Note whether each expense is part of Salary expense and/or Payroll tax & related expenses: Employee...
Note whether each expense is part of Salary expense and/or Payroll tax & related expenses:
Employee health insurance portion
Employer contribution to pension
Union dues
State & Federal Income Tax
State & Federal Unemployment Tax
FICA (Social Security & Medicare)
A. Salary/Wage Expense B. Payroll tax & related expenses C. Salary/wage expense & Payroll tax & related expense
Homework Answers
| Employee health insurance portion | Salary/Wage Expense |
| Employer contribution to pension | Payroll tax & related expenses |
| Union dues | Salary/Wage Expense |
| State & Federal Income Tax | Salary/Wage Expense |
| State & Federal Unemployment Tax | Payroll tax & related expenses |
| FICA (Social Security & Medicare) | Salary/wage expense & Payroll tax & related expense |
Add Answer to:
Note whether each expense is part of Salary expense and/or
Payroll tax & related expenses:
Employee...
Accounting
Journal entries to record both employee and employer payroll compensation and deductions. I strongly recommend that you print out these facts for easy reference in completing this lengthy payroll problem.Marc & Associates employs Janet Evanovich at its law firm and June is the first pay period for Janet. Her gross income for June is $7,500. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to the employee. Payroll for the month of June follows: FICA Social Security tax rate...
Check the work and need help with the rest of it. Exercise 11-8 Recording payroll LO...
Check the work and need help with the rest of it.
Exercise 11-8 Recording payroll LO P2, P3 The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $200,000; Office salaries, $160,000; Federal income taxes withheld, $90,000; State income taxes withheld, $20,000; Social security taxes withheld, $22,320; Medicare taxes withheld, $5,220; Medical insurance premiums, $7,000; Life insurance premiums, $4,000; Union dues deducted, $1,000; and Salaries subject to unemployment taxes, $50,000. The employee pays 40% of medical...
BMX Company has one employee. FICA Social Security taxes are6.2% of the first $128,400 paid...
BMX Company has one employee. FICA Social Security taxes are
6.2% of the first $128,400 paid to its employee, and FICA Medicare
taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and
SUTA taxes are 5.4% of the first $7,000 paid to its employee.Gross Pay throughAugust 31Gross Pay for Septembera.$5,200$2,400b.2,3502,450c.122,8008,700rev: 05_16_2019_QC_CS-168714Compute BMX’s amounts for each of these four taxes as applied to
the employee’s gross earnings for September under each of three
separate situations (a), (b),...
Which of the following taxes would not be included in payroll tax expense of an employer?...
Which of the following taxes would not be included in payroll tax expense of an employer? A. Federal unemployment taxes B. Employer FICA-Social Security taxes C. Income tax withholdings D. State unemployment taxes E. Employer FICA-Medicare taxes
The payroll related information for Smart Packers is provided below. The company has a total payroll...
The payroll related information for Smart Packers is provided below. The company has a total payroll for the month of January of $100,000 for its 30 employees. Use the information provided to answer the following questions. (Assume that none of the employees earn more than $7,000 in January.) Federal and state income tax withheld Health insurance premiums paid by employer Contribution to retirement plan paid by employer FICA tax rate (Social Security and Medicare) Federal and state unemployment tax rate...
Problem 11-2A Entries for payroll transactions P2 P3 On January 8, the end of the first...
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...
Brief Exercise 8-49 Payroll Taxes Sid's Grocery Store has 100 employees who earn a wage of $18.75 per hour. Each of Sid...
Brief Exercise 8-49 Payroll Taxes Sid's Grocery Store has 100 employees who earn a wage of $18.75 per hour. Each of Sid's employees has worked a total of 160 hours over the month of July. At the time of recording July's monthly payroll, the following amounts have been withheld: Federal income tax State income tax Social Security $30,000 8,000 18,600 4,350 1% of gross pay 1% of gross pay Medicare Charitable contributions Union dues Also, the unemployment tax rate is...
On January 8, the end of the first weekly pay period of the year, Regis Company's...
On January 8, the end of the first weekly pay period of the year, Regis Company's employees earned $24,760 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%, $12,760 of federal income taxes, $1,360 of medical insurance deductions, and $920 of union dues. No employee earned more than $7,000 in this first period. Required: 1.1 Calculate below the...
