For the payroll period ended on June 25, 2016, gross pay was $15,550, net pay was...
For the payroll period ended on June 25, 2016, gross pay was $15,550, net pay was $10,400, FICA tax withholdings were $1,900, income tax withholdings were $2,600, and medical insurance contributions were $650. Required: Use the horizontal model to show the effects of the payroll accrual on June 25, 2016. (Use amounts with + for increases and amounts with – for decreases.)
Please insert answer in Balance Sheet and Income Statement
Homework Answers
Answer:
| Balance Sheet | Income Statement | ||||||||||||||
| Assets | = | Liabilities | + | Stockholder's Equity | <---- | Net Income | = | Revenues | - | Expenses | |||||
| Wages payable | $10400 | Wages expense | $15550 | ||||||||||||
| Withholding liabilities [$15550+ $10400+ $1900+ $2600] | $5150 |
Add Answer to:
For the payroll period ended on June 25, 2016, gross pay was
$15,550, net pay was...
For the payroll period ended on May 7, 2019, gross pay was $102,000, net pay was...
For the payroll period ended on May 7, 2019, gross pay was
$102,000, net pay was $78,000, and various withholdings totaled
$24,000. The journal entry to show the effects of the payroll
accrual on May 7, 2019 is:
For the payroll period ended on May 7, 2019, gross pay was $102,000, net pay was $78,000, and various withholdings totaled $24,000. The journal entry to show the effects of the payroll accrual on May 7, 2019 is: Multiple Choice 0 Dr....
During one pay period, Star Valley Company distributes $139,000 to employees as net pay. The income...
During one pay period, Star Valley Company distributes $139,000
to employees as net pay. The income tax withholdings were $20,700
and the FICA withholdings were $9,069. Total payroll costs to the
company for this pay period, excluding any unemployment taxes,
was:
Multiple Choice $159,700. $168,769. $177,838. $139,000.
During one pay period, your company distributes $130,500 to employees as net pay. The income tax...
During one pay period, your company distributes $130,500 to employees as net pay. The income tax withholdings were $19,000 and the FICA withholdings were $8,919. Total payroll costs to the company for this pay period, excluding any unemployment taxes, was: Multiple Choice Ο $149,500. Ο $130,500. Ο S167338, Ο $158.419.
On January 8, the end of the first weekly pay period of the year, Regis Company's payroll register showed that its emplo...
On January 8, the end of the first weekly pay period of the
year, Regis Company's payroll register showed that its employees
earned $26,760 of office salaries and $70,840 of sales salaries.
Withholdings from the employees' salaries include FICA Social
Security taxes at the rate of 6.20%, FICA Medicare taxes at the
rate of 1.45%, $12,860 of federal income taxes, $1,420 of medical
insurance deductions, and $860 of union dues. No employee earned
more than $7,000 in this first period....
How do I fill out the rest of this table Employer's Taxes on 8/25 payroll Pay...
How do I fill out the rest of this table
Employer's Taxes on 8/25 payroll Pay Taxes 0.6% Net FICA FICA FUTA $7,000 cap 2.15% SUTA $7,000 cap 8% Pension Plan Total Tax Expense Health Insurance 75 МС Name Chee Dali Kiesha Marie Trey YTD Earnings Gross Pay through 8/18 $ 204,000 $ 132,500 $ 54,200 $ 26,508 $ 5,580 Totals Employees' Earnings for week ended 8/25 Withholdings (deductions from gross) Federal 3% 6.2% Income Tax State $137,700 cap 1.45%...
A company's employees had the following earnings records on June 30, the current payroll period: Employees...
A company's employees had the following earnings records on June 30, the current payroll period: Employees Earnings Earnings this FICA FICA Income Med Net Pay FUTAI FUTA SUTA through Prior Pay Period SS Med Taxes Ins SUTA Pay Period W/H W/H W/H W/H Taxable Earnings D. Adams $11,300 $3,900 $900 J. Hess 6,100 2,500 500 R. Lui 9,500 3,100 600 T. Morales 4,800 1,400 300 L. Vang 10,000 3,000 600 Totals The company's payroll taxes expense on each employee's earnings...
On May 4, 2016, Docker, Inc., purchased 850 shares of its own common stock in the market at a pri...
On May 4, 2016, Docker, Inc., purchased 850 shares of its own
common stock in the market at a price of $18.00 per share. On
September 19, 2016, 450 of these shares were sold in the open
market at a price of $21.20 per share. There were 34,000 shares of
Docker common stock outstanding prior to the May 4 purchase of
treasury stock. A $0.25 per share cash dividend on the common stock
was declared and paid on June 15,...
utial payroll register.) (Click the icon to view payroll tax rate information.) i Data Table o,...
utial payroll register.) (Click the icon to view payroll tax rate information.) i Data Table o, Me yroll reg ck.) Earnings Salaries and Wages Ending Cumulative Earnings Net Pay Expense OASDI Medicare Beginning Current Cumulative Period Earnings Earnings 81,000 $ 4,600 111,600 7,200 54,000 3,100 64,000 4400 0 2.000 $ 310,600 $ 21,300 Income Health United Total Tax Insurance Way Withholdings 1,840 $ 92 $ 40 1,800 144 1,240 1.100 88 45 500 0 $ 6,480 $ 426 $ 110...
in al More Info For all payroll calculations, use the following tax rates and round amounts...
