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 does not require an entry, leave it blank. Round your answers to the nearest cent.
Account | Debit | Credit | |
Payment of wages | Wages Expense | ||
FICA Taxes Payable-OASDI | |||
FICA Taxes Payable-HI | |||
Employees FIT Payable | |||
Employees SIT Payable | |||
Cash | |||
Payroll taxes | Payroll Taxes | ||
FICA Taxes Payable-OASDI | |||
FICA Taxes Payable-HI | |||
FUTA Taxes Payable | |||
SUTA Taxes Payable |
Vulcra, Inc., has a semimonthly payroll of $67,000 on September 15, 20--. The total payroll is...
Example 6-7 The journal entry to record the payroll tax entry from Figure 6.1 on pages 6-2 and 6-3 would be (assume a SUTA tax rate of 3.0%): Debit Credit Payroll Taxes 2,785.81 FICA Taxes Payable—OASDI 1,535.29 FICA Taxes Payable—HI 359.06 FUTA Taxes Payable 148.58 SUTA Taxes Payable 742.88 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...
Vulcra, Inc., has a semimonthly payroll of $67,180 on September 15, 20--. The total payroll is taxable under FICA Taxes-HI; $63,040 is taxable under FICA Taxes-OASDI; and $10,410 is taxable under FUTA and SUTA. The state contribution rate for the company is 4.1%. The amount withheld for federal income taxes is $9,973. The amount withheld for state income taxes is $1,470. a. Journalize the payment of the wages, and record the payroll taxes on September 15. If an amount box...
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....
Example 6-5 The journal entry to record the payroll from Figure 6.1, on pages 6-2 and 6-3, would be: Debit Credit Wages Expense 24,762.70 FICA Taxes Payable—OASDI 1,535.29 FICA Taxes Payable—HI 359.06 FIT Payable 3,714.00 SIT Payable 55.25 Group Insurance Payments W/H 54.70 Cash 19,044.40 Example 6-7 The journal entry to record the payroll tax entry from Figure 6.1 on pages 6-2 and 6-3 would be (assume a SUTA tax rate of 3.0%): Debit Credit Payroll Taxes 2,785.81 FICA Taxes...
need help finishing The following information pertains to a weekly payroll of Texera Tile Company: a. The total wages earned by employees are $17,210. b. The state unemployment insurance contribution rate is 3.5%. 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 $1,890; for state income taxes, $369,40; and for group insurance, $193.00. Journalize the payment of wages, and record the payroll taxes...
In the Illustrative Case in this chapter, payroll transactions for Brookins Company were analyzed, journalized, and posted for the third quarter of the fiscal year. In this problem, you are to record the payroll transactions for the last quarter of the firm's fiscal year. The last quarter begins on April 1, 20--. Narrative of Transactions: Apr. 1. Paid the treasurer of the union the amount of union dues withheld from workers' earnings during March. 15. Payroll: $6,105. All wages and...
In the Illustrative Case in this chapter, payroll transactions for Brookins Company were analyzed, journalized, and posted for the third quarter of the fiscal year. In this problem, you are to record the payroll transactions for the last quarter of the firm's fiscal year. The last quarter begins on April 1, 20--. Narrative of Transactions: Apr. 1. Paid the treasurer of the union the amount of union dues withheld from workers' earnings during March. 15. Payroll: $6,105. All wages and...
Example 6-5 The journal entry to record the payroll from Figure 6.1, on pages 6-2 and 6-3, would be: Debit Credit Wages Expense 24,762.70 FICA Taxes Payable—OASDI 1,535.29 FICA Taxes Payable—HI 359.06 FIT Payable 3,714.00 SIT Payable 55.25 Group Insurance Payments W/H 54.70 Cash 19,044.40 Example 6-7 The journal entry to record the payroll tax entry from Figure 6.1 on pages 6-2 and 6-3 would be (assume a SUTA tax rate of 3.0%): Debit Credit Payroll Taxes 2,785.81 FICA Taxes...
Marlene Grady and Pauline Monroe are partners engaged in operating The G&M Doll Shop, which has employed the following persons since the beginning of the year: $3,000 per month V. Hoffman (general office worker) A. Drugan (saleswoman) $15,000 per year G. Beiter (stock clerk) per week S. Egan (deliveryman) $177 $300 $155 per week per week B. Lin (cleaning and maintenance, part-time) Grady and Monroe are each paid a weekly salary allowance of $1,350. The doll shop is located in...
Cal Ruther, an employer, is subject to FICA taxes but exempt from FUTA and SUTA taxes. During the last quarter of the year, his employees earned monthly wages of $9,600, all of which is taxable. The amount of federal income taxes withheld each month is $1,250. Journalize the payment of wages, and record the payroll tax on November 29. If an amount box does not require an entry, leave it blank or enter "0". When required, round your answers to...