LAERCISE 10.5 Accounting for Payroll Activities Spirit Corporation reported the following payroll-related costs for the month...
LAERCISE 10.5 Accounting for Payroll Activities Spirit Corporation reported the following payroll-related costs for the month of February. Gross pay (wages expense).. ................................................... $250,000 Social Security and Medicare taxes............................................................................................... ......... 19,125 Federal and state unemployment taxes... 15,500 Workers' compensation insurance.... 8,500 Group health and life insurance benefits .... 10,000 Employee pension plan benefits ..... 22,875 Total payroll costs for February..................................................................................................... $326,000 Spirit's insurance premiums for workers' compensation and group health and life insurance were paid for in a prior period...
LAERCISE 10.5 Accounting for Payroll Activities Spirit Corporation reported the following payroll-related costs for the month...
LAERCISE 10.5 Accounting for Payroll Activities Spirit Corporation reported the following payroll-related costs for the month of February. Gross pay (wages expense).. ................................................... $250,000 Social Security and Medicare taxes............................................................................................... ......... 19,125 Federal and state unemployment taxes... 15,500 Workers' compensation insurance.... 8,500 Group health and life insurance benefits .... 10,000 Employee pension plan benefits ..... 22,875 Total payroll costs for February..................................................................................................... $326,000 Spirit's insurance premiums for workers' compensation and group health and life insurance were paid for in a prior period...
Check the work and need help with the rest of it.
Exercise 11-8 Recording payroll LO P2, P3 The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $200,000; Office salaries, $160,000; Federal income taxes withheld, $90,000; State income taxes withheld, $20,000; Social security taxes withheld, $22,320; Medicare taxes withheld, $5,220; Medical insurance premiums, $7,000; Life insurance premiums, $4,000; Union dues deducted, $1,000; and Salaries subject to unemployment taxes, $50,000. The employee pays 40% of medical...
BMX Company has one employee. FICA Social Security taxes are
6.2% of the first $128,400 paid to its employee, and FICA Medicare
taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and
SUTA taxes are 5.4% of the first $7,000 paid to its employee.Gross Pay throughAugust 31Gross Pay for Septembera.$5,200$2,400b.2,3502,450c.122,8008,700rev: 05_16_2019_QC_CS-168714Compute BMX’s amounts for each of these four taxes as applied to
the employee’s gross earnings for September under each of three
separate situations (a), (b),...
The payroll related information for Smart Packers is provided below. The company has a total payroll for the month of January of $100,000 for its 30 employees. Use the information provided to answer the following questions. (Assume that none of the employees earn more than $7,000 in January.) Federal and state income tax withheld Health insurance premiums paid by employer Contribution to retirement plan paid by employer FICA tax rate (Social Security and Medicare) Federal and state unemployment tax rate...
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...
Brief Exercise 8-49 Payroll Taxes Sid's Grocery Store has 100 employees who earn a wage of $18.75 per hour. Each of Sid's employees has worked a total of 160 hours over the month of July. At the time of recording July's monthly payroll, the following amounts have been withheld: Federal income tax State income tax Social Security $30,000 8,000 18,600 4,350 1% of gross pay 1% of gross pay Medicare Charitable contributions Union dues Also, the unemployment tax rate is...
LAERCISE 10.5 Accounting for Payroll Activities Spirit Corporation reported the following payroll-related costs for the month of February. Gross pay (wages expense).. ................................................... $250,000 Social Security and Medicare taxes............................................................................................... ......... 19,125 Federal and state unemployment taxes... 15,500 Workers' compensation insurance.... 8,500 Group health and life insurance benefits .... 10,000 Employee pension plan benefits ..... 22,875 Total payroll costs for February..................................................................................................... $326,000 Spirit's insurance premiums for workers' compensation and group health and life insurance were paid for in a prior period...
LAERCISE 10.5 Accounting for Payroll Activities Spirit Corporation reported the following payroll-related costs for the month of February. Gross pay (wages expense).. ................................................... $250,000 Social Security and Medicare taxes............................................................................................... ......... 19,125 Federal and state unemployment taxes... 15,500 Workers' compensation insurance.... 8,500 Group health and life insurance benefits .... 10,000 Employee pension plan benefits ..... 22,875 Total payroll costs for February..................................................................................................... $326,000 Spirit's insurance premiums for workers' compensation and group health and life insurance were paid for in a prior period...
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