Parry Paint LLC started operations on January 1, 2019. It had the following payroll transactions during the year.
Jan 15 – Paid an employee B. Vaughn $1,560 cash for January 1-15 salary, calculated as follows:
Gross Pay |
Deductions |
||||
Income taxes 15% |
FICA Social Security 6.2% |
FICA Medicare 1.45% |
Total deductions |
Net Pay |
|
$2,000 |
The company matches FICA deductions.
Required:
Gross Pay | Deductions | ||||
Income taxes | FICA Social Security | FICA Medicare | Total deductions | Net Pay | |
6.20% | 1.45% | ||||
2000 | 287 | 124 | 29 | 440 | 1560 |
The company matches FICA deductions. | |||||
Required: | |||||
Calculate B. Vaughn’s net pay and journalize the entries to record her payroll. | |||||
Prepare journal entries to record the above transactions. Show necessary calculations. | |||||
Date | Account Names | Debit | Credit | ||
Salary Expense | $ 2,000.00 | ||||
FICA Taxes Payable (124+29) | $ 153.00 | ||||
Federal Income Tax Payable | $ 287.00 | ||||
Salaries Payable | $ 1,560.00 | ||||
Salaries Payable | $ 1,560.00 | ||||
Cash | $ 1,560.00 | ||||
Fica Tax Expenses | 153 | ||||
FICA Taxes Payable (124+29) | 153 | ||||
To record employer contributions |
|||||
Parry Paint LLC started operations on January 1, 2019. It had the following payroll transactions during...
Parry Paint LLC started operations on January 1, 2019. It had the following payroll transactions during the year. On January 15, the company paid employee B. Vaugh $1560 for her January 1-15 salary. The company matches FICA deductions. Calculate the following: Gross Pay=$2,000 Income Taxes 15%= FICA Social Security 6.2%= FICA Medicare 1.45%= Total deductions= Net pay= Required: Calculate B. Vaughns's net pay.
Franny's Fabric Coporation started operations on January 1, 2020. Various payroll transactions of Franny's occurred during January and February 2020. Click on "Transactions" tab at bottom of this page to view these. Required 1 On the printed "Worksheet" page, journalize the transactions the information from the "Transactions" page. Janua Transactions Paid an employee S. Moore net salary for January 1-15. Gross salary for the period is $1,500. Deductions from gross pay are as follows: The company Employee income taxes FICA...
Problem 11-2A Entries for payroll transactions P2 P3 On January 8, the end of the first weekly pay period of the year, Regis Company's employees earned $22,760 of office salaries and $65,840 of sales salaries. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, S12.860 of federal income taxes, $1,340 of medical insurance deductions, and $840 of union dues. No employee earned more than $7,000 in...
Before you begin, print out all the pages in this workbook. Franny's Fabric Coporation started operations on January 1, 2020. Various payroll transactions of Franny's occurred during January and February 2020. Click on "Transactions" tab at bottom of this page to view these. Required: 1 On the printed "Worksheet" page, journalize the transactions the information from the "Transactions" page. January Transactions 15 Paid an employee S. Moore net salary for January 1-15. Gross salary for the period is $1,500. Deductions...
QS 9-5 Record employee payroll taxes LO P2 On January 15, the end of the first biweekly pay period of the year, North Company's payroll register showed that its employees earned $40,000 of sales salaries. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $2,000 of federal income taxes, $1,108 of medical insurance deductions, and $240 of union dues. No employee earned more than $7,000 in...
On January 15, the end of the first biweekly pay period of the
year, North Company’s payroll register showed that its employees
earned $50,000 of sales salaries. Withholdings from the employees’
salaries include FICA Social Security taxes at the rate of 6.2%,
FICA Medicare taxes at the rate of 1.45%, $2,300 of federal income
taxes, $1,175 of medical insurance deductions, and $220 of union
dues. No employee earned more than $7,000 in this first period.
Prepare the journal entry to...
Problem 9-2A Entries for payroll transactions LO P2, P3 On January 8, the end of the first weekly pay period of the year, Regis Company's employees earned $28,760 of office salaries and $60,840 of sales salaries. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $13,560 of federal income taxes, $1,430 of medical insurance deductions, and $960 of union dues. No employee earned more than $7,000...
Problem 9-2A Entries for payroll transactions LO P2, P3 On January 8, the end of the first weekly pay period of the year, Regis Company's payroll register showed that its employees earned $22,760 of office salaries and $70.840 of sales salaries. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 6.20%, FICA Medicare taxes at the rate of 1.45%, $13,560 of federal income taxes. $1,390 of medical insurance deductions, and $840 of union dues. No...
prepare the january 31st journal entries to record both the
employee and employer payroll
Denise C. has five employees, each of whom earn $5,000 per month and has been employees since January 1st. FICA Social Security taxes are 6.2% of the first $132,000 paid to each each employee and FICA Medicare are 1.45% of gross pay. FUTA taxes are.8% and SUTA 5.4% of the first $7,000 paid to each employee. Federal Income taxes withheld were $875. State taxes withheld $602.
Problem 11-24 Entries for payroll transactions LO P2, P3 On January 8, the end of the first weekly pay period of the year, Regis Company's payroll register showed that its employees earned $26,760 of office salaries and $60,840 of sales salaries. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 6.20%, FICA Medicare taxes at the rate of 1.45%, $12,860 of federal income taxes, $1,440 of medical insurance deductions, and $800 of union dues. No...