College Accounting (Book Only): A Career Approach
13th Edition
ISBN: 9781337280570
Author: Scott, Cathy J.
Publisher: South-Western College Pub
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Chapter 8, Problem 3PA
To determine
Complete Company J’s Part 1 of Form 941 for the third quarter.
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For the third quarter of the year, Johnson Company, 415 Circle Avenue, Chicago, Illinois 60652, received Form 941 from the Internal Revenue Service. The identification number of Johnson Company is 91-4213171. Its payroll for the quarter ended September 30 is as follows:
TAXABLE EARNINGS
DEDUCTIONS
NAME
TOTAL EARNINGS
SOCIAL SECURITY
MEDICARE
FEDERAL INCOME TAX
SOCIAL SECURITY TAX
MEDICARE TAX
Brown, D. D.
16,629.00
16,629.00
16,629.00
2,494.00
1,031.00
241.12
Carey, L. R.
18,528.00
18,528.00
18,528.00
2,780.00
1,148.74
268.66
Domzalski, T. P.
14,665.00
14,665.00
14,665.00
2,100.00
909.23
212.64
Grisson, R. O.
13,721.00
13,721.00
13,721.00
2,058.00
850.70
198.95
Tyler, J. L.
17,406.00
17,406.00
17,406.00
2,510.00
1,079.17
252.39
Valdez, K. R.
15,287.00
15,287.00
15,287.00
2,295.00
947.79
221.66
96,236.00
96,236.00
96,236.00
14,237.00
5,966.63
1,395.42
The company has had six employees throughout the year. Assume that the FICA Social Security (employer)…
Francisco Company has 10 employees, each of whom earns $2,700 per month and is paid on the last day of each month. All 10 have been employed continuously at this amount since January 1. On March 1, the following accounts and balances exist in its general ledger.
FICA—Social Security Taxes Payable, $3,348; FICA—Medicare Taxes Payable, $784. (The balances of these accounts represent total liabilities for both the employer's and employees' FICA taxes for the February payroll only.)
Employees' Federal Income Taxes Payable, $6,750 (liability for February only).
Federal Unemployment Taxes Payable, $324 (liability for January and February together).
State Unemployment Taxes Payable, $2,916 (liability for January and February together).
The company had the following payroll transactions.
Mar.
15
Issued check payable to Swift Bank, a federal depository bank authorized to accept employers' payments of FICA taxes and employee income tax withholdings. The $10,882 check is in payment of…
At the end of the weekly payroll period on June 30, the payroll register of Concord Consultants showed employee earnings of
$71,000. Determine the firm's payroll taxes for the period. Use a social security rate of 6.2 percent, Medicare rate of 1.45 percent, FUTA
rate of 0.6 percent, and SUTA rate of 5.4 percent. Consider all earnings subject to social security tax and Medicare tax and $40,908
subject to FUTA and SUTA taxes. (Round your answers to 2 decimal places.)
Base
Rate
Tax
Social security
Medicare
FUTA
SUTA
Total
%
%
%
%
Amount
Chapter 8 Solutions
College Accounting (Book Only): A Career Approach
Ch. 8 - Prob. 1QYCh. 8 - Prob. 2QYCh. 8 - Prob. 3QYCh. 8 - Prob. 4QYCh. 8 - Prob. 5QYCh. 8 - Prob. 6QYCh. 8 - Prob. 7QYCh. 8 - Prob. 8QYCh. 8 - Prob. 9QYCh. 8 - Prob. 1DQ
Ch. 8 - Prob. 2DQCh. 8 - Prob. 3DQCh. 8 - Prob. 4DQCh. 8 - Prob. 5DQCh. 8 - Prob. 6DQCh. 8 - Prob. 7DQCh. 8 - Prob. 8DQCh. 8 - Prob. 9DQCh. 8 - Prob. 1ECh. 8 - Prob. 2ECh. 8 - Prob. 3ECh. 8 - Prob. 4ECh. 8 - Prob. 5ECh. 8 - On September 30, Cody Companys selected account...Ch. 8 - On September 30, Hilltop Companys selected payroll...Ch. 8 - Prob. 8ECh. 8 - Prob. 1PACh. 8 - Prob. 2PACh. 8 - Prob. 3PACh. 8 - Prob. 4PACh. 8 - Prob. 5PACh. 8 - Prob. 1PBCh. 8 - Prob. 2PBCh. 8 - Prob. 3PBCh. 8 - Prob. 4PBCh. 8 - Prob. 5PBCh. 8 - TruGreen is the worlds largest lawn and landscape...Ch. 8 - Between the end of one month and the 15th day of...
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