Homework Answers
| 1 | |||
| Accounts Titles and Explanation | Debit | Credit | |
| Salaries Expense | $100,000 | ||
| Federal Taxes Payable | $15,000 | ||
| State Taxes Payable | $5,000 | ||
| FICA Taxes Payable | $7,650 | ||
| Cash | $72,350 | ||
| 2 | Payroll Tax Expense | $9,650 | |
| FICA Taxes Payable | $7,650 | ||
| State Taxes Payable | $1,500 | ||
| Federal Unempl. Tax Payable | $500 | ||
| 3 | Loan | $6,000 | |
| Cash | $6,000 | ||
| 4 | Loan | $195 | |
| Interest | $5 | ||
| Cash | $200 | ||
| 5 | Member Share Account | $10,000 | |
| Cash | $10,000 | ||
| 6 | Expense | $3,800 | |
| Cash | $3,800 | ||
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• Please post this Payroll journal entry: Total Payroll for week ending 7/1/2015 is as follows:...
Rand Company's payroll on December 31 of the current year is as follows: • total payroll,...
Rand Company's payroll on December 31 of the current year is as follows: • total payroll, $500,000 • payroll in excess of $128,400 to each employee, $350,000 • payroll in excess of $7,000 to each employee, $400,000 • income taxes withheld, $85,000 • union dues withheld, $10,000 • tax rates: state unemployment tax, 5.4%; FICA tax, 8% for employees and 8% for employers for any amounts over $117,000; federal unemployment tax, 0.6% Required: Prepare the journal entries for Rand's payroll...
The payroll of Swifty Company for September 2019 is as follows. Total payroll was $434,000, of...
The payroll of Swifty Company for September 2019 is as follows. Total payroll was $434,000, of which $104,000 is exempt from Social Security tax because it represented amounts paid in excess of $128,400 to certain employees. The amount paid to employees in excess of $7,000 was $363,000. Income taxes in the amount of $72,400 were withheld, as was $9,500 in union dues. The state unemployment tax is 3.5%, but Swifty Company is allowed a credit of 2.3% by the state...
Example 6-5 The journal entry to record the payroll from Figure 6.1, on pages 6-2 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...
Question 20 Incomplete answer Marked out of 14.00 P Flag question Recording Payroll and Payroll Taxes...
Question 20 Incomplete answer Marked out of 14.00 P Flag question Recording Payroll and Payroll Taxes The following data are taken from Jefferson Distribution Company's March payroll: Administrative salaries $34,800 Sales salaries 66,000 Custodial salaries 9,600 Total payroll $110,400 Salaries subject to FICA tax (6.2 percent + 1.45 percent) $110,400 Salaries subject to federal unemployment taxes 81,600 Salaries subject to state unemployment taxes 91,200 Federal income taxes withheld from all salaries 22,320 Assume that the company is subject to a...
Recording Payroll and Payroll Taxes Beamon Corporation had the following payroll for April: Officers' salaries Sales...
Recording Payroll and Payroll Taxes Beamon Corporation had the following payroll for April: Officers' salaries Sales salaries Federal income taxes withheld FICA taxes withheld Health insurance premiums withheld Union dues withheld Salarles (Included above) subject to federal unemployment taxes Salaries (included above) subject to state unemployment taxes $34,000 67,000 19,000 7.500 1.800 1.200 55.000 58.000 Required Prepare journal entries on April 30 to record: a. Accrual of the monthly payroll. b. Payment of the net payroll. c. Accrual of employer's...
The payroll of Bramble Company for September 2019 is as follows. Total payroll was $440,000, of...
The payroll of Bramble Company for September 2019 is as follows. Total payroll was $440,000, of which $102,000 is exempt from Social Security tax because it represented amounts paid in excess of $128,400 to certain employees. The amount paid to employees in excess of $7,000 (the maximum for both federal and state unemployment tax) was $404,000. Income taxes in the amount of $79,400 were withheld, as was $8,700 in union dues. The state unemployment tax is 3.5%, but Bramble Company...
The payroll of Tamarisk Company for September 2019 is as follows. Total payroll was $454,000, of...
The payroll of Tamarisk Company for September 2019 is as follows. Total payroll was $454,000, of which $122,000 is exempt from Social Security tax because it represented amounts paid in excess of $128,400 to certain employees. The amount paid to employees in excess of $7,000 was $399,000. Income taxes in the amount of $73,400 were withheld, as was $9,800 in union dues. The state unemployment tax is 3.5%, but Tamarisk Company is allowed a credit of 2.3 % by the...
