College Accounting (Book Only): A Career Approach
13th Edition
ISBN: 9781337280570
Author: Scott, Cathy J.
Publisher: South-Western College Pub
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Question
Chapter 8, Problem 5PB
To determine
Complete the Form 940 for the year and journalize the appropriate FUTA payment entry.
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Jack's Lawn Service Company has the following information related to its current year payroll as of December 31:
Federal Unemployment Tax Payable as of December 31, $336.00
FUTA taxable earnings limit of $7,000, rate 0.6 percent (0.006)
First-quarter FUTA taxable liability, $504.00, paid April 30
Second-quarter FUTA taxable liability, $168.00 (liability under $500, no payment made)
Third-quarter FUTA taxable liability, $112.00 (total liability under $500, no payment made)
Fourth-quarter FUTA taxable liability, $56.00 (payment to be made January of the following year)
FUTA taxable earnings for the year, $140,000
Total Lawn Care Wages, $310,000
Jack's Lawn Service Company EIN, 75-1209347
No exempt FUTA payments
Address: 1515 W. Main Street, Rice, TX 75155
Required:
Prepare Form 940 and the corresponding 940-V payment voucher for the year.
Lynden Company has the following balances in its general ledger as of June 1 of this year:
a. FICA Social Security Tax Payable (employee and employer) is $1,393.50. FICA Medicare Tax Payable (employee and employer) is $325.90.
b. Employees' Federal Income Tax Payable (liability for May), $995.00.
c. Federal Unemployment Tax Payable (liability for April and May), $380.00.
d. State Unemployment Tax Payable (liability for April and May), $1,205.75.
Required: Record transactions in a general journal
The company completed the following transactions involving the payroll during June and July:
From the following information, calculate the payroll tax expense for Bowling Company for the payroll of April 9: View the payroll. The FICA Social Security tax rate is 6.28n the first $142,800earned,
and FICA Medicare is 1.45% all earings. Federal unemployment tax is 0.68 the first $7,000 earned by each employee. The SUTA tax rate for Bowling 5.70m the first $7,000 of employee earnings for
state unemployment purposes. (Round to the nearest cent as needed.) Total Payroll Employee U. Acorn F. Jackson Q. Roberts $ ACETE Cumulative Earnings Before Weekly Payroll Print Gross Pay for
the Week 3,600 $ 6,400 7,200 Done - X 900 550 350
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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