Payroll: The total payment that a company is required to pay to its employee for the services received is called as payroll. Payroll withholding deduction: The amounts which the employer withheld from employees’ gross pay to deduct taxes such as federal income tax, state income tax, local income tax, and social security tax are called payroll withholding deduction. To Compute: Mr. W gross pay, payroll deductions, and net pay for the year 2016.

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Answer 1

Question

Chapter 11, Problem 11.26AP

1.

To determine

Payroll: The total payment that a company is required to pay to its employee for the services received is called as payroll.

Payroll withholding deduction: The amounts which the employer withheld from employees’ gross pay to deduct taxes such as federal income tax, state income tax, local income tax, and social security tax are called payroll withholding deduction.

To Compute: Mr. W gross pay, payroll deductions, and net pay for the year 2016.

2.

To determine

To compute: Corporation S’s total payroll expense of 2016 for Mr. W.

3.

To determine

To Journalize: Corporation S’s expense for Mr. W’s total earnings

4.

To determine

To Make: Journal entry to record the accrual of Corporation S’s payroll tax expense for Mr. W’s total earnings.

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Computing and journalizing payroll amounts Logan white is general manager of Valuepoint Salons. During 2018, White worked for the company all year at a $13,600 monthly salary. He also earned a year-end bonus equal to 15% of his annual salary. White’s federal income tax withheld during 2018 was $1,360 per month, plus $4,876 on his bonus check. State income tax withheld came to $150 per month, plus $60 on the bonus. FICA tax was withheld on the annual earnings. White authorized the following payroll deductions: Charity Fund contribution of 1% of total earnings and life insurance of $40 per month. Valuepoint incurred payroll tax expense on White for FICA tax. The company also paid state unemployment tax and federal unemployment tax. Requirements Compute White’s gross pay, payroll deductions, and net pay for the full year 2018. Round all amounts to the nearest dollar. Compute Value points total of 2018 payroll tax expense for White. Make the journal entry to record Valuepoint’s expense…

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Brewton's General Journal Logan White is general manager of Moonwalk Tanning Salons. During 2010, White worked for the company all year at a $6,100 monthly salary. He also earned a year- end bonus equal to 5% of his salary. White's federal income tax withheld during 2010 was $810 per month, plus $932 on his bonus check. State income tax withheld came to $80 per month, plus $70 on the bonus. The FICA tax withheld was 8% of the first $90,000 in annual earnings. White authorized the following payroll deductions: United Fund contribution of 1% of total earnings and life insurance of $20 per month. Moonwalk incurred payroll tax expense on White for FICA tax of 8% of the first $90,000 in annual earnings. The company also paid state unemployment tax of 5.4% and federal unemployment tax of 0.8% on the first $7,000 in annual earnings. In addition, Moonwalk provides White with health insurance at a cost of $110 per month. During 2010, Moonwalk paid $2,000 into White's retirement plan. Compute…

Answer 2

Question

Chapter 11, Problem 11.26AP

1.

To determine

Payroll: The total payment that a company is required to pay to its employee for the services received is called as payroll.

Payroll withholding deduction: The amounts which the employer withheld from employees’ gross pay to deduct taxes such as federal income tax, state income tax, local income tax, and social security tax are called payroll withholding deduction.

To Compute: Mr. W gross pay, payroll deductions, and net pay for the year 2016.

2.

To determine

To compute: Corporation S’s total payroll expense of 2016 for Mr. W.

3.

To determine

To Journalize: Corporation S’s expense for Mr. W’s total earnings

4.

To determine

To Make: Journal entry to record the accrual of Corporation S’s payroll tax expense for Mr. W’s total earnings.

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Answer 3

Question

Chapter 11, Problem 11.26AP

1.

To determine

Payroll: The total payment that a company is required to pay to its employee for the services received is called as payroll.

Payroll withholding deduction: The amounts which the employer withheld from employees’ gross pay to deduct taxes such as federal income tax, state income tax, local income tax, and social security tax are called payroll withholding deduction.

To Compute: Mr. W gross pay, payroll deductions, and net pay for the year 2016.

2.

To determine

To compute: Corporation S’s total payroll expense of 2016 for Mr. W.

3.

