I just need to know what number to input into the blank spaces, please!!!
Homework Answers
| 1 | |||
| Gross payroll | 600000 | ||
| Less: Deductions | |||
| Federal Income tax | 76000 | ||
| Social Security | 37200 | ||
| Medicare | 8700 | ||
| Charitable Contributions | 6000 | =600000*1% | |
| Union Dues | 12000 | =600000*2% | |
| Total Deductions | 139900 | ||
| Net pay | 460100 | ||
| 2 | |||
| Federal Unemployment Taxes expense | 33480 | =(600000-60000)*6.2% | |
| Social Security taxes expense | 37200 | ||
| Medicare taxes expense | 8700 | ||
| Federal Unemployment Taxes payable | 33480 | ||
| Social Security taxes payable (Employer) | 37200 | ||
| Medicare taxes payable (Employer) | 8700 | ||
| (Record employer payroll taxes) |
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I just need to know what number to input into the blank spaces,
please!!!
Cornerstone Exercise...
Cornerstone Exercise 8-26 (Algorithmic) Payroll Taxes Hernandez Builders has a gross payroll for January amounting to...
Cornerstone Exercise 8-26 (Algorithmic) Payroll Taxes Hernandez Builders has a gross payroll for January amounting to $600,000. The following amounts have been withheld: Federal income taxes $76,000 Social Security 37,200 Medicare 8,700 1% of gross pay Charitable contributions 2% of gross pay Union dues Also, the federal unemployment tax rate is 6.2%, and applies to all but $60,000 of the gross payroll. Required: 1. What is the amount of net pay recorded by Hernandez? Federal Unemployment Taxes Expense Social Security...
Help!!!! Cornerstone Exercise 8-26 (Algorithmic) Payroll Taxes Hernandez Builders has a gross payroll for January amounting...
Help!!!!
Cornerstone Exercise 8-26 (Algorithmic) Payroll Taxes Hernandez Builders has a gross payroll for January amounting to $600,000. The following amounts have been withheld: Federal income taxes $76,000 37,200 Social Security Medicare 8,700 Charitable contributions 1% of gross pay Union dues 2% of gross pay Also, the federal unemployment tax rate is 6.2%, and applies to all but $60,000 of the gross payroll. Required: 1. What is the amount of net pay recorded by Hernandez? $ 2. Prepare the journal...
Cornerstone Exercise 8-26 Payroll Taxes Hernandez Builders has a gross payroll for January amounting to $500,000....
Cornerstone Exercise 8-26 Payroll Taxes Hernandez Builders has a gross payroll for January amounting to $500,000. The following amounts have been withheld: Federal income taxes Social Security Medicare $63,000 31,000 7,250 Charitable contributions 1% of gross pay 2% of gross pay Union dues Also, the federal unemployment tax rate is 6.2% and applies to all but $50,000 of the gross payroll. Required: 1. What is the amount of net pay recorded by Hernandez? $ 441,750 x 2. Prepare the journal...
Cornerstone Exercise 8-26 (Algorithmic) Payroll Taxes Hernandez Builders has a gross payroll for January amounting to...
Cornerstone Exercise 8-26 (Algorithmic) Payroll Taxes Hernandez Builders has a gross payroll for January amounting to $580,000. The following amounts have been withheld: Federal income taxes $73,000 Social Security 35,960 Medicare 8,410 Charitable contributions 1% of gross pay Union dues 2% of gross pay Also, the federal unemployment tax rate is 6.2%, and applies to all but $58,000 of the gross payroll. Required: 1. What is the amount of net pay recorded by Hernandez? 2. Prepare the journal entries to...
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...
overstated, understated Assume that the Cole Designs Inc. financial statements Brief Exercise 8-49 Payroll Taxes Sid's...
overstated, understated Assume that the Cole Designs Inc.
financial statements
Brief Exercise 8-49 Payroll Taxes Sid's Grocery Store has 100 employees who eam 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 Medicare Charitable contributions Union dues $30,000 8,000 18,600 4,350 1% of gross pay...
Problem: The following payroll liability accounts are included in the ledger of Armitage Company on January...
