Homework Answers
![No. Account Titles and Explanation Debit Credit a) Wages and Salaries Expenses 485900 Withhold Taxes Payable 81950 FICA Taxes Payable* 28491 -[( 485900-140000) x 7.6596] = 26461 ; 140000 x 1.45% 2030 264612030 28491 Union Dues Payabale 8930 Cash 366529 b) Payroll Tax Expenses 30371 FICA Tax Payable 28491 Federal Unemployement Tax Payable* 752 485900-391900) X 0.8%-26461 ; State Unemployement Tax Payable* 1128 -(485900- 391900 94000) 94000 X (3.5%-2.3%)](http://img.homeworklib.com/questions/a5124fc0-77d6-11ea-95ad-99ee4d8bbc69.png?x-oss-process=image/resize,w_560)
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The payroll of Lionshead Co for July 2014 is as follows: 1. Total payroll was $620,000...
total payroll of walnut 2. Payroll entries. Total payroll of Walnut Co. was $2,760,000, of which...
total payroll of walnut
2. Payroll entries. Total payroll of Walnut Co. was $2,760,000, of which $760,000 represented amounts paid in excess of $118,500(FICA & Medicare) to certain employees. The amount paid to employees in excess of $7,000 was $2,160,000. Income taxes withheld were $875,000. The state unemployment tax is 2.2%, the federal unemployment tax is 1.8%, and the F.I.C.A. tax is 7.65% (6.2% FICA and 1.45% Medicare) on an employee's salaries and wages up to $118,500 and 1.45% in...
The payroll of Marigold Company for September 2019 is as follows. Total payroll was $502,000, of...
The payroll of Marigold Company for September 2019 is as follows. Total payroll was $502,000, 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 was $366,000. Income taxes in the amount of $77,900 were withheld, as was $9,300 in union dues. The state unemployment tax is 3.5%, but Marigold Company is allowed a credit of 2.3% by the state...
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...
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 Ivanhoe Company for September 2016 is as follows. Total payroll was $444,000, of...
The payroll of Ivanhoe Company for September 2016 is as follows. Total payroll was $444,000, of which $108,000 is exempt from Social Security tax because it represented amounts paid in excess of $118,500 to certain employees. The amount paid to employees in excess of $7,000 was $394,000. Income taxes in the amount of $79,200 were withheld, as was $9,600 in union dues. The state unemployment tax is 3.5%, but Ivanhoe Company is allowed a credit of 2.3% by the state...
The payroll of Cullumber Company for September 2019 is as follows. Total payroll was $440,000, of...
The payroll of Cullumber 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 Cullumber Company...
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...
The payroll of Cullumber Company for September 2019 is as follows. Total payroll was $458,000, of...
The payroll of Cullumber Company for September 2019 is as follows. Total payroll was $458,000, of which $112,000 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 $416,000. Income taxes in the amount of $84,100 were withheld, as was $9,200 in union dues. The state unemployment tax is 3.5%, but Cullumber Company...
xercise 13-6 The payroll of Swifty Company for September 2016 is as follows. Total payroll was...
xercise 13-6 The payroll of Swifty Company
for September 2016 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 $118,500 to certain
employees. The amount paid to employees in excess of $7,000 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
Swifty Company is allowed a credit of 2.3% by...
Accounting for Current liabilities and contingencies 1. THE PAYROLL OF KENMARE COMPANY FOR SEPTEMBER 2020 IS...
Accounting for Current liabilities and
contingencies
1. THE PAYROLL OF KENMARE COMPANY FOR SEPTEMBER 2020 IS A FOLLOWS: TOTAL PAYROLL WAS $480,000 OF WHICH $ 140,000 IS EXEMPT FROM SOCIAL SECURITY TAX BECAUSE IT REPRESENTS AMOUNTS PAID IN EXCESS OF $137,700 TO CERTAIN EMPLOYEES. THE AMOUNT PAID TO EMPLOYEES IN EXCESS OF $7,000 WAS $310,000. FEDERAL INCOME TAXES IN THE AMOUNT OF $72,500 WERE WITHHELD, AS WAS $4,000 IN UNION DUES AND $20,000 IN STATE INCOME TAXES. THE STATE UNEMPLOYMENT...
total payroll of walnut
2. Payroll entries. Total payroll of Walnut Co. was $2,760,000, of which $760,000 represented amounts paid in excess of $118,500(FICA & Medicare) to certain employees. The amount paid to employees in excess of $7,000 was $2,160,000. Income taxes withheld were $875,000. The state unemployment tax is 2.2%, the federal unemployment tax is 1.8%, and the F.I.C.A. tax is 7.65% (6.2% FICA and 1.45% Medicare) on an employee's salaries and wages up to $118,500 and 1.45% in...
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...
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 Cullumber 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 Cullumber Company...
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...
xercise 13-6 The payroll of Swifty Company
for September 2016 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 $118,500 to certain
employees. The amount paid to employees in excess of $7,000 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
Swifty Company is allowed a credit of 2.3% by...
Accounting for Current liabilities and
contingencies
1. THE PAYROLL OF KENMARE COMPANY FOR SEPTEMBER 2020 IS A FOLLOWS: TOTAL PAYROLL WAS $480,000 OF WHICH $ 140,000 IS EXEMPT FROM SOCIAL SECURITY TAX BECAUSE IT REPRESENTS AMOUNTS PAID IN EXCESS OF $137,700 TO CERTAIN EMPLOYEES. THE AMOUNT PAID TO EMPLOYEES IN EXCESS OF $7,000 WAS $310,000. FEDERAL INCOME TAXES IN THE AMOUNT OF $72,500 WERE WITHHELD, AS WAS $4,000 IN UNION DUES AND $20,000 IN STATE INCOME TAXES. THE STATE UNEMPLOYMENT...
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