Journal entry to record bi-weekly payroll. Given Information: Bi-weekly payroll amounted to $1,200,000. Social security tax rate is 6.2%. Medicare tax rate is 1.45%. Payroll income tax average is 20%. State and local tax rate is 4%. Federal unemployment tax rate is 1.6%. State unemployment tax rate is 4.4%. Wage base is $7,000.

Question

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Answer 1

Question

Chapter 13, Problem 13.13E

a.

To determine

To prepare: Journal entry to record bi-weekly payroll.

Given Information:

Bi-weekly payroll amounted to $1,200,000.

Social security tax rate is 6.2%.

Medicare tax rate is 1.45%.

Payroll income tax average is 20%.

State and local tax rate is 4%.

Federal unemployment tax rate is 1.6%.

State unemployment tax rate is 4.4%.

Wage base is $7,000.

b.

To determine

To prepare: Journal entry to record liability for accrues salaries.

c.

To determine

To prepare: Journal entry to record payroll tax expenses.

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Answer 2

Question

Chapter 13, Problem 13.13E

a.

To determine

To prepare: Journal entry to record bi-weekly payroll.

Given Information:

Bi-weekly payroll amounted to $1,200,000.

Social security tax rate is 6.2%.

Medicare tax rate is 1.45%.

Payroll income tax average is 20%.

State and local tax rate is 4%.

Federal unemployment tax rate is 1.6%.

State unemployment tax rate is 4.4%.

Wage base is $7,000.

b.

To determine

To prepare: Journal entry to record liability for accrues salaries.

c.

To determine

To prepare: Journal entry to record payroll tax expenses.

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Answer 3

Question

Chapter 13, Problem 13.13E

a.

To determine

To prepare: Journal entry to record bi-weekly payroll.

Given Information:

Bi-weekly payroll amounted to $1,200,000.

Social security tax rate is 6.2%.

Medicare tax rate is 1.45%.

Payroll income tax average is 20%.

State and local tax rate is 4%.

Federal unemployment tax rate is 1.6%.

State unemployment tax rate is 4.4%.

Wage base is $7,000.

b.

To determine

To prepare: Journal entry to record liability for accrues salaries.

c.

To determine

To prepare: Journal entry to record payroll tax expenses.

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Answer 4

Question

Chapter 13, Problem 13.13E

a.

To determine

To prepare: Journal entry to record bi-weekly payroll.

Given Information:

Bi-weekly payroll amounted to $1,200,000.

Social security tax rate is 6.2%.

Medicare tax rate is 1.45%.

Payroll income tax average is 20%.

State and local tax rate is 4%.

Federal unemployment tax rate is 1.6%.

State unemployment tax rate is 4.4%.

Wage base is $7,000.

b.

To determine

To prepare: Journal entry to record liability for accrues salaries.

c.

To determine

To prepare: Journal entry to record payroll tax expenses.

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Answer 5

Chapter 13, Problem 13.13E

a.

To determine

To prepare: Journal entry to record bi-weekly payroll.

Given Information:

Bi-weekly payroll amounted to $1,200,000.

Social security tax rate is 6.2%.

Medicare tax rate is 1.45%.

Payroll income tax average is 20%.

State and local tax rate is 4%.

Federal unemployment tax rate is 1.6%.

State unemployment tax rate is 4.4%.

Wage base is $7,000.

b.

To determine

To prepare: Journal entry to record liability for accrues salaries.

c.

To determine

To prepare: Journal entry to record payroll tax expenses.

Answer 6

Chapter 13, Problem 13.13E

a.

To determine

To prepare: Journal entry to record bi-weekly payroll.

Given Information:

Bi-weekly payroll amounted to $1,200,000.

Social security tax rate is 6.2%.

Medicare tax rate is 1.45%.

Payroll income tax average is 20%.

State and local tax rate is 4%.

Federal unemployment tax rate is 1.6%.

State unemployment tax rate is 4.4%.

Wage base is $7,000.

Answer 7

Chapter 13, Problem 13.13E

a.

To determine

To prepare: Journal entry to record bi-weekly payroll.

Given Information:

Bi-weekly payroll amounted to $1,200,000.

Social security tax rate is 6.2%.

Medicare tax rate is 1.45%.

Payroll income tax average is 20%.

State and local tax rate is 4%.

Federal unemployment tax rate is 1.6%.

State unemployment tax rate is 4.4%.

Wage base is $7,000.

Answer 8

b.

To determine

To prepare: Journal entry to record liability for accrues salaries.

Answer 9

b.

To determine

To prepare: Journal entry to record liability for accrues salaries.

Answer 10

c.

To determine

To prepare: Journal entry to record payroll tax expenses.

Answer 11

c.

To determine

To prepare: Journal entry to record payroll tax expenses.

Answer 12

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Answer 13

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Answer 14

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Answer 15

Ch. 13 - Prob. 13.1Q Ch. 13 - Prob. 13.2Q Ch. 13 - Prob. 13.3Q Ch. 13 - Do sellers recognize sales taxes as expenses on...Ch. 13 - Prob. 13.5Q Ch. 13 - Prob. 13.6Q Ch. 13 - Prob. 13.7Q Ch. 13 - What is a gam contingency? Is It accrued and...Ch. 13 - Do firms always accrue and record loss...Ch. 13 - Prob. 13.10Q

To prepare: Journal entry to record liability for accrues salaries.

To prepare: Journal entry to record payroll tax expenses.

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Chapter 13 Solutions