Summary Payroll Data In the following summary of data for a payroll period, some amounts have been intentionally omitted: Earnings: 1. At regular rate ? 2. At overtime rate $77,100 3. Total earnings ? Deductions: 4. Social security tax 30,840 5. Medicare tax 7,710 6. Income tax withheld 131,100 7. Medical insurance 17,700 8. Union dues ? 9. Total deductions 190,000 10. Net amount paid 324,000 Accounts debited: 11. Factory Wages 272,400 12. Sales Salaries ? 13. Office Salaries 102,800 a. Calculate the amounts omitted in lines (1), (3), (8), and (12). (1) $ (3) $ (8) $ (12) $ b. Journalize the entry to record the payroll accrual. If an amount box does not require an entry, leave it blank. c. Journalize the entry to record the payment of the payroll.

Summary Payroll Data In the following summary of data for a payroll period, some amounts have been intentionally omitted: Earnings: 1. At regular rate ? 2. At overtime rate $77,100 3. Total earnings ? Deductions: 4. Social security tax 30,840 5. Medicare tax 7,710 6. Income tax withheld 131,100 7. Medical insurance 17,700 8. Union dues ? 9. Total deductions 190,000 10. Net amount paid 324,000 Accounts debited: 11. Factory Wages 272,400 12. Sales Salaries ? 13. Office Salaries 102,800 a. Calculate the amounts omitted in lines (1), (3), (8), and (12). (1) $ (3) $ (8) $ (12) $ b. Journalize the entry to record the payroll accrual. If an amount box does not require an entry, leave it blank. c. Journalize the entry to record the payment of the payroll.

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter12: Preparing Payroll Records

Section: Chapter Questions

Problem 1MP

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Summary Payroll Data In the following summary of data for a payroll period, some amounts have been intentionally omitted: Earnings: 1. At regular rate ? 2. At overtime rate $70,400 3. Total earnings ? Deductions: 4. Social security tax 28,200 5. Medicare tax 7,050 6. Income tax withheld 119,700 7. Medical insurance 16,200 8. Union dues ? 9. Total deductions 174,000 10. Net amount paid 296,000 Accounts debited: 11. Factory Wages 249,100 12. Sales Salaries ? 13. Office Salaries 94,000
In the following summary of data for a payroll period, some amounts have been intentionally omitted: Earnings: 1. At regular rate ? 2. At overtime rate $66,000 3. Total earnings ? Deductions: 4. Social security tax 37,560 5. Medicare tax 9,390 6. Income tax withheld 130,000 7. Medical insurance 21,910 8. Union dues ? 9. Total deductions 205,610 10. Net amount paid 420,390 Accounts debited: 11. Factory Wages 267,000 12. Sales Salaries ? 13. Office Salaries 100,000 Required: A. Calculate the amounts omitted in lines (1), (3), (8), and (12). B. On December 19, journalize the entry to record the payroll accrual.* C. On December 20, journalize the entry to record the payment of the payroll.
Sümmary Payroll Data Assume that the social security tax rate is 6% and the Medicare tax rate is 1.5%. In the following summary of data for a payroll period, some amounts have been intentionally omitt Earnings: 1. At regular rate 2. At overtime rate $57,500 3. Total earnings Deductions: 4. Social security tax 23,040 I. 5. Medicare tax 5,760 6. Federal income tax withheld 97,800 7. Medical insurance 13,200 8. Union dues 9. Total deductions 142,000 10. Net amount paid 242,000 Accounts debited: 11. Factory Wages 203,500 12. Sales Salaries 13. Office Salaries 76,800
Summary Payroll Data Assume that the social security tax rate is 6% and the Medicare tax rate is 1.5%. In the following summary of data for a payroll period, some amounts have been intentionally omitted: Earnings: 1. At regular rate ? 2. At overtime rate $80,000 3. Total earnings ? Deductions: 4. Social security tax 32,400 5. Medicare tax 8,100 6. Federal income tax withheld 135,000 7. Medical insurance 18,900 8. Union dues ? 9. Total deductions 201,150 10. Net amount paid 338,850 Accounts debited: 11. Factory Wages 285,000 12. Sales Salaries ? 13. Office Salaries 120,000 a. Determine the amounts omitted in lines (1), (3), (8), and (12). (1) $fill in the blank 87b534fc705303d_1 (3) $fill in the blank 87b534fc705303d_2 (8) $fill in the blank 87b534fc705303d_3 (12) $fill in the blank 87b534fc705303d_4 b. Journalize the entry to record the payroll accrual. If an amount box does not require…
Concerning Payroll Accounting - I need to clarify what portion of wages are used to calculate Social Security tax (6.2%) & Medicare tax (1.45%) in a single pay period. Are both taxes calculated on gross wages or calculated on adjusted wages for after pre-tax deductions (i.e., Health Insurance Premiums & Retirement deductions)? Thank you. Jewelee Marple
Assume that the social security tax rate is 6% and the Medicare tax rate is 1.5%. In the following summary of data for a payroll period, some amounts have been intentionally omitted: Earnings: 1. At regular rate ? 2. At overtime rate $64,000 3. Total earnings ? Deductions: 4. Social security tax 30,240 5. Medicare tax 7,560 6. Federal income tax withheld 128,000 7. Medical insurance 17,640 8. Union dues ? 9. Total deductions 190,190 10. Net amount paid 313,810 Accounts debited: 11. Factory Wages 264,000 12. Sales Salaries ? 13. Office Salaries 110,000 Required: a. Determine the amounts omitted in lines (1), (3), (8), and (12). b. On December 19, journalize the entry to record the payroll accrual.* c. On December 20, journalize the entry to record the payment of the payroll.*
In the following summary of data for a payroll period, some amounts have been intentionally omitted. Calculate the amounts omitted below. Enter all your answers as positive amounts. Earnings: 1. At regular rate $fill in the blank 1 2. At overtime rate 81,600 3. Total earnings $fill in the blank 2 Deductions: 4. FICA tax $32,700 5. Income tax withheld 138,700 6. Medical insurance 18,800 7. Union dues fill in the blank 3 8. Total deductions $202,000 9. Net amount paid $343,000 Accounts debited: 10. Wages $288,900 11. Sales Salaries $fill in the blank 4 12. Office Salaries $109,000
What are payroll related liabilities in following picture
Assume that the social security tax rate is 6% and the Medicare tax rate is 1.5%. In the following summary of data for a payroll period, some amounts have been intentionally omitted: Earnings: At regular rate ? At overtime rate $80,000 Total earnings ? Deductions: Social security tax $32,400 Medicare tax $8,100 Federal income tax withheld $135,000 Medical insurance $18,900 Union dues ? Total deductions $201,150 Net amount paid $338,850 Accounts debited: Factory Wages $285,000 Sales Salaries ? Office Salaries $120,000 Determine the amounts omitted in lines (1), (3), (8), and (12). Journalize the entry to record the payroll accrual. Journalize the entry to record the payment of the payroll. Total earnings should be $540,000
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Op.30.
H1. Account

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Earnings:
	1. At regular rate	?
	2. At overtime rate	$77,100
	3. Total earnings	?
Deductions:
	4. Social security tax	30,840
	5. Medicare tax	7,710
	6. Income tax withheld	131,100
	7. Medical insurance	17,700
	8. Union dues	?
	9. Total deductions	190,000
	10. Net amount paid	324,000
Accounts debited:
	11. Factory Wages	272,400
	12. Sales Salaries	?
	13. Office Salaries	102,800