Homework Answers
| Account name | Dr. | Cr. | |
| Salaries expense | 2500 | ||
| FICA taxes payable | 191 | =2500*7.65% | |
| Health Care savings payable | 75 | ||
| Retirement contributions payable | 50 | ||
| Salaries payable | 1584 | ||
| Withholding taxes payable-Federal | 500 | ||
| Withholding taxes payable-State | 100 |
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BSW Inc. had a weekly payroll of $2,500 for three employees with mandatory withholdings of social...
BSW Inc. had a weekly payroll of $10,000 for three employees with mandatory withholdings of social...
BSW Inc. had a weekly payroll of $10,000 for three employees with mandatory withholdings of social security tax (7.65%), federal withholdings of $2,000, and state withholdings of $400. Voluntary withholdings included retirement plan contributions of $200, and health care savings account contributions of $300. Record BSW Inc.'s weekly payroll entry. Note: Round your answers to the nearest whole dollar. Note: List multiple debits or credits (when applicable) in alphabetical order. Account Name Dr. Cr 0 0 . 0 0 0...
Caribbean Tours' total payroll for the month of January was $520,000. The following withholdings, fringe benefits,...
Caribbean Tours' total payroll for the month of January was $520,000. The following withholdings, fringe benefits, and payroll taxes apply: Federal and state income tax withheld $ 52,000 Health insurance premiums paid by employer (payable to Blue Cross) 9,360 Contribution to retirement plan paid by employer (payable to Fidelity) 20,800 FICA tax rate (Social Security and Medicare) 7.65 % Federal and state unemployment tax rate 6.20 % Assume that none of the withholdings or payroll taxes has been paid...
Assume a weekly payroll of $75,000 entirely subject to F.LC.A, and Medicare (7.65%), federal (0.8%) and state (4%) unemployment taxes, with income tax withholding of $1,520 and union dues of $99...
Assume a weekly payroll of $75,000 entirely subject to F.LC.A, and Medicare (7.65%), federal (0.8%) and state (4%) unemployment taxes, with income tax withholding of $1,520 and union dues of $99 deducted. Journal entry to record salaries and wages paid: GENERAL JOURNAL PAGE 1 DEBIT CREDIT DATE DESCRIPTION PR. Assume a weekly payroll of $75,000 entirely subject to FJ.C.A. and Medicare (7.65%), federal (0.8%) and state (4%) unemployment taxes, with income tax withholding of S1,520 and union dues of $88...
Chec Exercise 8-7A Calculate payroll withholdings and payroll taxes (L08-3) [The following information applies to the...
Chec Exercise 8-7A Calculate payroll withholdings and payroll taxes (L08-3) [The following information applies to the questions displayed below) Aspen Ski Resorts has 150 employees, each working 40 hours per week and earning $15 an hour. Although the company does not pay any health or retirement benefits, one of the perks of working at Aspen is that employees are allowed free skiing on their days off. Federal income taxes are withheld at 15% and state income taxes at 5%. FICA...
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...
ed Assignment-Recommended due date 11/13 Saved Required Information Exercise 8-7A Calculate payroll withholdings an...
ed Assignment-Recommended due date 11/13 Saved Required Information Exercise 8-7A Calculate payroll withholdings and payroll taxes (LO8-3) The following information applies to the questions displayed below] Aspen Ski Resorts has 100 employées, each working 40 hours per week and earning $16 an hour. Although the company does not pay any health or retirement benefits, one of the perks of working at Aspen is that employees are allowed free skiing on their days off. Federal income taxes are withheld at 15...
Payroll with Multiple Employees Information for Saunders Adventures Inc.'s monthly payroll is listed below. 6.209 1.45%...
Payroll with Multiple Employees Information for Saunders Adventures Inc.'s monthly payroll is listed below. 6.209 1.45% Social Security tax rate Medicare tax rate Federal unemployment tax rate (FUTA) State unemployment tax rate (SUTA) 0.80% 9.40% Assume that no employee has cumulative wages that exceed the relevant wage bases. Additional Benefits Include: • Health Insurance: The company pays 80% of medical insurance premiums for all employees. Total cost is $500 per month per employee. Retirement: Saunders Adventures Inc. offers its employees...