in al More Info For all payroll calculations, use the following tax rates and round amounts to the nearest cent: Employee: OASDI: 6.2% on first $118,500 earned; Medicare: 1.45% up to $200,000, 2.35% on earnings above $200,000. Employer: OASDI: 6.2% on first $118,500 earned; Medicare: 1.45% on all earnings; FUTA: 0.6% on first $7,000 earned; SUTA: 5.4% on first $7,000 earned. Print Done Louis Welch is general manager of Moonwalk Salons. During 2018, Welch worked for the company all year...
two On January 8, the end of the first weekly pay period of the year, Regis...
two
On January 8, the end of the first weekly pay period of the year, Regis Company's payroll register showed that its employees earned $21,760 of office salaries and $60,840 of sales salaries. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 6.20%, FICA Medicare taxes at the rate of 1.45%, $12,760 of federal income taxes, $1,330 of medical insurance deductions, and $860 of union dues. No employee earned more than $7,000 in this first...
For the payroll period ended on May 7, 2019, gross pay was
$102,000, net pay was $78,000, and various withholdings totaled
$24,000. The journal entry to show the effects of the payroll
accrual on May 7, 2019 is:
For the payroll period ended on May 7, 2019, gross pay was $102,000, net pay was $78,000, and various withholdings totaled $24,000. The journal entry to show the effects of the payroll accrual on May 7, 2019 is: Multiple Choice 0 Dr....
During one pay period, Star Valley Company distributes $139,000
to employees as net pay. The income tax withholdings were $20,700
and the FICA withholdings were $9,069. Total payroll costs to the
company for this pay period, excluding any unemployment taxes,
was:
Multiple Choice $159,700. $168,769. $177,838. $139,000.
During one pay period, your company distributes $130,500 to employees as net pay. The income tax withholdings were $19,000 and the FICA withholdings were $8,919. Total payroll costs to the company for this pay period, excluding any unemployment taxes, was: Multiple Choice Ο $149,500. Ο $130,500. Ο S167338, Ο $158.419.
On January 8, the end of the first weekly pay period of the
year, Regis Company's payroll register showed that its employees
earned $26,760 of office salaries and $70,840 of sales salaries.
Withholdings from the employees' salaries include FICA Social
Security taxes at the rate of 6.20%, FICA Medicare taxes at the
rate of 1.45%, $12,860 of federal income taxes, $1,420 of medical
insurance deductions, and $860 of union dues. No employee earned
more than $7,000 in this first period....
How do I fill out the rest of this table
Employer's Taxes on 8/25 payroll Pay Taxes 0.6% Net FICA FICA FUTA $7,000 cap 2.15% SUTA $7,000 cap 8% Pension Plan Total Tax Expense Health Insurance 75 МС Name Chee Dali Kiesha Marie Trey YTD Earnings Gross Pay through 8/18 $ 204,000 $ 132,500 $ 54,200 $ 26,508 $ 5,580 Totals Employees' Earnings for week ended 8/25 Withholdings (deductions from gross) Federal 3% 6.2% Income Tax State $137,700 cap 1.45%...
A company's employees had the following earnings records on June 30, the current payroll period: Employees Earnings Earnings this FICA FICA Income Med Net Pay FUTAI FUTA SUTA through Prior Pay Period SS Med Taxes Ins SUTA Pay Period W/H W/H W/H W/H Taxable Earnings D. Adams $11,300 $3,900 $900 J. Hess 6,100 2,500 500 R. Lui 9,500 3,100 600 T. Morales 4,800 1,400 300 L. Vang 10,000 3,000 600 Totals The company's payroll taxes expense on each employee's earnings...
On May 4, 2016, Docker, Inc., purchased 850 shares of its own
common stock in the market at a price of $18.00 per share. On
September 19, 2016, 450 of these shares were sold in the open
market at a price of $21.20 per share. There were 34,000 shares of
Docker common stock outstanding prior to the May 4 purchase of
treasury stock. A $0.25 per share cash dividend on the common stock
was declared and paid on June 15,...
utial payroll register.) (Click the icon to view payroll tax rate information.) i Data Table o, Me yroll reg ck.) Earnings Salaries and Wages Ending Cumulative Earnings Net Pay Expense OASDI Medicare Beginning Current Cumulative Period Earnings Earnings 81,000 $ 4,600 111,600 7,200 54,000 3,100 64,000 4400 0 2.000 $ 310,600 $ 21,300 Income Health United Total Tax Insurance Way Withholdings 1,840 $ 92 $ 40 1,800 144 1,240 1.100 88 45 500 0 $ 6,480 $ 426 $ 110...
in al More Info For all payroll calculations, use the following tax rates and round amounts to the nearest cent: Employee: OASDI: 6.2% on first $118,500 earned; Medicare: 1.45% up to $200,000, 2.35% on earnings above $200,000. Employer: OASDI: 6.2% on first $118,500 earned; Medicare: 1.45% on all earnings; FUTA: 0.6% on first $7,000 earned; SUTA: 5.4% on first $7,000 earned. Print Done Louis Welch is general manager of Moonwalk Salons. During 2018, Welch worked for the company all year...
two
On January 8, the end of the first weekly pay period of the year, Regis Company's payroll register showed that its employees earned $21,760 of office salaries and $60,840 of sales salaries. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 6.20%, FICA Medicare taxes at the rate of 1.45%, $12,760 of federal income taxes, $1,330 of medical insurance deductions, and $860 of union dues. No employee earned more than $7,000 in this first...
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