A debit to the Payroll Tax Expense account means: A.The employer’s payroll taxes have increased B.The...
A debit to the Payroll Tax Expense account
means:
A.The employer’s payroll taxes have increased
B.The employer’s payroll taxes have decreased
C.Both the employer’s and the employee’s payroll taxes have increased
D.The employer’s and employee’s payroll taxes have not changed
Homework Answers
A.The employer’s payroll taxes have increased
Explanation : For recording employer’s payroll tax contribution . Payroll Tax Expense account is debited & taxes payable like FICA , SUTA , FUTA etc are credited. Thus a debit to the Payroll Tax Expense account means the employer’s payroll taxes have increased.
Add Answer to:
A debit to the Payroll Tax Expense account
means:
A.The employer’s payroll taxes have increased
B.The...
Pearl Hardware payroll for November 2020 is summarized below. Amount Subject to Payroll Taxes Unemployment Tax...
Pearl Hardware payroll for November 2020 is summarized
below.
Amount Subject to Payroll Taxes
Unemployment Tax
Payroll
Wages Due
FICA
Federal
State
Factory
$128,000
$128,000
$42,900
$42,900
Sales
32,600
32,600
3,700
3,700
Administrative
36,300
36,300
Total
$196,900
$196,900
$46,600
$46,600
At this point in the year, some employees have already received
wages in excess of those to which payroll taxes apply. Assume that
the state unemployment tax is 2.5%. The FICA rate is 7.65% on an
employee’s wages to $128,400...
Blossom Hardware payroll for November 2020 is summarized below. Amount Subject to Payroll Taxes Unemployment Tax...
Blossom Hardware payroll for November 2020 is summarized
below.
Amount Subject to Payroll Taxes
Unemployment Tax
Payroll
Wages Due
FICA
Federal
State
Factory
$121,300
$121,300
$36,400
$36,400
Sales
34,200
34,200
3,800
3,800
Administrative
32,700
32,700
Total
$188,200
$188,200
$40,200
$40,200
At this point in the year, some employees have already received
wages in excess of those to which payroll taxes apply. Assume that
the state unemployment tax is 2.5%. The FICA rate is 7.65% on an
employee’s wages to $128,400...
Amount Subject to Payroll Taxes Unemployment Tax Payroll Wages Due FICA Federal State Factory $122,200 $122,200...
Amount Subject to Payroll Taxes Unemployment Tax Payroll Wages Due FICA Federal State Factory $122,200 $122,200 $36,200 $36,200 Sales 33,500 33,500 3,900 3,900 Administrative 35,500 35,500 xxxx xxxx Total $191,200 $191,200 $40,100 $40,100 At this point in the year, some employees have already received wages in excess of those to which payroll taxes apply. Assume that the state unemployment tax is 2.5%. The FICA rate is 7.65% on an employee’s wages to $118,500 and 1.45% in excess of $118,500. Of...
Wildhorse Hardware payroll for November 2020 is summarized below. Amount Subject to Payroll Taxes Unemployment Tax...
Wildhorse Hardware payroll for November 2020 is summarized
below.
Amount Subject to Payroll Taxes
Unemployment Tax
Payroll
Wages Due
FICA
Federal
State
Factory
$121,300
$121,300
$36,400
$36,400
Sales
34,200
34,200
3,800
3,800
Administrative
32,700
32,700
Total
$188,200
$188,200
$40,200
$40,200
At this point in the year, some employees have already received
wages in excess of those to which payroll taxes apply. Assume that
the state unemployment tax is 2.5%. The FICA rate is 7.65% on an
employee’s wages to $128,400...
ulver Hardware Company’s payroll for November 2017 is summarized below. Amount Subject to Payroll Taxes Unemployment...
ulver Hardware Company’s payroll for November 2017 is summarized below. Amount Subject to Payroll Taxes Unemployment Tax Payroll Wages Due FICA Federal State Factory $123,500 $123,500 $39,500 $39,500 Sales 30,800 30,800 4,000 4,000 Administrative 36,000 36,000 Total $190,300 $190,300 $43,500 $43,500 At this point in the year, some employees have already received wages in excess of those to which payroll taxes apply. Assume that the state unemployment tax is 2.5%. The FICA rate is 7.65% on an employee’s wages to...
What does the term negative refer to in a negative income tax scheme? A.The individual does...
What does the term negative refer to in a negative income tax scheme? A.The individual does not have to pay income tax for any of his/her earnings. B.The individual receives a subsidy or a credit rather than paying taxes for a certain number of hours worked. C.The program does not involve any disincentives to working. D.The program involves fewer disincentives to working than does a conventional welfare or social assistance program. For which of the following programs does the recipient...
Calculator Entries for Payroll and Payroll Taxes The following information about the payroll for the week...
