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Homework Answers
| 1a | ||
| Salaries and wages | 86000 | |
| FICA payroll taxes | 6700 | |
| Total labor cost | 92700 | |
| b | ||
| Salaries and wages | 86000 | |
| Less:FICA payroll taxes | 6700 | |
| Less: Income tax withheld | 7000 | |
| Take-home pay | 72300 | |
| 2 | ||
| Balance Sheet Liabilities(Partial) | ||
| As of January 31 | ||
| FICA taxes payable | 13400 | |
| Withheld Income taxes payable | 7000 | |
| Total | 20400 |
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[The following information applies to the questions displayed below.] Oaks Company has completed the payroll for...
E9-3 LUY Computing Payroll Costs: Discussion of Labor Costs Oaks Company has completed the payroll for...
E9-3 LUY Computing Payroll Costs: Discussion of Labor Costs Oaks Company has completed the payroll for the month of January, reflecting the following data Salaries and wages earned Employee income taxes withheld FICA payroll taxes *Assessed on both employer and employee (le, 56,000 each). $86,000 10.000 6.000 Required: 1. What was the total labor cost to the company? What was the amount of the employees' take home 2. List the liabilities and their amounts reported on the company's January 31...
E9-3 (Static) Computing Payroll Costs; Discussion of Labor Costs LO 9-1 (The following information applies to...
E9-3 (Static) Computing Payroll Costs; Discussion of Labor Costs LO 9-1 (The following information applies to the questions displayed below.] Oaks Company has completed the payroll for the month of January, reflecting the following data: Salaries and wages earned Employee income taxes withheld FICA payroll taxes* $ 86,000 10,000 6,000 "Assessed on both employer and employee (i.e., $6,000 each). E9-3 Part 2 2. List the liabilities and their amounts reported on the company's January 31 balance sheet, assuming the employees...
Paul Company completed the salary and wage payroll for the month of March. The payroll provided...
Paul Company completed the salary and wage payroll for the month of March. The payroll provided the following details: Salaries and wages earned by employees $ 208,000 Employee income taxes withheld 41,600 Employee government insurance premiums withheld 3,000 FICA payroll taxes* 15,700 *Assessed on both employer and employee (i.e., $15,700 each). Required: 1. Prepare the journal entry to record the payroll for March, including employee deductions. Assume employees have been paid, but that Paul has yet to transfer any withholdings...
Required information [The following information applies to the questions displayed below.] BMX Company has one employee....
Required information [The following information applies to the questions displayed below.] 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 through August 31 $ 5,500 2,500 123,100 Gross Pay for September $2,300 2,600 9,000 Assuming situation (a), prepare the...
Required Information The following information applies to the questions displayed below BMX Company has one employee....
Required Information The following information applies to the questions displayed below 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 through August 31 S Gross Pay for September $2,100 2,350 8,500 5,000 2,250 122,600 Assuming situation (a)....
6-Paul Company completed the salary and wage payroll for the month of March. The payroll provided...
6-Paul Company completed the salary and wage payroll for the month of March. The payroll provided the following details: Salaries and wages earned by employees $ 206,000 Employee income taxes withheld 41,200 Employee government insurance premiums withheld 4,000 FICA payroll taxes* 16,300 *Assessed on both employer and employee (i.e., $16,300 each). Required: 1. Prepare the journal entry to record the payroll for March, including employee deductions. Assume employees have been paid, but that Paul has yet to transfer any withholdings...
McLoyd Company completed the salaries and wages payroll for March. The payroll provided the following details:...
McLoyd Company completed the salaries and wages payroll for March. The payroll provided the following details: Salaries and wages $410,000 earned Employee income taxes withheld 37,925 FICA taxes withheld 29,315 2,850 Unemployment taxes Required: 1. Considering both employee and employer payroll taxes, use the preceding information to calculate the total labor cost for the company for March 2, & 3. Prepare the journal entry to record the payroll for March, including employee deductions (but excluding employer payroll taxes) and record...
[The following information applies to the questions displayed below.] BMX Company has one employee. FICA Social...
