Homework Answers
ANSWER:
OPTION (A). Credit to FUTA tax payable for $2,880
| Because entry for payroll tax: | |
| payroll tax expense | $136,620 (119,340+14400+2880) |
| FICA Tax payable (1,560,000 * 7.65%) | $119,340 |
| SUTA Tax payable (360,000 * 4%) | $14,400 |
| FUTA Tax payable (360,000 * 0.8%) | $2,880 |
_____________________________________________
If you have any query or any Explanation please ask me in the comment box, i am here to helps you.please give me positive rating.
*****************THANK YOU**************
Add Answer to:
QUESTION 10 Five Seasons Company has a total payroll of $1,560,000 which is subject to a...
Berry Company has monthly salaries of $20,000. Assume Berry pays all the standard payroll taxes, no...
Berry Company has monthly salaries of $20,000. Assume Berry pays all the standard payroll taxes, no employees have reached the payroll tax limits, tatal income tax withheld is $2,000, and the only payroll deductions are payroll taxes. Journalize the accrual of salaries expense, accrual of emplayer payroll taxes, and payment of employee and employer payroll taxes for Berry Company. (Assume all of the manthly salary is subject to FUTA and SUTA. Recard debits first, then credits. Select the explanation on...
Pearl Hardware payroll for November 2020 is summarized below. Amount Subject to Payroll Taxes Unemployment Tax...
Pearl Hardware payroll for November 2020 is summarized
below.
Amount Subject to Payroll Taxes
Unemployment Tax
Payroll
Wages Due
FICA
Federal
State
Factory
$128,000
$128,000
$42,900
$42,900
Sales
32,600
32,600
3,700
3,700
Administrative
36,300
36,300
Total
$196,900
$196,900
$46,600
$46,600
At this point in the year, some employees have already received
wages in excess of those to which payroll taxes apply. Assume that
the state unemployment tax is 2.5%. The FICA rate is 7.65% on an
employee’s wages to $128,400...
Blossom Hardware payroll for November 2020 is summarized below. Amount Subject to Payroll Taxes Unemployment Tax...
Blossom Hardware payroll for November 2020 is summarized
below.
Amount Subject to Payroll Taxes
Unemployment Tax
Payroll
Wages Due
FICA
Federal
State
Factory
$121,300
$121,300
$36,400
$36,400
Sales
34,200
34,200
3,800
3,800
Administrative
32,700
32,700
Total
$188,200
$188,200
$40,200
$40,200
At this point in the year, some employees have already received
wages in excess of those to which payroll taxes apply. Assume that
the state unemployment tax is 2.5%. The FICA rate is 7.65% on an
employee’s wages to $128,400...
The following information pertains to a weekly payroll of Fanelli Fashion Company: a. The total wages...
The following information pertains to a weekly payroll of
Fanelli Fashion Company:
a. The total wages earned by employees are $2,910.
b. The state unemployment insurance contribution rate is
3.75%.
c. The entire amount of wages is taxable under FICA, FUTA, and
SUTA.
d. The amount withheld from the employees' wages for federal
income taxes is $491; for state income taxes, $49.10; and for group
insurance, $87.10.
Journalize the payment of wages, and record the payroll taxes
for this payroll....
Question 20 Incomplete answer Marked out of 14.00 P Flag question Recording Payroll and Payroll Taxes...
Question 20 Incomplete answer Marked out of 14.00 P Flag question Recording Payroll and Payroll Taxes The following data are taken from Jefferson Distribution Company's March payroll: Administrative salaries $34,800 Sales salaries 66,000 Custodial salaries 9,600 Total payroll $110,400 Salaries subject to FICA tax (6.2 percent + 1.45 percent) $110,400 Salaries subject to federal unemployment taxes 81,600 Salaries subject to state unemployment taxes 91,200 Federal income taxes withheld from all salaries 22,320 Assume that the company is subject to a...
The total payroll for all it's employees for A company was $172,000 for the current month....
