Payroll liabilities are salaries, wages, benefits payable, and payroll taxes levied on the employer. Payroll taxes are social security, Medicare taxes, and federal and state taxes payable. The table showing payroll liabilities, from the given data.

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Answer 1

Question

Chapter 11, Problem 11E

a

To determine

Concept Introduction: Payroll liabilities are salaries, wages, benefits payable, and payroll taxes levied on the employer. Payroll taxes are social security, Medicare taxes, and federal and state taxes payable. The table showing payroll liabilities, from the given data.

b

To determine

Concept Introduction: Payroll liabilities are salaries, wages, benefits payable and payroll taxes levied on the employer. Payroll taxes are social security, Medicare taxes, and federal and state taxes payable.

The computation of FICA social security, Medicare taxes, and FUTA and SUTA taxes for the company.

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Subject : Accounting

Assume the following data for Blossom Home Appliance Repair for the payroll quarter ended March 31. • Gross earnings $240,000.00 • Employee FICA taxes 18,360.00 • Federal income tax 48,000.00 • State income tax 4,799.00 • Number of employees this quarter: 30 Blossom is subject to the following rates: FICA 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), state unemployment 5.4% up to $7,000, and federal unemployment 0.6% up to $7,000. No employee reached the limit for FICA taxes, and all employees reached the limit for unemployment taxes in the first quarter.Prepare the journal entry to record payment of employer taxes, assuming all taxes were paid on April 15. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit…

Recording Employer Payroll Taxes Pletenets Co. has 10 employees, each of whom earns $2,000 per month and has been employed since January 1. FICA Social Security taxes are 6.2% of the first $118,500 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to each employee. Prepare the March 31 journal entry to record the March payroll taxes expenses. (Round amounts to cents.) 2

Answer 2

Question

Chapter 11, Problem 11E

a

To determine

Concept Introduction: Payroll liabilities are salaries, wages, benefits payable, and payroll taxes levied on the employer. Payroll taxes are social security, Medicare taxes, and federal and state taxes payable. The table showing payroll liabilities, from the given data.

b

To determine

Concept Introduction: Payroll liabilities are salaries, wages, benefits payable and payroll taxes levied on the employer. Payroll taxes are social security, Medicare taxes, and federal and state taxes payable.

The computation of FICA social security, Medicare taxes, and FUTA and SUTA taxes for the company.

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Answer 3

Question

Chapter 11, Problem 11E

a

To determine

Concept Introduction: Payroll liabilities are salaries, wages, benefits payable, and payroll taxes levied on the employer. Payroll taxes are social security, Medicare taxes, and federal and state taxes payable. The table showing payroll liabilities, from the given data.

b

To determine

Concept Introduction: Payroll liabilities are salaries, wages, benefits payable and payroll taxes levied on the employer. Payroll taxes are social security, Medicare taxes, and federal and state taxes payable.

The computation of FICA social security, Medicare taxes, and FUTA and SUTA taxes for the company.

Expert Solution & Answer

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Answer 4

Question

Chapter 11, Problem 11E

a

To determine

Concept Introduction: Payroll liabilities are salaries, wages, benefits payable, and payroll taxes levied on the employer. Payroll taxes are social security, Medicare taxes, and federal and state taxes payable. The table showing payroll liabilities, from the given data.

b

To determine

Concept Introduction: Payroll liabilities are salaries, wages, benefits payable and payroll taxes levied on the employer. Payroll taxes are social security, Medicare taxes, and federal and state taxes payable.

The computation of FICA social security, Medicare taxes, and FUTA and SUTA taxes for the company.

Expert Solution & Answer

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Answer 5

Chapter 11, Problem 11E

a

To determine

Concept Introduction: Payroll liabilities are salaries, wages, benefits payable, and payroll taxes levied on the employer. Payroll taxes are social security, Medicare taxes, and federal and state taxes payable. The table showing payroll liabilities, from the given data.

b

To determine

Concept Introduction: Payroll liabilities are salaries, wages, benefits payable and payroll taxes levied on the employer. Payroll taxes are social security, Medicare taxes, and federal and state taxes payable.

The computation of FICA social security, Medicare taxes, and FUTA and SUTA taxes for the company.

Answer 6

Chapter 11, Problem 11E

a

To determine

Concept Introduction: Payroll liabilities are salaries, wages, benefits payable, and payroll taxes levied on the employer. Payroll taxes are social security, Medicare taxes, and federal and state taxes payable. The table showing payroll liabilities, from the given data.

Answer 7

Chapter 11, Problem 11E

a

To determine

Concept Introduction: Payroll liabilities are salaries, wages, benefits payable, and payroll taxes levied on the employer. Payroll taxes are social security, Medicare taxes, and federal and state taxes payable. The table showing payroll liabilities, from the given data.

Answer 8

b

To determine

Concept Introduction: Payroll liabilities are salaries, wages, benefits payable and payroll taxes levied on the employer. Payroll taxes are social security, Medicare taxes, and federal and state taxes payable.

The computation of FICA social security, Medicare taxes, and FUTA and SUTA taxes for the company.

Answer 9

b

To determine

Concept Introduction: Payroll liabilities are salaries, wages, benefits payable and payroll taxes levied on the employer. Payroll taxes are social security, Medicare taxes, and federal and state taxes payable.

The computation of FICA social security, Medicare taxes, and FUTA and SUTA taxes for the company.

Answer 10

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Answer 11

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Answer 12

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Answer 13

Ch. 11 - Prob. 1QS Ch. 11 - Prob. 2QS Ch. 11 - Prob. 3QS Ch. 11 - QS 11-3 Unearned revenue C2 Ticketsales, Inc.,...Ch. 11 - Interest-bearing note transactions P1 On November...Ch. 11 - Prob. 6QS Ch. 11 - Prob. 7QS Ch. 11 - Prob. 8QS Ch. 11 - Prob. 9QS Ch. 11 - Prob. 10QS

Payroll liabilities are salaries, wages, benefits payable, and payroll taxes levied on the employer. Payroll taxes are social security, Medicare taxes, and federal and state taxes payable. The table showing payroll liabilities, from the given data.

Concept Introduction: Payroll liabilities are salaries, wages, benefits payable, and payroll taxes levied on the employer. Payroll taxes are social security, Medicare taxes, and federal and state taxes payable. The table showing payroll liabilities, from the given data.

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