The payroll of Sarasota Company for September 2019 is as follows. Total payroll was $446,000, of...
The payroll of Sarasota Company for September 2019 is as follows. Total payroll was $446,000, of which $106,000 is exempt from Social Security tax because it represented amounts paid in excess of $128,400 to certain employees. The amount paid to employees in excess of $7,000 (the maximum for both federal and state unemployment tax) was $400,000. Income taxes in the amount of $78,700 were withheld, as was $8,900 in union dues. The state unemployment tax is 3.5%, but Sarasota Company...
QUESTION 10 Five Seasons Company has a total payroll of $1,560,000 which is subject to a...
QUESTION 10 Five Seasons Company has a total payroll of $1,560,000 which is subject to a 7.6596 FICA tax. Assuming $360,000 was subject to state and federal unemployment tax rates of 49 and 0.8% respectively, the entry to accrue payroll taxes would include a: A. Credit to FUTA tax payable for $2,880 B. Debit to FICA tax expense for $23,800 C. Credit to SUTA tax payable for $50,400 WHO D. Debit to payroll tax expense for $188,680
Example 6-7 The journal entry to record the payroll tax entry from Figure 6.1 on pages...
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...
Rand Company's payroll on December 31 of the current year is as follows: • total payroll, $500,000 • payroll in excess of $128,400 to each employee, $350,000 • payroll in excess of $7,000 to each employee, $400,000 • income taxes withheld, $85,000 • union dues withheld, $10,000 • tax rates: state unemployment tax, 5.4%; FICA tax, 8% for employees and 8% for employers for any amounts over $117,000; federal unemployment tax, 0.6% Required: Prepare the journal entries for Rand's payroll...
The payroll of Swifty Company for September 2019 is as follows. Total payroll was $434,000, of which $104,000 is exempt from Social Security tax because it represented amounts paid in excess of $128,400 to certain employees. The amount paid to employees in excess of $7,000 was $363,000. Income taxes in the amount of $72,400 were withheld, as was $9,500 in union dues. The state unemployment tax is 3.5%, but Swifty Company is allowed a credit of 2.3% by the state...
Question 20 Incomplete answer Marked out of 14.00 P Flag question Recording Payroll and Payroll Taxes The following data are taken from Jefferson Distribution Company's March payroll: Administrative salaries $34,800 Sales salaries 66,000 Custodial salaries 9,600 Total payroll $110,400 Salaries subject to FICA tax (6.2 percent + 1.45 percent) $110,400 Salaries subject to federal unemployment taxes 81,600 Salaries subject to state unemployment taxes 91,200 Federal income taxes withheld from all salaries 22,320 Assume that the company is subject to a...
Recording Payroll and Payroll Taxes Beamon Corporation had the following payroll for April: Officers' salaries Sales salaries Federal income taxes withheld FICA taxes withheld Health insurance premiums withheld Union dues withheld Salarles (Included above) subject to federal unemployment taxes Salaries (included above) subject to state unemployment taxes $34,000 67,000 19,000 7.500 1.800 1.200 55.000 58.000 Required Prepare journal entries on April 30 to record: a. Accrual of the monthly payroll. b. Payment of the net payroll. c. Accrual of employer's...
The payroll of Tamarisk Company for September 2019 is as follows. Total payroll was $454,000, of which $122,000 is exempt from Social Security tax because it represented amounts paid in excess of $128,400 to certain employees. The amount paid to employees in excess of $7,000 was $399,000. Income taxes in the amount of $73,400 were withheld, as was $9,800 in union dues. The state unemployment tax is 3.5%, but Tamarisk Company is allowed a credit of 2.3 % by the...
The payroll of Sarasota Company for September 2019 is as follows. Total payroll was $446,000, of which $106,000 is exempt from Social Security tax because it represented amounts paid in excess of $128,400 to certain employees. The amount paid to employees in excess of $7,000 (the maximum for both federal and state unemployment tax) was $400,000. Income taxes in the amount of $78,700 were withheld, as was $8,900 in union dues. The state unemployment tax is 3.5%, but Sarasota Company...
QUESTION 10 Five Seasons Company has a total payroll of $1,560,000 which is subject to a 7.6596 FICA tax. Assuming $360,000 was subject to state and federal unemployment tax rates of 49 and 0.8% respectively, the entry to accrue payroll taxes would include a: A. Credit to FUTA tax payable for $2,880 B. Debit to FICA tax expense for $23,800 C. Credit to SUTA tax payable for $50,400 WHO D. Debit to payroll tax expense for $188,680
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