The total payroll for all it's employees for A company was $172,000 for the current month. The FICA-Social security rate is 6.2%, Medicare tax rate is 1.45%. None of the employees have reached the limit for FICA taxes. Only $42,000 of the payroll is subject to unemployment taxes. The FUTA rate is 0.8% and SUTA rate is 2.9% of gross salary for all employees. In addition, employee federal income taxes are $43,000 and employee medical insurance deductions are $15,000. Given...
Vulcra, Inc., has a semimonthly payroll of $67,000 on September 15, 20--. The total payroll is...
Vulcra, Inc., has a semimonthly payroll of $67,000 on September 15, 20--. The total payroll is taxable under FICA Taxes-HI; $63,850 is taxable under FICA Taxes-OASDI; and $10,300 is taxable under FUTA and SUTA. The state contribution rate for the company is 4.1%. The amount withheld for federal income taxes is $9,911. The amount withheld for state income taxes is $1,410. a. Journalize the payment of the wages, and record the payroll taxes on September 15. If an amount box...
AZT Company has one employee. She has earned $5,778 through March 15th. She will be paid...
AZT Company has one employee. She has earned $5,778 through March 15th. She will be paid $1.364 on the current pay period ending March 31st. FICA Social Security taxes are 6.2% of the first $118.500 of wages and FICA Medicare taxes are 1.45% of wages. FUTA taxes are 0.6% of the first $7,000 of wages and SUTA taxes are 5.4% of the first $7,000 of wages. The employee will have $204.60 withheld for Federal income taxes and $68.20 for State...
Crane Hardware Company's payroll for November 2017 is summarized below. Amount Subject to Payroll Taxes Unemployment...
Crane Hardware Company's payroll for November 2017 is summarized below. Amount Subject to Payroll Taxes Unemployment Tax Wages Due Federal Payroll Factory Sales Administrative FICA State $36,900 3,900 $124,400 $124,400 31,100 31,100 37,200 37,200 $192,700 $192,700 $36,900 3,900 Total $40,800 $40,800 At this point in the year, some employees have already received wages in excess of those to which payroll taxes apply. Assume that the state unemployment tax is 2.5%. The FICA rate is 7.65% on an employee's wages to...
Wildhorse Hardware payroll for November 2020 is summarized below. Amount Subject to Payroll Taxes Unemployment Tax...
Wildhorse Hardware payroll for November 2020 is summarized
below.
Amount Subject to Payroll Taxes
Unemployment Tax
Payroll
Wages Due
FICA
Federal
State
Factory
$121,300
$121,300
$36,400
$36,400
Sales
34,200
34,200
3,800
3,800
Administrative
32,700
32,700
Total
$188,200
$188,200
$40,200
$40,200
At this point in the year, some employees have already received
wages in excess of those to which payroll taxes apply. Assume that
the state unemployment tax is 2.5%. The FICA rate is 7.65% on an
employee’s wages to $128,400...
Berry Company has monthly salaries of $20,000. Assume Berry pays all the standard payroll taxes, no employees have reached the payroll tax limits, tatal income tax withheld is $2,000, and the only payroll deductions are payroll taxes. Journalize the accrual of salaries expense, accrual of emplayer payroll taxes, and payment of employee and employer payroll taxes for Berry Company. (Assume all of the manthly salary is subject to FUTA and SUTA. Recard debits first, then credits. Select the explanation on...
Pearl Hardware payroll for November 2020 is summarized
below.
Amount Subject to Payroll Taxes
Unemployment Tax
Payroll
Wages Due
FICA
Federal
State
Factory
$128,000
$128,000
$42,900
$42,900
Sales
32,600
32,600
3,700
3,700
Administrative
36,300
36,300
Total
$196,900
$196,900
$46,600
$46,600
At this point in the year, some employees have already received
wages in excess of those to which payroll taxes apply. Assume that
the state unemployment tax is 2.5%. The FICA rate is 7.65% on an
employee’s wages to $128,400...
Blossom Hardware payroll for November 2020 is summarized
below.
Amount Subject to Payroll Taxes
Unemployment Tax
Payroll
Wages Due
FICA
Federal
State
Factory
$121,300
$121,300
$36,400
$36,400
Sales
34,200
34,200
3,800
3,800
Administrative
32,700
32,700
Total
$188,200
$188,200
$40,200
$40,200
At this point in the year, some employees have already received
wages in excess of those to which payroll taxes apply. Assume that
the state unemployment tax is 2.5%. The FICA rate is 7.65% on an
employee’s wages to $128,400...
