Homework Answers
| Answer | |||
| The Correct option is D : Credit to SUTA Payable of $ 810 | |||
| Explanation | |||
| Account Title & Explanation | Debit | Credit | |
| Payroll Tax Expenses | $ 35,430 | ||
| FICA- Social Security Tax Payable | $ 27,000 | (450000*6%) | |
| FICA- Medicare Tax Payable | $ 7,500 | (500000*1.5%) | |
| FUTA | $ 810 | ( 15000*5.4%) | |
| SUTA | $ 120 | (15000*0.8%) | |
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According to a summary of the payroll of Scotland Company, $450.000 w e withheld was $8,000....
Officers' salaries Sales salaries Federal income taxes withheld FICA taxes withheld Health insurance premiums withheld Union...
Officers' salaries Sales salaries Federal income taxes withheld FICA taxes withheld Health insurance premiums withheld Union dues withheld Salaries (included above) subject to federal unemployment taxes Salaries (included above) subject to state unemployment taxes $36.000 70,000 22,000 10.500 1.900 1.500 58,000 63,000 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 payroll taxes. (Assume that the FICA tax matches the amount withheld, the federal...
Officers' salaries $320,000 Sales salaries 670.000 Federal income taxes withheld 190.000 FICA taxes withheld 75,00...
Officers' salaries $320,000 Sales salaries 670.000 Federal income taxes withheld 190.000 FICA taxes withheld 75,000 Health insurance premiums withheld 16.000 Union dues withheld 12.000 Salaries included above) subject to federal unemployment taxes 550,000 Salaries included above) subject to state unemployment taxes 600,000 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 payroll taxes. (Assume that the FICA tax matches the amount withheld, the federal...
help me with A&B please PayUlla Lilles According to a summary of the payroll of Mountain...
help me with A&B please
PayUlla Lilles According to a summary of the payroll of Mountain Streaming Co., $110,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax. Also, $25,000 was subject to state and federal unemployment taxes. a. Calculate the employer's payroll taxes, using the following rates: state unemployment, 5.4%; federal unemployment, 0.8%. $ 56,102 x Feedback Check My Work Remember that there is typically a maximum amount of earnings subject to state and federal...
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...
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
Town Hodesvios due 13. The summary of the payroll for the monthly pay period ending July...
Town Hodesvios due 13. The summary of the payroll for the monthly pay period ending July 15 indicated the following: lot or silol Sales salaries $125,000 to ODES Federal income tax withheld 0 22 opib 32,300 Office salaries D oon 35,000 24 Point Medical insurance withheld 7,370 Social security tax withheld 9,600 Medicare tax withheld 2,400 Journalize the entries to record (a) the payroll and (b) the employer's payroll tax expense for the month. The state unemployment tax rate is...
For the year ended December 31, 2020, Lily Electrical Repair Company reports the following summary payroll...
For the year ended December 31, 2020, Lily Electrical Repair Company reports the following summary payroll data. Gross earnings: Administrative salaries $199,000 Electricians’ wages 375,000 Total $574,000 Deductions: FICA taxes $38,951 Federal income taxes withheld 175,000 State income taxes withheld (3%) 17,220 United Fund contributions payable 28,700 Health insurance premiums 18,500 Total $278,371 Lily’s payroll taxes are Social Security tax 6.2%, Medicare tax 1.45%, state unemployment 2.5% (due to a stable employment record), and 0.8% federal unemployment. Gross earnings subject...
PROBLEM Y: PREPARING THE Using the information below, determine payroll period ending March 31, 2018 FUTA,...
PROBLEM Y: PREPARING THE Using the information below, determine payroll period ending March 31, 2018 FUTA, and SUTA. Then, recor THE PAYROLL-TAY-ENTRY (10 POINTS Manch h e amount of the p laces incurred for Mary Jane's Pies for the In your answer is the amount for FICA: (Social Security and Medicare record the payroll somal entry of the emple Employee Current Period Gross Pay 300 700 Cewe Gry Farger Curreal 5,000 4.200 8.100 Assume the following [0FUTA net Tax 6%...
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...
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...
Officers' salaries Sales salaries Federal income taxes withheld FICA taxes withheld Health insurance premiums withheld Union dues withheld Salaries (included above) subject to federal unemployment taxes Salaries (included above) subject to state unemployment taxes $36.000 70,000 22,000 10.500 1.900 1.500 58,000 63,000 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 payroll taxes. (Assume that the FICA tax matches the amount withheld, the federal...
Officers' salaries $320,000 Sales salaries 670.000 Federal income taxes withheld 190.000 FICA taxes withheld 75,000 Health insurance premiums withheld 16.000 Union dues withheld 12.000 Salaries included above) subject to federal unemployment taxes 550,000 Salaries included above) subject to state unemployment taxes 600,000 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 payroll taxes. (Assume that the FICA tax matches the amount withheld, the federal...
help me with A&B please
PayUlla Lilles According to a summary of the payroll of Mountain Streaming Co., $110,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax. Also, $25,000 was subject to state and federal unemployment taxes. a. Calculate the employer's payroll taxes, using the following rates: state unemployment, 5.4%; federal unemployment, 0.8%. $ 56,102 x Feedback Check My Work Remember that there is typically a maximum amount of earnings subject to state and federal...
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...
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
Town Hodesvios due 13. The summary of the payroll for the monthly pay period ending July 15 indicated the following: lot or silol Sales salaries $125,000 to ODES Federal income tax withheld 0 22 opib 32,300 Office salaries D oon 35,000 24 Point Medical insurance withheld 7,370 Social security tax withheld 9,600 Medicare tax withheld 2,400 Journalize the entries to record (a) the payroll and (b) the employer's payroll tax expense for the month. The state unemployment tax rate is...
PROBLEM Y: PREPARING THE Using the information below, determine payroll period ending March 31, 2018 FUTA, and SUTA. Then, recor THE PAYROLL-TAY-ENTRY (10 POINTS Manch h e amount of the p laces incurred for Mary Jane's Pies for the In your answer is the amount for FICA: (Social Security and Medicare record the payroll somal entry of the emple Employee Current Period Gross Pay 300 700 Cewe Gry Farger Curreal 5,000 4.200 8.100 Assume the following [0FUTA net Tax 6%...
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...
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...
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