Homework Help is Here – Start Your Trial Now!
Business
Accounting
Wildhorse Company has the following data for the weekly payroll ending January 31. Employee M T L. Helton 8 8 R. Kenseth D. Tavaras Hours 8 W T F 12 8 8 8 8 9 10 8 8 10 8 9 S Hourly Rate 3 in 5 O $12 14 15 Federal Income Tax Withholding $34 37 58 Health Insurance $10 25 25 Employees are paid 1% times the regular hourly rate for all hours worked in excess of 40 hours per week. FICA taxes are 7.65% (the 7.65% FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and wages up to $128,400 and the Medicare tax rate of 1.45% on all salaries and wages). Wildhorse Company is subject to 5.4% state unemployment taxes and 0.6% federal unemployment taxes on the first $7,000 of gross earnings. Prepare the journal entry to record Wildhorse's payroll tax expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, eg. 15.25)

Wildhorse Company has the following data for the weekly payroll ending January 31. Employee M T L. Helton 8 8 R. Kenseth D. Tavaras Hours 8 W T F 12 8 8 8 8 9 10 8 8 10 8 9 S Hourly Rate 3 in 5 O $12 14 15 Federal Income Tax Withholding $34 37 58 Health Insurance $10 25 25 Employees are paid 1% times the regular hourly rate for all hours worked in excess of 40 hours per week. FICA taxes are 7.65% (the 7.65% FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and wages up to $128,400 and the Medicare tax rate of 1.45% on all salaries and wages). Wildhorse Company is subject to 5.4% state unemployment taxes and 0.6% federal unemployment taxes on the first $7,000 of gross earnings. Prepare the journal entry to record Wildhorse's payroll tax expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, eg. 15.25)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Gd.115.

Wildhorse Company has the following data for the weekly payroll ending January 31. Employee M T L. Helton R. Kenseth D. Tavarasi 8 8 8. 8 9 10 Hours W 12 8 8 T 8 8 8 F 10 8 9 S 3 5 0 Hourly Rate $12 14 15 Federal Income Tax Withholding $34 37 58 Health Insurance $10 25 25 Employees are paid 1% times the regular hourly rate for all hours worked in excess of 40 hours per week. FICA taxes are 7.65% (the 7.65% FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and wages up to $128,400 and the Medicare tax rate of 1.45% on all salaries and wages). Wildhorse Company is subject to 5.4% state unemployment taxes and 0.6% federal unemployment taxes on the first $7,000 of gross earnings. Prepare the journal entry to record Wildhorse's payroll tax expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, eg. 15.25)
Transcribed Image Text:Wildhorse Company has the following data for the weekly payroll ending January 31. Employee M T L. Helton R. Kenseth D. Tavarasi 8 8 8. 8 9 10 Hours W 12 8 8 T 8 8 8 F 10 8 9 S 3 5 0 Hourly Rate $12 14 15 Federal Income Tax Withholding $34 37 58 Health Insurance $10 25 25 Employees are paid 1% times the regular hourly rate for all hours worked in excess of 40 hours per week. FICA taxes are 7.65% (the 7.65% FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and wages up to $128,400 and the Medicare tax rate of 1.45% on all salaries and wages). Wildhorse Company is subject to 5.4% state unemployment taxes and 0.6% federal unemployment taxes on the first $7,000 of gross earnings. Prepare the journal entry to record Wildhorse's payroll tax expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, eg. 15.25)
Prepare the journal entry to record Wildhorse's payroll tax expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 15.25.) Date Account Titles and Explanation Jan. 31 e Textbook and Medial Debit Credit Attempts: 0 of 3 used Submit Answer
Transcribed Image Text:Prepare the journal entry to record Wildhorse's payroll tax expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 15.25.) Date Account Titles and Explanation Jan. 31 e Textbook and Medial Debit Credit Attempts: 0 of 3 used Submit Answer
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 4 steps with 3 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Payroll register
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.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS