College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN: 9781305666160
Author: James A. Heintz, Robert W. Parry
Publisher: Cengage Learning
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Textbook Question
Chapter 9, Problem 5TF
The W-4, which shows total annual earnings and deductions for federal and state income taxes, must be completed by the employer and given to the employee by January 31.
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An employee has total gross wages of $7,000, Federal Unemployment Expense, and State Unemployment Expense. What is the correct journal entry for the employer’s payroll taxes and other expenses?
Based on the information in problem 2, calculate and record the employers payroll taxes for the period in the general journal below. The state employment tax rate is 5.4 percent, and the federal unemployment tax rate is 0.8 percent.
This problem continues the process of preparing the Kipley Company's Employee Payroll Register for the pay period ending January 8th, 20--. In previous chapters, gross wages were computed for each employee and using this data, FICA withholding and employer FICA liability was computed.
Requirements:
Refer to the SIMPLE Plan Contributions and enter each employee's SIMPLE plan deduction.
Determine and record the federal income taxes for each employee.
Determine and record the state income taxes for each employee.
Determine and record the city income taxes for the city of Pittsburgh.
Total each input column.
Below lists each employee's assigned Time Card No., Filing Status, and Withholding Allowances. This information is necessary when determining the amount of tax to withhold.
TimeCard No.
EmployeeName
FilingStatus
No. ofWithholdingAllowances
11
Fran M. Carson
S
N/A
12
William A. Wilson
S
N/A
13
Harry T. Utley
MFJ
N/A
21
Lawrence R. Fife
MFJ
N/A
22
Lucy K. Smith
S
N/A…
Chapter 9 Solutions
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
Ch. 9 - Prob. 1TFCh. 9 - Prob. 2TFCh. 9 - Prob. 3TFCh. 9 - Prob. 4TFCh. 9 - The W-4, which shows total annual earnings and...Ch. 9 - Prob. 1MCCh. 9 - LO2 Joyce Lee earns 30,000 a year. Her employer...Ch. 9 - Prob. 3MCCh. 9 - Prob. 4MCCh. 9 - Prob. 5MC
Ch. 9 - Total earnings for the employees of Garys Grill...Ch. 9 - Prob. 2CECh. 9 - Prob. 3CECh. 9 - Prob. 4CECh. 9 - Prob. 1RQCh. 9 - Prob. 2RQCh. 9 - Prob. 3RQCh. 9 - Prob. 4RQCh. 9 - Prob. 5RQCh. 9 - Identify all items that are debited or credited to...Ch. 9 - Prob. 7RQCh. 9 - Prob. 8RQCh. 9 - Prob. 9RQCh. 9 - Prob. 10RQCh. 9 - Prob. 11RQCh. 9 - Prob. 12RQCh. 9 - Prob. 13RQCh. 9 - CALCULATION AND JOURNAL ENTRY FOR EMPLOYER PAYROLL...Ch. 9 - CALCULATION AND JOURNAL ENTRY FOR EMPLOYER PAYROLL...Ch. 9 - CALCULATION OF TAXABLE EARNINGS AND EMPLOYER...Ch. 9 - Prob. 4SEACh. 9 - JOURNAL ENTRIES FOR PAYMENT OF EMPLOYER PAYROLL...Ch. 9 - Prob. 6SEACh. 9 - Prob. 7SPACh. 9 - JOURNALIZING AND POSTING PAYROLL ENTRIES Cascade...Ch. 9 - Prob. 9SPACh. 9 - CALCULATION AND JOURNAL ENTRY FOR EMPLOYER PAYROLL...Ch. 9 - Prob. 2SEBCh. 9 - Prob. 3SEBCh. 9 - TOTAL COST OF EMPLOYEE B. F. Goodson employs...Ch. 9 - JOURNAL ENTRIES FOR PAYMENT OF EMPLOYER PAYROLL...Ch. 9 - Prob. 6SEBCh. 9 - CALCULATING PAYROLL TAXES EXPENSE AND PREPARING...Ch. 9 - JOURNALIZING AND POSTING PAYROLL ENTRIES Oxford...Ch. 9 - Prob. 9SPBCh. 9 - The director of the art department at an...Ch. 9 - Prob. 1ECCh. 9 - The totals line from Nix Companys payroll register...Ch. 9 - Payrex Co. has six employees. All are paid on a...
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- Employers are required to file a federal tax return reporting payroll and tax liabilities semi-annually monthly quarterly annuallyarrow_forwardb. Assume that the employees of Purnell, Inc., must also pay state contributions (disability insurance) of 1% on the taxable payroll of Example 6-5 $24,100 and that the employees' contributions are to be deducted by the employer. Journalize the September 15 payment of wages, The journal entry to record the payroll from Figure 6.1, on pages 6-2 and 6-3, would be: assuming that the state contributions of the employees are kept in a separate account. Debit Credit For a compound transaction, if an amount box does not require an entry, leave it blank. Round your answers to the nearest cent. Wages Expense 24,762.70 FICA Taxes Payable-OASDI 1,535.29 Date Account Debit Credit FICA Taxes Payable-HI 359.06 Sept. 15 Wage Expense v 8,500 x FIT Payable 3,714.00 FICA Taxes Payable-OASDI 650.25 x SIT Payable 55.25 FICA Taxes Payable-HI V Group Insurance Payments W/H 54.70 Employees Disability Contributions Payable v Cash 19,044.40 Employees FIT Payable v Employees SIT Payable v Example 6-7 Cash v The…arrow_forwardThe State Unemployment Tax Act, better known as SUTA, is a form of payroll tax that all states require employers to pay for their employees. SUTA is a counterpart to FUTA, the federal unemployment insurance program. Complete the following step: Compute and record the employee's SUTA contributions (employees pay 0.06% on total gross pay). Note : Round your final answers to nearest cent. KIPLEY COMPANY, INC.Employee Payroll RegisterFor Period Ending January 8, 20-- EARNINGS DEDUCTIONS NET PAY Name Gross OASDI HI FIT SIT SUTA CIT SIMPLE Grp. Ins. Health Ins. Ck. No. Amount Carson, F. $700.00 $43.40 $10.15 $48.00 $21.49 $21.00 $20.00 Wilson, W. 897.04 55.62 13.01 68.00 27.54 26.91 50.00 Utley, H. 678.75 42.08 9.84 14.00 20.84 20.36 40.00 Fife, L. 877.10 54.38 12.72 33.00 26.93 26.31 50.00 Smith, L. 790.00 48.98 11.46 59.00 24.25 23.70 20.00 Fay, G. 539.15 33.43 7.82 0.00 16.55…arrow_forward
- An employer files which of the following forms with the IRS quarterly to report federal wages paid and federal income taxes withheld? Select one: a. W-4 b. 941 c. 940 d. 1099-MISCarrow_forwardIn recording the payroll, the debit to an expense represents: Group of answer choices deductions gross pay net pay earnings over the calendar year for each employeearrow_forwardb. Provide a June 28 journal entry to record the employer's payroll taxes, which have not yet been paid to the government. Date June 28, 2023 June 28, 2023 June 28, 2023 June 28, 2023 C. Payroll Tax Expense FICA Payable Date Account Debit Provide a June 30 journal entry to show the payment of all amounts owed to employees, government agencies, and a health insurance provider. Account Credit Debit Credit 2 0arrow_forward
- how do compute thesocial security taxable earnings?arrow_forwardAn Employer’s Quarterly Federal Tax Return, Form 941, must be filed by the physician-employer on or before: a. January 1, April 1, July 1, October 1 b. January 30, April 30, July 30, October 30 c. April 30, July 31, October 31, January 31 d. February 28, May 31, August 31, November 30 e. March 30, June 30, September 30, December 31arrow_forwardIdentify all correct statements concerning payrolls andrelated payroll costs.a. Both employers and employees pay Social Security andMedicare taxes.b. Workers’ compensation premiums are withheld fromemployees’ wages.c. An employer’s total payroll costs usually exceed totalwages expense by about 71⁄2 percent.d. Under current law, employers are required to pay SocialSecurity taxes on employees’ earnings, but they are notrequired to pay for health insurance.arrow_forward
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