[The following information applies to the questions displayed below.] 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 through August 31 $ 5,800 2,650 123,400 Gross Pay for September $1,400 2,750 9,300 Exercise 9-6 Payroll-related journal entries LO P2...
E10-3 Recording Payroll Costs [LO 10-2] McLoyd Company completed the salaries and wages payroll for March....
E10-3 Recording Payroll Costs [LO 10-2] McLoyd Company completed the salaries and wages payroll for March. The payroll provided the following details: $430,000 Salaries and wages earned Employee income taxes withheld FICA taxes withheld Unemployment taxes 39,775 30,745 2,990 Required: 1. Considering both employee and employer payroll taxes, use the preceding information to calculate the total labor cost for the company for March 2. & 3. Prepare the journal entry to record the payroll for March, including employee deductions (but...
Homework Chapter Saved Paul Company completed the salary and wage payroll for the month of March....
Homework Chapter Saved Paul Company completed the salary and wage payroll for the month of March. The payroll provided the following details: Salaries and wages earned by employees Employee income taxes withheld Employee government insurance premiums withheld FICA payroll taxes $ 218,000 43,600 1,000 15,200 "Assessed on both employer and employee (.e., $15,200 each). Required: 1. Prepare the journal entry to record the payroll for March, including employee deductions. Assume employees have been paid, but that Paul has yet to...
E9-3 LUY Computing Payroll Costs: Discussion of Labor Costs Oaks Company has completed the payroll for the month of January, reflecting the following data Salaries and wages earned Employee income taxes withheld FICA payroll taxes *Assessed on both employer and employee (le, 56,000 each). $86,000 10.000 6.000 Required: 1. What was the total labor cost to the company? What was the amount of the employees' take home 2. List the liabilities and their amounts reported on the company's January 31...
E9-3 (Static) Computing Payroll Costs; Discussion of Labor Costs LO 9-1 (The following information applies to the questions displayed below.] Oaks Company has completed the payroll for the month of January, reflecting the following data: Salaries and wages earned Employee income taxes withheld FICA payroll taxes* $ 86,000 10,000 6,000 "Assessed on both employer and employee (i.e., $6,000 each). E9-3 Part 2 2. List the liabilities and their amounts reported on the company's January 31 balance sheet, assuming the employees...
Required information [The following information applies to the questions displayed below.] 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 through August 31 $ 5,500 2,500 123,100 Gross Pay for September $2,300 2,600 9,000 Assuming situation (a), prepare the...
Required Information The following information applies to the questions displayed below 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 through August 31 S Gross Pay for September $2,100 2,350 8,500 5,000 2,250 122,600 Assuming situation (a)....
McLoyd Company completed the salaries and wages payroll for March. The payroll provided the following details: Salaries and wages $410,000 earned Employee income taxes withheld 37,925 FICA taxes withheld 29,315 2,850 Unemployment taxes Required: 1. Considering both employee and employer payroll taxes, use the preceding information to calculate the total labor cost for the company for March 2, & 3. Prepare the journal entry to record the payroll for March, including employee deductions (but excluding employer payroll taxes) and record...
[The following information applies to the questions displayed below.] 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 through August 31 $ 5,800 2,650 123,400 Gross Pay for September $1,400 2,750 9,300 Exercise 9-6 Payroll-related journal entries LO P2...
E10-3 Recording Payroll Costs [LO 10-2] McLoyd Company completed the salaries and wages payroll for March. The payroll provided the following details: $430,000 Salaries and wages earned Employee income taxes withheld FICA taxes withheld Unemployment taxes 39,775 30,745 2,990 Required: 1. Considering both employee and employer payroll taxes, use the preceding information to calculate the total labor cost for the company for March 2. & 3. Prepare the journal entry to record the payroll for March, including employee deductions (but...
Homework Chapter Saved Paul Company completed the salary and wage payroll for the month of March. The payroll provided the following details: Salaries and wages earned by employees Employee income taxes withheld Employee government insurance premiums withheld FICA payroll taxes $ 218,000 43,600 1,000 15,200 "Assessed on both employer and employee (.e., $15,200 each). Required: 1. Prepare the journal entry to record the payroll for March, including employee deductions. Assume employees have been paid, but that Paul has yet to...
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