Calculator Entries for Payroll and Payroll Taxes The following information about the payroll for the week ended December 30 was obtained from the records of Saine Co.1 Deductions: Salaries: Sales salaries Warehouse salaries Office salaries $271,000 149,000 138,000 Income tax withheld U.S. savings bonds Group insurance $98,200 12,275 10,044 $558,000 Tax rates assumed: Social security, 6% Medicare, 1.54 State unemployment employer only), 5.4% Federal unemployment (employer only), 0.8% Required: If an amount box does not require an entry leave it...
Which of the following taxes would not be included in payroll tax expense of an employer?...
Which of the following taxes would not be included in payroll tax expense of an employer? A. Federal unemployment taxes B. Employer FICA-Social Security taxes C. Income tax withholdings D. State unemployment taxes E. Employer FICA-Medicare taxes
Here is the whole question, someone please help im stuck Entries for Payroll and Payroll Taxes...
Here is the whole question, someone please help im stuck
Entries for Payroll and Payroll Taxes The following information about the payroll for the week ended December 30 was obtained from the records of Saine Co.: Salaries: Deductions Salsslaries Warehouse salaries Office salaries $249,000 137,000 127,000 Income tax withheld Social security tax withheld Medicare tax withheld $90,288 30,780 7,695 11,286 9,234 $149,283 $513,000 Retirement savings Group insurance Tax rates assumed: Social security, 6% Medicare, 1.5% State unemployment (employer only), 5.4%...
ABC Co.’s employee’s have earned $30,000 for the pay period 5/31. Listed below are the withholdings...
ABC Co.’s employee’s have earned $30,000 for the pay period 5/31. Listed below are the withholdings and taxes for this payroll period. $1,250 Federal Income Taxes $7,500 FICA Social Security $5,000 FICA Medicare $2,000 Medical Insurance Premiums $800 Federal Unemployment Taxes $350 State Unemployment Taxes Create the journal entries for payroll and employer’s payroll tax expense.
Pearl Hardware payroll for November 2020 is summarized
below.
Amount Subject to Payroll Taxes
Unemployment Tax
Payroll
Wages Due
FICA
Federal
State
Factory
$128,000
$128,000
$42,900
$42,900
Sales
32,600
32,600
3,700
3,700
Administrative
36,300
36,300
Total
$196,900
$196,900
$46,600
$46,600
At this point in the year, some employees have already received
wages in excess of those to which payroll taxes apply. Assume that
the state unemployment tax is 2.5%. The FICA rate is 7.65% on an
employee’s wages to $128,400...
Blossom Hardware payroll for November 2020 is summarized
below.
Amount Subject to Payroll Taxes
Unemployment Tax
Payroll
Wages Due
FICA
Federal
State
Factory
$121,300
$121,300
$36,400
$36,400
Sales
34,200
34,200
3,800
3,800
Administrative
32,700
32,700
Total
$188,200
$188,200
$40,200
$40,200
At this point in the year, some employees have already received
wages in excess of those to which payroll taxes apply. Assume that
the state unemployment tax is 2.5%. The FICA rate is 7.65% on an
employee’s wages to $128,400...
Wildhorse Hardware payroll for November 2020 is summarized
below.
Amount Subject to Payroll Taxes
Unemployment Tax
Payroll
Wages Due
FICA
Federal
State
Factory
$121,300
$121,300
$36,400
$36,400
Sales
34,200
34,200
3,800
3,800
Administrative
32,700
32,700
Total
$188,200
$188,200
$40,200
$40,200
At this point in the year, some employees have already received
wages in excess of those to which payroll taxes apply. Assume that
the state unemployment tax is 2.5%. The FICA rate is 7.65% on an
employee’s wages to $128,400...
Calculator Entries for Payroll and Payroll Taxes The following information about the payroll for the week ended December 30 was obtained from the records of Saine Co.1 Deductions: Salaries: Sales salaries Warehouse salaries Office salaries $271,000 149,000 138,000 Income tax withheld U.S. savings bonds Group insurance $98,200 12,275 10,044 $558,000 Tax rates assumed: Social security, 6% Medicare, 1.54 State unemployment employer only), 5.4% Federal unemployment (employer only), 0.8% Required: If an amount box does not require an entry leave it...
Here is the whole question, someone please help im stuck
Entries for Payroll and Payroll Taxes The following information about the payroll for the week ended December 30 was obtained from the records of Saine Co.: Salaries: Deductions Salsslaries Warehouse salaries Office salaries $249,000 137,000 127,000 Income tax withheld Social security tax withheld Medicare tax withheld $90,288 30,780 7,695 11,286 9,234 $149,283 $513,000 Retirement savings Group insurance Tax rates assumed: Social security, 6% Medicare, 1.5% State unemployment (employer only), 5.4%...
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