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Question 5 10 pts Required payroll deductions include income taxes, social security taxes, pension and health...
journal Required information Employee payroll deductions include FICA taxes, income taxes, and voluntary deductions...
journal
Required information Employee payroll deductions include FICA taxes, income taxes, and voluntary deductions such as for pensions and charities. They make up the difference between gross and net pay Knowledge Check 01 Voluntary deductions from employee pay can include all of the following: (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the...
Voluntary deductions from employee pay can include all of the following:
Voluntary deductions from employee pay can include all of the following: Medicare taxesPension contributionsLife insurance premiumsSocial Security taxesUnion dues.
Cornerstone Exercise 8-26 Payroll Taxes Hernandez Builders has a gross payroll for January amounting to $500,000....
Cornerstone Exercise 8-26 Payroll Taxes Hernandez Builders has a gross payroll for January amounting to $500,000. The following amounts have been withheld: Federal income taxes Social Security Medicare $63,000 31,000 7,250 Charitable contributions 1% of gross pay 2% of gross pay Union dues Also, the federal unemployment tax rate is 6.2% and applies to all but $50,000 of the gross payroll. Required: 1. What is the amount of net pay recorded by Hernandez? $ 441,750 x 2. Prepare the journal...
Cornerstone Exercise 8-26 (Algorithmic) Payroll Taxes Hernandez Builders has a gross payroll for January amounting to...
Cornerstone Exercise 8-26 (Algorithmic) Payroll Taxes Hernandez Builders has a gross payroll for January amounting to $600,000. The following amounts have been withheld: Federal income taxes $76,000 Social Security 37,200 Medicare 8,700 1% of gross pay Charitable contributions 2% of gross pay Union dues Also, the federal unemployment tax rate is 6.2%, and applies to all but $60,000 of the gross payroll. Required: 1. What is the amount of net pay recorded by Hernandez? Federal Unemployment Taxes Expense Social Security...
True or False -6. Employee payroll deductions include FICA taxes, income tax, and voluntary deductions such...
True or False
-6. Employee payroll deductions include FICA taxes, income tax, and voluntary deductions such as for pensions and charities. - 7. Employers report FICA Taxes and federal income tax withholdings using Form 941. - 8. An employer's payroll records include a payroll register for each pay period, payroll checks and statements of earnings, and individual employee earning reports. 9. Net pay is recorded as taxes payable.
Brief Exercise 8-49 Payroll Taxes Sid's Grocery Store has 100 employees who earn a wage of $18.75 per hour. Each of Sid...
Brief Exercise 8-49 Payroll Taxes Sid's Grocery Store has 100 employees who earn a wage of $18.75 per hour. Each of Sid's employees has worked a total of 160 hours over the month of July. At the time of recording July's monthly payroll, the following amounts have been withheld: Federal income tax State income tax Social Security $30,000 8,000 18,600 4,350 1% of gross pay 1% of gross pay Medicare Charitable contributions Union dues Also, the unemployment tax rate is...
Cornerstone Exercise 8-26 (Algorithmic) Payroll Taxes Hernandez Builders has a gross payroll for January amounting to...
Cornerstone Exercise 8-26 (Algorithmic) Payroll Taxes Hernandez Builders has a gross payroll for January amounting to $580,000. The following amounts have been withheld: Federal income taxes $73,000 Social Security 35,960 Medicare 8,410 Charitable contributions 1% of gross pay Union dues 2% of gross pay Also, the federal unemployment tax rate is 6.2%, and applies to all but $58,000 of the gross payroll. Required: 1. What is the amount of net pay recorded by Hernandez? 2. Prepare the journal entries to...
Help!!!! Cornerstone Exercise 8-26 (Algorithmic) Payroll Taxes Hernandez Builders has a gross payroll for January amounting...
Help!!!!
Cornerstone Exercise 8-26 (Algorithmic) Payroll Taxes Hernandez Builders has a gross payroll for January amounting to $600,000. The following amounts have been withheld: Federal income taxes $76,000 37,200 Social Security Medicare 8,700 Charitable contributions 1% of gross pay Union dues 2% of gross pay Also, the federal unemployment tax rate is 6.2%, and applies to all but $60,000 of the gross payroll. Required: 1. What is the amount of net pay recorded by Hernandez? $ 2. Prepare the journal...
overstated, understated Assume that the Cole Designs Inc. financial statements Brief Exercise 8-49 Payroll Taxes Sid's...
overstated, understated Assume that the Cole Designs Inc.
financial statements
Brief Exercise 8-49 Payroll Taxes Sid's Grocery Store has 100 employees who eam a wage of $18.75 per hour. Each of Sid's employees has worked a total of 160 hours over the month of July. At the time of recording July's monthly payroll, the following amounts have been withheld: Federal income tax State income tax Social Security Medicare Charitable contributions Union dues $30,000 8,000 18,600 4,350 1% of gross pay...
