b. Prior to posting the November 29 payroll transaction, FICA Taxes Payable-OASDI, FICA Taxes Payable-HI, and Employees FIT Payable had zero balances. Pandel must pay the FICA taxes and income taxes withheld on the November 29 payroll. Journalize the electronic transfer of the payroll taxes on December 16. If an amount bo Cash ry, leave it blank. Round your answers to the nearest cent. Date Employees FIT Payable Debit Credit Dec. 16 FICA Taxes Payable-HI Payroll Taxes Wage and Salary Expense

b. Prior to posting the November 29 payroll transaction, FICA Taxes Payable-OASDI, FICA Taxes Payable-HI, and Employees FIT Payable had zero balances. Pandel must pay the FICA taxes and income taxes withheld on the November 29 payroll. Journalize the electronic transfer of the payroll taxes on December 16. If an amount bo Cash ry, leave it blank. Round your answers to the nearest cent. Date Employees FIT Payable Debit Credit Dec. 16 FICA Taxes Payable-HI Payroll Taxes Wage and Salary Expense

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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During the first week of February, Gabe Hopen earned $300. Assume that FICA taxes are 7.65 percent of wages up to $106,800, state unemployment tax is 5.0 percent of wages up to $13,000, and federal unemployment tax is 0.8 percent of wages up to $13,000. Assume that Gabe has voluntary withholdings of $10 (in addition to taxes) and that federal and state income tax withholdings are $18 and $6, respectively. Using the information above, what is the employer's payroll tax expense for the week, assuming that Gabe Hopen is the only employee? Group of answer choices $24.00 $17.40 $28.00 $40.35
During January, Luxury Cruise Lines pays employees salaries of $2 million. Withholdings in January are $153,000 for the employee portion of FICA, $300,000 for federal income tax, $125,000 for state income tax, and $20,000 for the employee portion of health insurance (payable to Blue Cross/Blue Shield). The company incurs an additional $124,000 for federal and state unemployment tax and $60,000 for the employer portion of health insurance. 1. Record the employee salary expense, withholdings, and salaries payable. 2. Record the employer-provided fringe benefits. 3. Record the employer payroll taxes.
Tio Tom's Dive Shop has 6 employees who each make $12,500 for the first quarter. Total quarterly federal income tax withheld from wages = $6,900. What should line 6 be on the first quarter Form 941 for Tio Tom's Dive Shop? (All wages are taxable for OASDI, HI and federal income tax).
Deep Mouse Designs has 14 employees within Denver City and County. The employees earned $9.80 per hour and worked 160 hours each during the month. The employer must remit $4.00 per month per employee who earns more than $500 per month. Additionally, employees who earn more than $500 per month must have $5.75 withheld from their pay. Required: What is the employee and employer Occupational Privilege Tax for these employees? (Round your answers to 2 decimal places.)
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The information listed below refers to the employees of Lemonica Company for the year ended December 31, 2019.The wages are separated into the quarters in which they were paid to the individual employees. For 2019, State D’s contribution rate for Lemonica Company, based on the experience-rating system of the state,was 2.8% of the first $7,000 of each employee’s earnings. The state tax returns are due one month after the end ofeach calendar quarter. During 2019, the company paid $2,214.80 of contributions to State D’s unemployment fund.Employer’s phone number: (613) 555-0029. Employer’s State D reporting number: 00596.Using the forms supplied on pages 5-44 to 5-46, complete the following for 2019:a. Date and amount of the FUTA tax payment for the fourth quarter of 2019 (State D is not a creditreduction state).Tax Payment:Date Amount $b. Employer’s Report for Unemployment Compensation, State D—4th quarter only. Item 1 is the number ofemployees employed in the pay period that includes the…
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Kip Bowman is owner and sole employee of KB Corporation. He pays himself a salary of $1,500 each week. Additional tax information includes: FICA tax—OASDI 6.2% on first $132,900 FICA tax—HI 1.45% on total pay Federal income tax $232.00 per pay State income tax 22% of the federal income tax withholding Federal unemployment tax 0.6% on first $7,000 State unemployment tax 0.05% on first $14,000 Additional payroll deductions include: 401(k) plan 3% per pay Child support garnishment $100 per pay Health insurance premium $95 per pay
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