Homework Answers
| No. | Date | Account titles and explanation | Debit | Credit |
| (a) | Feb. 28 | Salaries and Wages Expense | $86000 | |
| FICA Taxes Payable | $6579 | |||
| Federal Income Tax | $15620 | |||
| State income Tax | $4180 | |||
| Salaries and Wages Payable | $59621 | |||
| (b) | Feb. 28 | Payroll Taxes Expense | $7173 | |
| FICA Taxes Payable | $6579 | |||
| Federal unemployment tax payable | $242 | |||
| State unemployment tax payable | $352 |
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Do It! Review 10-2
During the month of February, Morrisey Corporation’s employees
earned wages of $73,400. Withholdings related to these wages were
$5,635 for Social Security (FICA), $7,090 for federal income tax,
and $1,810 for state income tax. Costs incurred for unemployment
taxes were $130 for federal and $180 for state.
Prepare the February 28 journal entries for salaries and wages
expense and salaries and wages payable assuming that all February
wages will be paid in March. (Credit account titles...
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During the month of February, Indigo Corporation's employees earned wages of $105,080. Withholdings related to these wages were $8,039 for Social Security (FICA), $10,082 for federal income tax, and $2,698 for state income tax. Costs incurred for unemployment taxes were $156 for federal and $227 for state. Prepare a tabular summary to record on February 28 (a) (b) Salaries and wages expense and salaries and wages payable assuming that all February wages will be paid in March The company's payroll...
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Question 3 During the month of March, Sheridan Company's employees earned wages of $67,000. Withholdings related...
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Do It! Review 10-2
During the month of February, Morrisey Corporation’s employees
earned wages of $73,400. Withholdings related to these wages were
$5,635 for Social Security (FICA), $7,090 for federal income tax,
and $1,810 for state income tax. Costs incurred for unemployment
taxes were $130 for federal and $180 for state.
Prepare the February 28 journal entries for salaries and wages
expense and salaries and wages payable assuming that all February
wages will be paid in March. (Credit account titles...
During the month of February, Indigo Corporation's employees earned wages of $105,080. Withholdings related to these wages were $8,039 for Social Security (FICA), $10,082 for federal income tax, and $2,698 for state income tax. Costs incurred for unemployment taxes were $156 for federal and $227 for state. Prepare a tabular summary to record on February 28 (a) (b) Salaries and wages expense and salaries and wages payable assuming that all February wages will be paid in March The company's payroll...
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During the month of March, Sunland Company's employees earned wages of $48,000. Withholdings related to these wages were 53.672 for FICA 55.760 for federal income tax, $2.400 for state income tax, and $200 for unlondues. The company incurred no cost related to these earnings for federal unemployment tax but incurred $480 for state unemployment tax. Prepare the necessary March 31 journal entry to record salaries and wages expense and salaries and wages payable. Assume that wages earned during March will...
During the month of March, Pharoah Company's employees earned
wages of $60,000. Withholdings related to these wages were $4,590
for FICA, $7,200 for federal home tax, $3,000 for state income tax,
and $360 for union dues. The company incurred no cost related to
these earnings for federal unemployment tax but incurred $600 for
state unemployment tax.
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