QS 9-5 Record employee payroll taxes LO P2 On January 15, the end of the first...
QS 9-5 Record employee payroll taxes LO P2 On January 15, the end of the first biweekly pay period of the year, North Company's payroll register showed that its employees earned $40,000 of sales salaries. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $2,000 of federal income taxes, $1,108 of medical insurance deductions, and $240 of union dues. No employee earned more than $7,000 in...
journal
Required information Employee payroll deductions include FICA taxes, income taxes, and voluntary deductions such as for pensions and charities. They make up the difference between gross and net pay Knowledge Check 01 Voluntary deductions from employee pay can include all of the following: (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the...
Cornerstone Exercise 8-26 Payroll Taxes Hernandez Builders has a gross payroll for January amounting to $500,000. The following amounts have been withheld: Federal income taxes Social Security Medicare $63,000 31,000 7,250 Charitable contributions 1% of gross pay 2% of gross pay Union dues Also, the federal unemployment tax rate is 6.2% and applies to all but $50,000 of the gross payroll. Required: 1. What is the amount of net pay recorded by Hernandez? $ 441,750 x 2. Prepare the journal...
Cornerstone Exercise 8-26 (Algorithmic) Payroll Taxes Hernandez Builders has a gross payroll for January amounting to $600,000. The following amounts have been withheld: Federal income taxes $76,000 Social Security 37,200 Medicare 8,700 1% of gross pay Charitable contributions 2% of gross pay Union dues Also, the federal unemployment tax rate is 6.2%, and applies to all but $60,000 of the gross payroll. Required: 1. What is the amount of net pay recorded by Hernandez? Federal Unemployment Taxes Expense Social Security...
True or False
-6. Employee payroll deductions include FICA taxes, income tax, and voluntary deductions such as for pensions and charities. - 7. Employers report FICA Taxes and federal income tax withholdings using Form 941. - 8. An employer's payroll records include a payroll register for each pay period, payroll checks and statements of earnings, and individual employee earning reports. 9. Net pay is recorded as taxes payable.
Brief Exercise 8-49 Payroll Taxes Sid's Grocery Store has 100 employees who earn a wage of $18.75 per hour. Each of Sid's employees has worked a total of 160 hours over the month of July. At the time of recording July's monthly payroll, the following amounts have been withheld: Federal income tax State income tax Social Security $30,000 8,000 18,600 4,350 1% of gross pay 1% of gross pay Medicare Charitable contributions Union dues Also, the unemployment tax rate is...
Cornerstone Exercise 8-26 (Algorithmic) Payroll Taxes Hernandez Builders has a gross payroll for January amounting to $580,000. The following amounts have been withheld: Federal income taxes $73,000 Social Security 35,960 Medicare 8,410 Charitable contributions 1% of gross pay Union dues 2% of gross pay Also, the federal unemployment tax rate is 6.2%, and applies to all but $58,000 of the gross payroll. Required: 1. What is the amount of net pay recorded by Hernandez? 2. Prepare the journal entries to...
Help!!!!
Cornerstone Exercise 8-26 (Algorithmic) Payroll Taxes Hernandez Builders has a gross payroll for January amounting to $600,000. The following amounts have been withheld: Federal income taxes $76,000 37,200 Social Security Medicare 8,700 Charitable contributions 1% of gross pay Union dues 2% of gross pay Also, the federal unemployment tax rate is 6.2%, and applies to all but $60,000 of the gross payroll. Required: 1. What is the amount of net pay recorded by Hernandez? $ 2. Prepare the journal...
overstated, understated Assume that the Cole Designs Inc.
financial statements
Brief Exercise 8-49 Payroll Taxes Sid's Grocery Store has 100 employees who eam a wage of $18.75 per hour. Each of Sid's employees has worked a total of 160 hours over the month of July. At the time of recording July's monthly payroll, the following amounts have been withheld: Federal income tax State income tax Social Security Medicare Charitable contributions Union dues $30,000 8,000 18,600 4,350 1% of gross pay...
QS 9-5 Record employee payroll taxes LO P2 On January 15, the end of the first biweekly pay period of the year, North Company's payroll register showed that its employees earned $40,000 of sales salaries. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $2,000 of federal income taxes, $1,108 of medical insurance deductions, and $240 of union dues. No employee earned more than $7,000 in...
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