Lily Company has the following data for the weekly payroll ending January 31. Hours Employee M...
Lily Company has the following data for the weekly payroll ending January 31. Hours Employee M T W T F S Hourly Rate Federal Income Tax Withholding Health Insurance L. Helton 9 8 8 8 10 2 $12 $35 $11 R. Kenseth 7 9 8 7 7 4 14 37 26 D. Tavaras 9 11 9 9 9 0 15 58 25 Employees are paid 1.5 times the regular hourly rate for all hours worked in excess of 40 hours...
EI1.11 (LO 3) Ramirez Company has the following data for the weekly payroll ending January 31. Federal Income Tax Withholding $34 37 58 Health Insurance $10 25 25 Hours Hourly Employee L. Helton R...
EI1.11 (LO 3) Ramirez Company has the following data for the weekly payroll ending January 31. Federal Income Tax Withholding $34 37 58 Health Insurance $10 25 25 Hours Hourly Employee L. Helton R. Kenseth 8 8 8 8 8 2 D. Tavaras 9 10 8 8 9 0 M T W TF S Rate 8 8 9 8 10 3 $12 14 15 Employees are paid 112 times the regular hourly rate for all hours worked in excess of...
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...
BSW Inc. had a weekly payroll of $10,000 for three employees with mandatory withholdings of social security tax (7.65%), federal withholdings of $2,000, and state withholdings of $400. Voluntary withholdings included retirement plan contributions of $200, and health care savings account contributions of $300. Record BSW Inc.'s weekly payroll entry. Note: Round your answers to the nearest whole dollar. Note: List multiple debits or credits (when applicable) in alphabetical order. Account Name Dr. Cr 0 0 . 0 0 0...
Assume a weekly payroll of $75,000 entirely subject to F.LC.A, and Medicare (7.65%), federal (0.8%) and state (4%) unemployment taxes, with income tax withholding of $1,520 and union dues of $99 deducted. Journal entry to record salaries and wages paid: GENERAL JOURNAL PAGE 1 DEBIT CREDIT DATE DESCRIPTION PR. Assume a weekly payroll of $75,000 entirely subject to FJ.C.A. and Medicare (7.65%), federal (0.8%) and state (4%) unemployment taxes, with income tax withholding of S1,520 and union dues of $88...
Chec Exercise 8-7A Calculate payroll withholdings and payroll taxes (L08-3) [The following information applies to the questions displayed below) Aspen Ski Resorts has 150 employees, each working 40 hours per week and earning $15 an hour. Although the company does not pay any health or retirement benefits, one of the perks of working at Aspen is that employees are allowed free skiing on their days off. Federal income taxes are withheld at 15% and state income taxes at 5%. FICA...
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...
ed Assignment-Recommended due date 11/13 Saved Required Information Exercise 8-7A Calculate payroll withholdings and payroll taxes (LO8-3) The following information applies to the questions displayed below] Aspen Ski Resorts has 100 employées, each working 40 hours per week and earning $16 an hour. Although the company does not pay any health or retirement benefits, one of the perks of working at Aspen is that employees are allowed free skiing on their days off. Federal income taxes are withheld at 15...
Payroll with Multiple Employees Information for Saunders Adventures Inc.'s monthly payroll is listed below. 6.209 1.45% Social Security tax rate Medicare tax rate Federal unemployment tax rate (FUTA) State unemployment tax rate (SUTA) 0.80% 9.40% Assume that no employee has cumulative wages that exceed the relevant wage bases. Additional Benefits Include: • Health Insurance: The company pays 80% of medical insurance premiums for all employees. Total cost is $500 per month per employee. Retirement: Saunders Adventures Inc. offers its employees...
EI1.11 (LO 3) Ramirez Company has the following data for the weekly payroll ending January 31. Federal Income Tax Withholding $34 37 58 Health Insurance $10 25 25 Hours Hourly Employee L. Helton R. Kenseth 8 8 8 8 8 2 D. Tavaras 9 10 8 8 9 0 M T W TF S Rate 8 8 9 8 10 3 $12 14 15 Employees are paid 112 times the regular hourly rate for all hours worked in excess of...
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...
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