6.2% for FICA social security taxes on earnings up to $128,400, and 1.45% for FICA Medicare taxes on all earnings. Compute the W-2 Wage and Tax Statement information required below for one of the following employees: Gross Eamings Employee Withheld A. Baylor. C. Jasmine, Federal Income Taxes $114,000 52,000 $17,600 8,200 A. Baylor C. Jasmine W-2 Information: Federal Income Tax Withheld Wages, Tips, Other Compensation. Social Security Tax Withheld. Social Security Wages.. Medicare Tax Withheld. Medicare Wages.