Homework Answers
Ans 8: Debit salaries and wages expense.
Explanation: since salaries is an expense and all expenses will be debited as it is a nominal account and will be debited to salaries expenses and not payable as it is already paid.
Ans 9 Gross pay minus all deductions such as income tax withheld equals net pay.
Explanation: Net pay cannot be calculated without the gross pay. when all the expenses and deductions are subtracted from gross pay we will get the net pay.
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QUESTIONS Mountain Valley Sales Company has gross pay for March of $45,000. Which of the following...
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 earned Employee income taxes withheld FICA taxes withheld $430,000 39,775 30,745 2,990 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...
AZT Company has one employee. She has earned $5,778 through March 15th. She will be paid...
AZT Company has one employee. She has earned $5,778 through March 15th. She will be paid $1,364 on the current pay period ending March 31st. FICA Social Security taxes are 6.2% of the first $118,500 of wages and FICA Medicare taxes are 1.45% of wages. FUTA taxes are 0.6% of the first $7,000 of wages and SUTA taxes are 5.4% of the first $7,000 of wages. The employee will have $204.60 withheld for Federal income taxes and $68.20 for State...
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 $ 6,000 2,750 123,600 Gross Pay for September $1,500 2,850 9,500 Assuming situation (a), prepare the...
[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...
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)....
Macier Company completed the salary and wage payroll for March 2014. The payroll provided the following...
Macier Company completed the salary and wage payroll for March 2014. The payroll provided the following details: Salaries and wages earned Employee income taxes withheld Canada Pension Plan Employment Insurance $229,000 50.100 2,450 740 Required: 1. Considering both employee and employer payroll taxes, use the preceding information to calculate the total labour cost for the company. TIP: Employer CPP equals employee CPP. Employer El equals 1.4 times employee El. Total labor cost 2. Prepare the journal entry to record the...
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%...
Assume an employee of Rocco Rock Company earns $2,70O of gross wages during the current pay...
Assume an employee of Rocco Rock Company earns $2,70O of gross wages during the current pay period and is required to remit to the government $270 for income tax and $135 for FICA. Consider the following two procedures for paying the employee Procedure 1 (Withholdings) Procedure 2 (No Withholdings) Rocco Rock Company pays the Rocco Rock Company pays the employee employee net wages of $2,295 and gross wages of $2,700O and the employee remit income taxes and FICA on behalf...
91.Which of the following is not included in income from continuing? operations? A.gain on sale of...
91.Which of the following is not included in income from continuing? operations? A.gain on sale of machinery B.a segment of a business that has been discontinued C.cost of goods sold D.losses due to lawsuits 93. Dallas Company has gross pay for March of? $50,000. The journal entry to record salaries expense would include a debit to Salaries and Wages Payable for? $50,000. True or False
McLoyd Company completed the salaries and wages payroll for March. The payroll provided the following details: Salaries and wages earned Employee income taxes withheld FICA taxes withheld $430,000 39,775 30,745 2,990 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...
AZT Company has one employee. She has earned $5,778 through March 15th. She will be paid $1,364 on the current pay period ending March 31st. FICA Social Security taxes are 6.2% of the first $118,500 of wages and FICA Medicare taxes are 1.45% of wages. FUTA taxes are 0.6% of the first $7,000 of wages and SUTA taxes are 5.4% of the first $7,000 of wages. The employee will have $204.60 withheld for Federal income taxes and $68.20 for State...
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 $ 6,000 2,750 123,600 Gross Pay for September $1,500 2,850 9,500 Assuming situation (a), prepare the...
[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...
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)....
Macier Company completed the salary and wage payroll for March 2014. The payroll provided the following details: Salaries and wages earned Employee income taxes withheld Canada Pension Plan Employment Insurance $229,000 50.100 2,450 740 Required: 1. Considering both employee and employer payroll taxes, use the preceding information to calculate the total labour cost for the company. TIP: Employer CPP equals employee CPP. Employer El equals 1.4 times employee El. Total labor cost 2. Prepare the journal entry to record the...
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%...
Assume an employee of Rocco Rock Company earns $2,70O of gross wages during the current pay period and is required to remit to the government $270 for income tax and $135 for FICA. Consider the following two procedures for paying the employee Procedure 1 (Withholdings) Procedure 2 (No Withholdings) Rocco Rock Company pays the Rocco Rock Company pays the employee employee net wages of $2,295 and gross wages of $2,700O and the employee remit income taxes and FICA on behalf...
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