Problem: The following payroll liability accounts are included in the ledger of Armitage Company on January 1. FICA-SS Taxes Payable FICA-Medicare Payable Federal Income Taxes Payable State Income Taxes Payable Federal Unemployment Taxes Payable State Unemployment Taxes Payable Union Dues Payable U.S. Savings Bonds Payable $ 615.60 144.40 1,204.60 108.95 288.95 1,954.40 870.00 360.00 In January, the following transactions occurred. Jan. 10 Sent check for $870.00 to union treasurer for union dues. Deposited check for $1,964.60 in Federal Reserve bank...
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),...
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...
A,B and C only I dyTUI need A. wing is a tax borne by the employer...
A,B
and C only
I dyTUI need A. wing is a tax borne by the employer but not the employee? Which of the following is a tax bor a. State income tax b. FUTA tax c. Medicare tax Social security tax d. nas gross earnings of $600 and withholdings of $45.90 for social security and Media for income taxes. The employer pays $45.90 for social security and Medicare An employee has gross earnings o care taxes and $60 for income...
Cornerstone Exercise 8-26 (Algorithmic) Payroll Taxes Hernandez Builders has a gross payroll for January amounting to $600,000. The following amounts have been withheld: Federal income taxes $76,000 Social Security 37,200 Medicare 8,700 1% of gross pay Charitable contributions 2% of gross pay Union dues Also, the federal unemployment tax rate is 6.2%, and applies to all but $60,000 of the gross payroll. Required: 1. What is the amount of net pay recorded by Hernandez? Federal Unemployment Taxes Expense Social Security...
Help!!!!
Cornerstone Exercise 8-26 (Algorithmic) Payroll Taxes Hernandez Builders has a gross payroll for January amounting to $600,000. The following amounts have been withheld: Federal income taxes $76,000 37,200 Social Security Medicare 8,700 Charitable contributions 1% of gross pay Union dues 2% of gross pay Also, the federal unemployment tax rate is 6.2%, and applies to all but $60,000 of the gross payroll. Required: 1. What is the amount of net pay recorded by Hernandez? $ 2. Prepare the journal...
Cornerstone Exercise 8-26 Payroll Taxes Hernandez Builders has a gross payroll for January amounting to $500,000. The following amounts have been withheld: Federal income taxes Social Security Medicare $63,000 31,000 7,250 Charitable contributions 1% of gross pay 2% of gross pay Union dues Also, the federal unemployment tax rate is 6.2% and applies to all but $50,000 of the gross payroll. Required: 1. What is the amount of net pay recorded by Hernandez? $ 441,750 x 2. Prepare the journal...
Cornerstone Exercise 8-26 (Algorithmic) Payroll Taxes Hernandez Builders has a gross payroll for January amounting to $580,000. The following amounts have been withheld: Federal income taxes $73,000 Social Security 35,960 Medicare 8,410 Charitable contributions 1% of gross pay Union dues 2% of gross pay Also, the federal unemployment tax rate is 6.2%, and applies to all but $58,000 of the gross payroll. Required: 1. What is the amount of net pay recorded by Hernandez? 2. Prepare the journal entries to...
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...
overstated, understated Assume that the Cole Designs Inc.
financial statements
Brief Exercise 8-49 Payroll Taxes Sid's Grocery Store has 100 employees who eam 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 Medicare Charitable contributions Union dues $30,000 8,000 18,600 4,350 1% of gross pay...
Problem: The following payroll liability accounts are included in the ledger of Armitage Company on January 1. FICA-SS Taxes Payable FICA-Medicare Payable Federal Income Taxes Payable State Income Taxes Payable Federal Unemployment Taxes Payable State Unemployment Taxes Payable Union Dues Payable U.S. Savings Bonds Payable $ 615.60 144.40 1,204.60 108.95 288.95 1,954.40 870.00 360.00 In January, the following transactions occurred. Jan. 10 Sent check for $870.00 to union treasurer for union dues. Deposited check for $1,964.60 in Federal Reserve bank...
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),...
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...
A,B
and C only
I dyTUI need A. wing is a tax borne by the employer but not the employee? Which of the following is a tax bor a. State income tax b. FUTA tax c. Medicare tax Social security tax d. nas gross earnings of $600 and withholdings of $45.90 for social security and Media for income taxes. The employer pays $45.90 for social security and Medicare An employee has gross earnings o care taxes and $60 for income...
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