xamine each of the following independent circumstances and identify the type of pay period (weekly, biweekly, semimonthly, or monthly) being utilized. Then indicate whether the pecified workweek is FLSA compliant or noncompliant. Fredrick's Fumiture's most recent pay period ended on Wednesday, 9/15/2021, with paychecks printed and distributed one week later. The subsequent pay period ended on Thursday, 9/30/2021. The employer's two most recent work weeks (both of which began at 12:00 a.m. and ended at 11:59 p.m.) ran from Wednesday, 9/16, through Wednesday, 9/22, and Thursday, 9/23, through Thursday, 9/30. Type of Pay Period? A. Weekly B. Biweekly C. Semimonthly D. O Monthly Indicate whether the specified workweek is FLSA compliant or noncompliant. A Compliant

xamine each of the following independent circumstances and identify the type of pay period (weekly, biweekly, semimonthly, or monthly) being utilized. Then indicate whether the pecified workweek is FLSA compliant or noncompliant. Fredrick's Fumiture's most recent pay period ended on Wednesday, 9/15/2021, with paychecks printed and distributed one week later. The subsequent pay period ended on Thursday, 9/30/2021. The employer's two most recent work weeks (both of which began at 12:00 a.m. and ended at 11:59 p.m.) ran from Wednesday, 9/16, through Wednesday, 9/22, and Thursday, 9/23, through Thursday, 9/30. Type of Pay Period? A. Weekly B. Biweekly C. Semimonthly D. O Monthly Indicate whether the specified workweek is FLSA compliant or noncompliant. A Compliant

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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In 20--, the annual salaries paid each of the officers of Abrew, Inc., follow. The officers are paid semimonthly on the 15th and the last day of the month. Compute the FICA taxes to be withheld from each officer's pay on (a) November 15 and (b) December 31. Round your answers to the nearest cent. If an amount is zero, enter "0". a. November 15 Name and Title AnnualSalary OASDI TaxableEarnings OASDI Tax HI TaxableEarnings HI Tax Hanks, Timothy, President $163,200 $fill in the blank 1 $fill in the blank 2 $fill in the blank 3 $fill in the blank 4 Grath, John, VP Finance 138,000 fill in the blank 5 fill in the blank 6 fill in the blank 7 fill in the blank 8 James, Sally, VP Sales 69,600 fill in the blank 9 fill in the blank 10 fill in the blank 11 fill in the blank 12 Kimmel, Joan, VP Mfg. 54,000 fill in the blank 13 fill in the blank 14 fill in the blank 15 fill in the blank 16 Wie, Pam, VP Personnel 51,600 fill in the blank 17 fill in the blank 18 fill in the blank 19…
Sandler Company completed the following two transactions. The annual accounting period endsDecember 31.a. On December 31, calculated the payroll, which indicates gross earnings for wages ($260,000),payroll deductions for income tax ($28,000), payroll deductions for FICA ($20,000), payrolldeductions for United Way ($4,000), employer contributions for FICA (matching), and stateand federal unemployment taxes ($2,000). Employees were paid in cash, but payments for thecorresponding payroll deductions have not been made and employer taxes have not yet beenrecorded.b. Collected rent revenue of $1,500 on December 10 for office space that Sandler rented toanother business. The rent collected was for 30 days from December 11 to January 10 and wascredited in full to Unearned Revenue.Required:1. Give the entries required on December 31 to record payroll.2. Give ( a ) the journal entry for the collection of rent on December 10 and ( b ) the adjusting journal entry on December 31.3. Show how any…
answer in text form please (without image), Note: .Every entry should have narration please
Farm has 28 employees who are paid biweekly. The payroll register showed the following payroll deductions for the pay period ending March 23, 2021. Gross Pay 85,950.00 EI Premium Income Taxes 1,426.77 11,855.00 View transaction list Journal entry worksheet < 1 Required: Prepare a journal entry to record payment by the employer to the Receiver General for Canada on April 15. (Do not round intermediate calculations. Round the final answers to 2 decimal places.) Note: Enter debits before credits. Date April 15 CPP 4,067.95 Record the remittance to the Receiver General for Canada. Medical Ins. 1,650.00 General Journal United Way 1,819.00 Debit Credit
During the month of January, an employee earned $5, 800 of salary. Withholdings from the employee's salary consist of FICA Social Security taxes of $359.60, FICA Medicare taxes of $84.10, federal income taxes of $617.70, and medical insurance deductions of $246.50. Prepare the journal entry to record the employer's salaries expense and related liabilities assuming these wages will be paid in early February. Note: Round your final answers to 2 decimal places.
5
An Ontario employer with annual insurable earnings of $15,000 would be required to remit workers' compensation premiums for the month of April by: a. May 31st b. April 30th C. June 30th d. April 30th of the following year e. July 31st
Accounting Assume that the payroll record of Riverbed Oil Company provided the following information for the weekly payroll ended November 30,2020. Employee Hours Worked Hourly Pay Rate Federal Income Tax Union Dues Year- to-Date Earnings Through Previous Week T. king 44 58 442 9 133,900 T. Binion 46 23 97 5 23,200 N.Cole 40 28 148 5,700 C. Hennesey 42 33 230 7 49,500 Additional information: All employees are paid overtime at time and a half for hours worked in excess of 40 per week. The FICA tax rate is 7.65% for the first 132,900 of each employee's annual ear earnings and 1.45% on any earnings over 132,900. The employer pays unemployment taxes of 6.0% (5.4% for state and .6% for federal) on the first 7,000 of each employee's annual earnings. Prepare the payroll register for the pay period.(Round answers to 2 decimal places, e.g. 15.25)
The following information about the payroll for the week ended December 30 was obtained from the records of Boltz Co.:Required:1. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the following entries (refer to the Chart of Accounts for exact wording of account titles):a. December 30, to record the payroll.b. December 30, to record the employer’s payroll taxes on the payroll to be paid on December 31. Of the total payroll for the last week of the year, $44,000 is subject to unemployment compensation taxes.2. Assuming that the payroll for the last week of the year is to be paid on January 5 of the following fiscal year, journalize the following entries (refer to the Chart of Accounts for exact wording of account titles):a. On page 11 of the journal: December 30, to record the payroll.b. On page 12 of the journal: January 5, to record the employer's payroll taxes on the payroll to be paid on January 5. Since it is a new fiscal year, all…
D
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Calculation and Journal Entry for Employer Payroll Taxes 1. Calculate the employer's payroll taxes expense. Round your answer to the nearest cent. 2. Prepare the journal entry to record the employer's payroll taxes expense for the week ended July 15 of the current year. Round your answers to the nearest cent, if required. If an amount box does not require an entry, leave it blank. Portions of the payroll register for Barney’s Bagels for the week ended July 15 are shown below. The SUTA tax rate is 5.4%, and the FUTA tax rate is 0.6%, both of which are levied on the first $7,000 of earnings. The Social Security tax rate is 6.2% on the first $118,500 of earnings. The Medicare rate is 1.45% on gross earnings. Barney’s BagelsPayroll Register Total Taxable Earnings of All Employees Total Earnings Unemployment Compensation Social Security $12,200 $10,500 $12,200