Payroll Expenses Payroll expenses are the amount of expenses that an employer pays to the employees for the work that they perform. These expenses include certain expenses such as employee benefits, state and federal payroll taxes. To Record: the employee salary expense, withholdings, and salaries payable for January 31.

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Answer 1

Question

Chapter 8, Problem 8.3AP

1

To determine

Payroll Expenses

Payroll expenses are the amount of expenses that an employer pays to the employees for the work that they perform. These expenses include certain expenses such as employee benefits, state and federal payroll taxes.

To Record: the employee salary expense, withholdings, and salaries payable for January 31.

2

To determine

Payroll Expenses

Payroll expenses are the amount of expenses that an employer pays to the employees for the work that they perform. These expenses include certain expenses such as employee benefits, state and federal payroll taxes.

To Record: the employee provided fringe benefits for January 31.

3

To determine

Payroll Expenses

Payroll expenses are the amount of expenses that an employer pays to the employees for the work that they perform. These expenses include certain expenses such as employee benefits, state and federal payroll taxes.

To Record: the employee payroll taxes for January 31.

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Question. Payroll for Kicker Sound Systems for January was $150,000 and the following withholdings, fringe benefits, and payroll taxes apply: Federal and state income taxes withheld $38,000 Health insurance premiums (Blue Cross) paid by employer 12,000 Contribution to retirement plan (Fidelity) paid by employer 15,000 FICA tax rate (Social Security and Medicare) 7.65% Federal and state unemployment tax rate 3.80% Kicker has paid none of the withholdings or payroll taxes by the end of January and no employee's cumulative wages exceed the relevant wage bases. Record the employee salary expense, withholdings, and salaries payable. Record the employer-provided fringe benefits. Record the employer payroll taxes.

Caribbean Tours’ total payroll for the month of January was $600,000. The following withholdings, fringe benefits, and payroll taxes apply:Federal and state income tax withheld $60,000 Health insurance premiums paid by employer (payable to Blue Cross) 10,800 Contribution to retirement plan paid by employer (payable to Fidelity) 24,000 FICA tax rate (Social Security and Medicare) 7.65% Federal and state unemployment tax rate 6.20%Assume that none of the withholdings or payroll taxes has been paid by the end of January (record them as payables), and no employee’s cumulative wages exceed the relevant wage bases. Required: 1. Record the employee salary expense, withholdings, and salaries payable. 2. Record the employer-provided fringe benefits. 3. Record the employer payroll taxes.

Entries for payroll and payroll taxes The following information about the weekly payroll was obtained from the records of Saine Co.: Salaries: Sales salaries Warehouse salaries Office salaries Deductions: Income tax withheld U.S. savings bonds Group insurance Tax rates assumed: $214,000 118,000 109,000 $441,000 $77,616 9,702 7,938 Social security, 6% Medicare, 1.5% State unemployment (employer only), 5.4% Federal unemployment (employer only), 0.8% Required: If an amount box does not require an entry, leave it blank. 1a. Assuming that the payroll related to the first full week of the year and was paid on January 11, journalize the entry on January 11, to record the payroll.

Answer 2

Question

Chapter 8, Problem 8.3AP

1

To determine

Payroll Expenses

Payroll expenses are the amount of expenses that an employer pays to the employees for the work that they perform. These expenses include certain expenses such as employee benefits, state and federal payroll taxes.

To Record: the employee salary expense, withholdings, and salaries payable for January 31.

2

To determine

Payroll Expenses

Payroll expenses are the amount of expenses that an employer pays to the employees for the work that they perform. These expenses include certain expenses such as employee benefits, state and federal payroll taxes.

To Record: the employee provided fringe benefits for January 31.

3

To determine

Payroll Expenses

Payroll expenses are the amount of expenses that an employer pays to the employees for the work that they perform. These expenses include certain expenses such as employee benefits, state and federal payroll taxes.

To Record: the employee payroll taxes for January 31.

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Answer 3

Question

Chapter 8, Problem 8.3AP

1

To determine

Payroll Expenses

Payroll expenses are the amount of expenses that an employer pays to the employees for the work that they perform. These expenses include certain expenses such as employee benefits, state and federal payroll taxes.

To Record: the employee salary expense, withholdings, and salaries payable for January 31.

2

To determine

Payroll Expenses

Payroll expenses are the amount of expenses that an employer pays to the employees for the work that they perform. These expenses include certain expenses such as employee benefits, state and federal payroll taxes.

To Record: the employee provided fringe benefits for January 31.

3

To determine

Payroll Expenses

Payroll expenses are the amount of expenses that an employer pays to the employees for the work that they perform. These expenses include certain expenses such as employee benefits, state and federal payroll taxes.

To Record: the employee payroll taxes for January 31.

Expert Solution & Answer

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Answer 4

Question

Chapter 8, Problem 8.3AP

1

To determine

Payroll Expenses

Payroll expenses are the amount of expenses that an employer pays to the employees for the work that they perform. These expenses include certain expenses such as employee benefits, state and federal payroll taxes.

To Record: the employee salary expense, withholdings, and salaries payable for January 31.

