Willa is getting ready to prepare a Form 940 for her payroll department. Whatinformation does she need to do this?A. information about state and local wages and taxesB. the total number of employees on payrollOC. the amount of employee salaries and wages from the previousyearOD. her company's Employee ID number, name, and address

The Unemployment Compensation (UC) program offers compensation to eligible people who have lost…

Willa is getting ready to prepare a Form 940 for her payroll department. What information does she need to do this? OA. information about state and local wages and taxes OB. the total number of employees on payroll OC. the amount of employee salaries and wages from the previous year O D. her company's Employee ID number, name, and address

Willa is getting ready to prepare a Form 940 for her payroll department. What information does she need to do this? OA. information about state and local wages and taxes OB. the total number of employees on payroll OC. the amount of employee salaries and wages from the previous year O D. her company's Employee ID number, name, and address

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

Mark Turney owns Creative Corners. He does his banking at United Federal Bank (UFB) in Tucson, Arizona. The amounts in his general ledger for payroll taxes and the employee's withholding of Social Security, Medicare, and federal income tax as of April 15 of the current year show the following: Social Security tax payable (employer and employee), $3,020; Medicare tax payable (employer and employee), $734; FUTA tax payable, $84; SUTA tax payable, $414; and Employees income tax payable, $4,622. Journalize the payment of the Form 941 deposit to UFB and thepayment of the SUTA tax to the State of Arizona as of April 15, 20--. NOTE: PREPARE YOUR JOURNAL ENTRIES IN PROPER FORMAT - OTHERWISE YOU WILL NOT RECEIVE CREDIT
Calculation of Taxable Earnings and Employer Payroll Taxes and Preparation of Journal Entry 1. Calculate the amount of taxable earnings for unemployment, Social Security, and Medicare taxes. 2. Prepare the journal entry to record the employer's payroll taxes as of September 14, 20--. Round your answers to the nearest cent. If an amount box does not require an entry, leave it blank. Selected information from the payroll register of Joanie's Boutique for the week ended September 14, 20--, is as follows. Social Security tax is 6.2% on the first $118,500 of earnings for each employee. Medicare tax is 1.45% of gross earnings. FUTA tax is 0.6% and SUTA tax is 5.4% on the first $7,000 of earnings. Taxable Earnings Employee Name Cumulative PayBefore CurrentEarnings CurrentGross Pay UnemploymentCompensation SocialSecurity Jordahl, Stephanie $6,600 $1,190 Keesling, Emily 6,150 1,070 Palmer, Stefan 55,200 2,410 Soltis, Robin…
Journalize each of the payroll transactions listed below. Post all entries except the last two to the appropriate general ledger accounts. The journal page and the ledger accounts are supplied below. The balances listed in the general ledger accounts for Cash, FUTA Taxes Payable, SUTA Taxes Payable, Employees SIT Payable, Wages and Salaries, and Payroll Taxes are the results of all payroll transactions for the first quarter, not including the last pay of the quarter. The balances in FICA Taxes Payable—OASDI, FICA Taxes Payable—HI, and Employees FIT Payable are the amounts due from the March 15 payroll. March 31, 20--: Paid total wages of $9,350.00. These are the wages for the last semimonthly pay of March. All of this amount is taxable under FICA (OASDI and HI). In addition, withhold $1,175 for federal income taxes and $102.03 for state income taxes. These are the only deductions made from the employees' wages. March 31, 20--: Record the employer's payroll taxes for the last pay in…
The following journal entry for payroll taxes has been recorded by Ruth for her hair salon business. Assume federal income tax is $3,832.00 and state income tax is $306.00.Prepare the journal entry to record payment of the payroll taxes, assuming all taxes were paid on the same day. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) General Journal Date Account Titles and Explanation Ref. Debit Credit Payroll Tax Expense 2,232.20 FICA Taxes Payable 1,223.00 Federal Unemployment Taxes Payable 67.20 State Unemployment Taxes Payable 942.00 (To record employer’s payroll taxes) Account Titles and Explanation Debit Credit
Payroll Accounting What information appears on the payroll register? What records are needed for an employer to prepare an employee's W-2? When should postings be made to employee's earnings record?
how do you fill out and complete a payroll register for employees that are paid on a biweekly basis and married?
| BEI-4 Swenson Company has the following payroll procedures. (a) Supervisor approves overtime work. (b) The human resources department prepares hiring authorization forms for new hires. (c) A second payroll department employee verifies payroll calculations. (d) The treasurer's department pays employees. Identify the payroll function to which each procedure pertains.
Assume the following payroll information for Lizzie Border: Gross Pay $10,000 Income tax $2,500 FICA Social Security $620 FICA Medicare $145 What is included in the journal entry to record the employer amounts of the payroll? Assume gross salary maximums have not been reached. FICA Medicare taxes payable $145 Employer portion of income tax $2,500 Salaries expense of $6,740 Salaries payable of $10,000
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.
During the past week, one of your newly employed payroll associates dropped into your office to ask severalquestions regarding wage reporting for federal incomeand social security tax purposes. If you were the payrollsupervisor, how would you answer each of the followingquestions raised by your associate?1. I just noticed that the social security number is wrongon three of the employees’ W-2 forms. How do I goabout correcting the forms? Will the employees bepenalized for filing incorrect forms?2. Eileen Huang informed me today that we hadwithheld too much Medicare tax from her pay lastyear. She is right! What forms do I use to make thecorrection?3. You asked me last week to locate one of our formeremployees, Warren Bucks. I can’t seem to track himdown. What should I do with his Form W-2?4. Is it okay to use titles like “M.D.” and “Esq.” when Ikeyboard data in the W-2 forms?
When setting up an employee in payroll, where can you enter the information that the employee will be receiving payments by cheque? Select one: In the pay schedule window In the employee withholdings window In the payment options window In the pay types window
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…