The following information pertains to a weekly payroll of
Fanelli Fashion Company:
a. The total wages earned by employees are $2,910.
b. The state unemployment insurance contribution rate is
3.75%.
c. The entire amount of wages is taxable under FICA, FUTA, and
SUTA.
d. The amount withheld from the employees' wages for federal
income taxes is $491; for state income taxes, $49.10; and for group
insurance, $87.10.
Journalize the payment of wages, and record the payroll taxes
for this payroll....
Question 20 Incomplete answer Marked out of 14.00 P Flag question Recording Payroll and Payroll Taxes The following data are taken from Jefferson Distribution Company's March payroll: Administrative salaries $34,800 Sales salaries 66,000 Custodial salaries 9,600 Total payroll $110,400 Salaries subject to FICA tax (6.2 percent + 1.45 percent) $110,400 Salaries subject to federal unemployment taxes 81,600 Salaries subject to state unemployment taxes 91,200 Federal income taxes withheld from all salaries 22,320 Assume that the company is subject to a...
AZT Company has one employee. She has earned $5,778 through March 15th. She will be paid $1.364 on the current pay period ending March 31st. FICA Social Security taxes are 6.2% of the first $118.500 of wages and FICA Medicare taxes are 1.45% of wages. FUTA taxes are 0.6% of the first $7,000 of wages and SUTA taxes are 5.4% of the first $7,000 of wages. The employee will have $204.60 withheld for Federal income taxes and $68.20 for State...
Crane Hardware Company's payroll for November 2017 is summarized below. Amount Subject to Payroll Taxes Unemployment Tax Wages Due Federal Payroll Factory Sales Administrative FICA State $36,900 3,900 $124,400 $124,400 31,100 31,100 37,200 37,200 $192,700 $192,700 $36,900 3,900 Total $40,800 $40,800 At this point in the year, some employees have already received wages in excess of those to which payroll taxes apply. Assume that the state unemployment tax is 2.5%. The FICA rate is 7.65% on an employee's wages to...
Wildhorse Hardware payroll for November 2020 is summarized
below.
Amount Subject to Payroll Taxes
Unemployment Tax
Payroll
Wages Due
FICA
Federal
State
Factory
$121,300
$121,300
$36,400
$36,400
Sales
34,200
34,200
3,800
3,800
Administrative
32,700
32,700
Total
$188,200
$188,200
$40,200
$40,200
At this point in the year, some employees have already received
wages in excess of those to which payroll taxes apply. Assume that
the state unemployment tax is 2.5%. The FICA rate is 7.65% on an
employee’s wages to $128,400...
Most questions answered within 3 hours.
-
The following are the Jensen Corporation's unit costs of making
and selling an item at a...
asked 31 minutes ago -
Does direct Medicare reimbursement of Advanced practice nurses
increase access to their services?
asked 1 hour ago -
List and explain why a company would choose to use a
published
compensation survey vs. creating...
asked 1 hour ago -
A discrete random variable X can take values from 1 to 10. Find
the variance of...
asked 1 hour ago -
The primary financial goal of a corporation is to maximize:
shareholders wealth.
earnings per share.
stock...
asked 1 hour ago -
determine whether the vectors u=(1,2,3,), v=(-2,1,0) and
w=(1,0,1) are linearly dependent or independent.
asked 1 hour ago -
python
Define a function called print_values which takes a dictionary
object as a parameter. The function...
asked 2 hours ago -
In Chapter 1 you created a program named Triangle in
which you displayed a seven-line triangle...
asked 2 hours ago -
Research question: What are the differences between separately
stated and non separately stated transactions in an...
asked 3 hours ago -
By using Arduino write a code that connects two LEDs to two
push-buttons. Each button controls...
asked 4 hours ago -
Bank of America has bonds that pay a coupon interest rate of 5.5
percent and mature...
asked 5 hours ago -
Problem: Patient Fees C++
You are to write a program that computes a patient’s bill for...
asked 6 hours ago