2

To determine

Payroll Expenses

Payroll expenses are the amount of expenses that an employer pays to the employees for the work that they perform. These expenses include certain expenses such as employee benefits, state and federal payroll taxes.

To Record: the employee provided fringe benefits for January 31.

3

To determine

Payroll Expenses

Payroll expenses are the amount of expenses that an employer pays to the employees for the work that they perform. These expenses include certain expenses such as employee benefits, state and federal payroll taxes.

To Record: the employee payroll taxes for January 31.

Expert Solution & Answer

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Answer 5

Chapter 8, Problem 8.3AP

1

To determine

Payroll Expenses

Payroll expenses are the amount of expenses that an employer pays to the employees for the work that they perform. These expenses include certain expenses such as employee benefits, state and federal payroll taxes.

To Record: the employee salary expense, withholdings, and salaries payable for January 31.

2

To determine

Payroll Expenses

Payroll expenses are the amount of expenses that an employer pays to the employees for the work that they perform. These expenses include certain expenses such as employee benefits, state and federal payroll taxes.

To Record: the employee provided fringe benefits for January 31.

3

To determine

Payroll Expenses

Payroll expenses are the amount of expenses that an employer pays to the employees for the work that they perform. These expenses include certain expenses such as employee benefits, state and federal payroll taxes.

To Record: the employee payroll taxes for January 31.

Answer 6

Chapter 8, Problem 8.3AP

1

To determine

Payroll Expenses

Payroll expenses are the amount of expenses that an employer pays to the employees for the work that they perform. These expenses include certain expenses such as employee benefits, state and federal payroll taxes.

To Record: the employee salary expense, withholdings, and salaries payable for January 31.

Answer 7

Chapter 8, Problem 8.3AP

1

To determine

Payroll Expenses

Payroll expenses are the amount of expenses that an employer pays to the employees for the work that they perform. These expenses include certain expenses such as employee benefits, state and federal payroll taxes.

To Record: the employee salary expense, withholdings, and salaries payable for January 31.

Answer 8

2

To determine

Payroll Expenses

Payroll expenses are the amount of expenses that an employer pays to the employees for the work that they perform. These expenses include certain expenses such as employee benefits, state and federal payroll taxes.

To Record: the employee provided fringe benefits for January 31.

Answer 9

2

To determine

Payroll Expenses

Payroll expenses are the amount of expenses that an employer pays to the employees for the work that they perform. These expenses include certain expenses such as employee benefits, state and federal payroll taxes.

To Record: the employee provided fringe benefits for January 31.

Answer 10

3

To determine

Payroll Expenses

Payroll expenses are the amount of expenses that an employer pays to the employees for the work that they perform. These expenses include certain expenses such as employee benefits, state and federal payroll taxes.

To Record: the employee payroll taxes for January 31.

Answer 11

3

To determine

Payroll Expenses

Payroll expenses are the amount of expenses that an employer pays to the employees for the work that they perform. These expenses include certain expenses such as employee benefits, state and federal payroll taxes.

To Record: the employee payroll taxes for January 31.

Answer 12

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Answer 13

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Answer 14

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Answer 15

Ch. 8 - Prob. 1RQ Ch. 8 - Prob. 2RQ Ch. 8 - Prob. 3RQ Ch. 8 - Provide examples of current liabilities in the...Ch. 8 - Prob. 5RQ Ch. 8 - Prob. 6RQ Ch. 8 - How does commercial paper differ from a normal...Ch. 8 - Prob. 8RQ Ch. 8 - Prob. 9RQ Ch. 8 - Prob. 10RQ

Solution Summary: The author explains that payroll expenses are the amount of expenses that an employer pays to the employees for the work that they perform.

Payroll Expenses

Payroll expenses are the amount of expenses that an employer pays to the employees for the work that they perform. These expenses include certain expenses such as employee benefits, state and federal payroll taxes.

To Record: the employee provided fringe benefits for January 31.

Payroll Expenses

Payroll expenses are the amount of expenses that an employer pays to the employees for the work that they perform. These expenses include certain expenses such as employee benefits, state and federal payroll taxes.

To Record: the employee payroll taxes for January 31.

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Chapter 8 Solutions

Solution Summary: The author explains that payroll expenses are the amount of expenses that an employer pays to the employees for the work that they perform.

Payroll Expenses Payroll expenses are the amount of expenses that an employer pays to the employees for the work that they perform. These expenses include certain expenses such as employee benefits, state and federal payroll taxes. To Record: the employee provided fringe benefits for January 31.

Payroll Expenses Payroll expenses are the amount of expenses that an employer pays to the employees for the work that they perform. These expenses include certain expenses such as employee benefits, state and federal payroll taxes. To Record: the employee payroll taxes for January 31.

Want to see the full answer?

Chapter 8 Solutions

Payroll Expenses

Payroll expenses are the amount of expenses that an employer pays to the employees for the work that they perform. These expenses include certain expenses such as employee benefits, state and federal payroll taxes.

To Record: the employee provided fringe benefits for January 31.

Payroll Expenses

Payroll expenses are the amount of expenses that an employer pays to the employees for the work that they perform. These expenses include certain expenses such as employee benefits, state and federal payroll taxes.

To Record: the employee payroll taxes for January 31.