To determine

To Journalize: Corporation S’s expense for Mr. W’s total earnings

4.

To determine

To Make: Journal entry to record the accrual of Corporation S’s payroll tax expense for Mr. W’s total earnings.

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Answer 4

Question

Chapter 11, Problem 11.26AP

1.

To determine

Payroll: The total payment that a company is required to pay to its employee for the services received is called as payroll.

Payroll withholding deduction: The amounts which the employer withheld from employees’ gross pay to deduct taxes such as federal income tax, state income tax, local income tax, and social security tax are called payroll withholding deduction.

To Compute: Mr. W gross pay, payroll deductions, and net pay for the year 2016.

2.

To determine

To compute: Corporation S’s total payroll expense of 2016 for Mr. W.

3.

To determine

To Journalize: Corporation S’s expense for Mr. W’s total earnings

4.

To determine

To Make: Journal entry to record the accrual of Corporation S’s payroll tax expense for Mr. W’s total earnings.

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Answer 5

Chapter 11, Problem 11.26AP

1.

To determine

Payroll: The total payment that a company is required to pay to its employee for the services received is called as payroll.

Payroll withholding deduction: The amounts which the employer withheld from employees’ gross pay to deduct taxes such as federal income tax, state income tax, local income tax, and social security tax are called payroll withholding deduction.

To Compute: Mr. W gross pay, payroll deductions, and net pay for the year 2016.

2.

To determine

To compute: Corporation S’s total payroll expense of 2016 for Mr. W.

3.

To determine

To Journalize: Corporation S’s expense for Mr. W’s total earnings

4.

To determine

To Make: Journal entry to record the accrual of Corporation S’s payroll tax expense for Mr. W’s total earnings.

Answer 6

Chapter 11, Problem 11.26AP

1.

To determine

Payroll: The total payment that a company is required to pay to its employee for the services received is called as payroll.

Payroll withholding deduction: The amounts which the employer withheld from employees’ gross pay to deduct taxes such as federal income tax, state income tax, local income tax, and social security tax are called payroll withholding deduction.

To Compute: Mr. W gross pay, payroll deductions, and net pay for the year 2016.

Answer 7

Chapter 11, Problem 11.26AP

1.

To determine

Payroll: The total payment that a company is required to pay to its employee for the services received is called as payroll.

Payroll withholding deduction: The amounts which the employer withheld from employees’ gross pay to deduct taxes such as federal income tax, state income tax, local income tax, and social security tax are called payroll withholding deduction.

To Compute: Mr. W gross pay, payroll deductions, and net pay for the year 2016.

Answer 8

2.

To determine

To compute: Corporation S’s total payroll expense of 2016 for Mr. W.

Answer 9

2.

To determine

To compute: Corporation S’s total payroll expense of 2016 for Mr. W.

Answer 10

3.

To determine

To Journalize: Corporation S’s expense for Mr. W’s total earnings

Answer 11

3.

To determine

To Journalize: Corporation S’s expense for Mr. W’s total earnings

Answer 12

4.

To determine

To Make: Journal entry to record the accrual of Corporation S’s payroll tax expense for Mr. W’s total earnings.

Answer 13

4.

To determine

To Make: Journal entry to record the accrual of Corporation S’s payroll tax expense for Mr. W’s total earnings.

Answer 14

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Answer 15

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Answer 16

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Answer 17

Ch. 11 - Prob. 1QC Ch. 11 - On January 1, 2016, a business borrowed 18,000 on...Ch. 11 - A company sells 180,000 (selling price) of goods...Ch. 11 - Prob. 4QC Ch. 11 - Prob. 5QC Ch. 11 - Prob. 6QC Ch. 11 - Prob. 7QC Ch. 11 - Vega Company expects to pay a 4% bonus on net...Ch. 11 - Prob. 9QC Ch. 11 - Prob. 10QC

Solution Summary: The author explains how to calculate Mr. W's gross pay, payroll deductions, and net pay for the year 2016.

To compute: Corporation S’s total payroll expense of 2016 for Mr. W.

To Journalize: Corporation S’s expense for Mr. W’s total earnings

To Make: Journal entry to record the accrual of Corporation S’s payroll tax expense for Mr. W’s total earnings.

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Chapter 11 Solutions