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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 $2,700 of gross wages during the current pay...
Assume an employee of Rocco Rock Company earns $2,700 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 employee net wages of $2,295 and will remit income taxes and FICA on behalf of the employee. Rocco Rock Company pays the employee gross wages of...
8. The company has one employee. In December of 2018, her gross wages are $18,000. The...
8. The company has one employee. In December of 2018, her gross wages are $18,000. The employee's cumulative gross wages prior to this month are $102,000. She pays $3,500 in federal income taxes. She also pays a half of medical insurance ($500 out of $1,000); the company pays another half. SUTA rate is 4.2% a. Record the payroll entry for the employee: b- Record the payroll entry-for the employer
Lopez Company has a single employee, who earns a salary of $2,500 per pay period (or...
Lopez Company has a single employee, who earns a salary of $2,500 per pay period (or $60,000 per year). The employee’s paycheck, dated January 15 of the current year, included withholdings of $400 for employee income taxes, $191.25 for FICA—Social Security Taxes, and $150.00 for FICA—Medicare Taxes. FUTA specifies a federal tax rate of 6.0% on taxable wages up to the first $7,000 for each employee. Complete the necessary journal entry. (If no entry is required for a transaction/event, select...
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...
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 $410,000 earned Employee income taxes withheld 37,925 FICA taxes withheld 29,315 2,850 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...
E10-3 Recording Payroll Costs [LO 10-2] McLoyd Company completed the salaries and wages payroll for March....
E10-3 Recording Payroll Costs [LO 10-2] McLoyd Company completed the salaries and wages payroll for March. The payroll provided the following details: $430,000 Salaries and wages earned Employee income taxes withheld FICA taxes withheld Unemployment taxes 39,775 30,745 2,990 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...
Paul Company completed the salary and wage payroll for the month of March. The payroll provided...
Paul Company completed the salary and wage payroll for the month of March. The payroll provided the following details: Salaries and wages earned by employees $ 208,000 Employee income taxes withheld 41,600 Employee government insurance premiums withheld 3,000 FICA payroll taxes* 15,700 *Assessed on both employer and employee (i.e., $15,700 each). Required: 1. Prepare the journal entry to record the payroll for March, including employee deductions. Assume employees have been paid, but that Paul has yet to transfer any withholdings...
Check my wor McLoyd Comparny completed the salaries and wages payroll for March. The payroll provided...
Check my wor McLoyd Comparny 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 $600,e00 55, 500 42,900 4,170 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...
Homework Chapter Saved Paul Company completed the salary and wage payroll for the month of March....
Homework Chapter Saved Paul Company completed the salary and wage payroll for the month of March. The payroll provided the following details: Salaries and wages earned by employees Employee income taxes withheld Employee government insurance premiums withheld FICA payroll taxes $ 218,000 43,600 1,000 15,200 "Assessed on both employer and employee (.e., $15,200 each). Required: 1. Prepare the journal entry to record the payroll for March, including employee deductions. Assume employees have been paid, but that Paul has yet to...
During January, a company incurs employee salaries of $1.7 million. Withholdings in January are $130,050 for...
During January, a company incurs employee salaries of $1.7 million. Withholdings in January are $130,050 for the employee portion of FICA, $255,000 for federal income tax, $106,250 for state income tax, and $17,000 for the employee portion of health insurance (payable to Company B). The company incurs an additional $105,400 for federal and state unemployment tax and $51,000 for the employer portion of health insurance. Required: 1.-3. Record the necessary entries in the Journal Entry Worksheet 1. Record the employee...
8. The company has one employee. In December of 2018, her gross wages are $18,000. The employee's cumulative gross wages prior to this month are $102,000. She pays $3,500 in federal income taxes. She also pays a half of medical insurance ($500 out of $1,000); the company pays another half. SUTA rate is 4.2% a. Record the payroll entry for the employee: b- Record the payroll entry-for the employer
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...
McLoyd Company completed the salaries and wages payroll for March. The payroll provided the following details: Salaries and wages $410,000 earned Employee income taxes withheld 37,925 FICA taxes withheld 29,315 2,850 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...
E10-3 Recording Payroll Costs [LO 10-2] McLoyd Company completed the salaries and wages payroll for March. The payroll provided the following details: $430,000 Salaries and wages earned Employee income taxes withheld FICA taxes withheld Unemployment taxes 39,775 30,745 2,990 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...
Check my wor McLoyd Comparny 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 $600,e00 55, 500 42,900 4,170 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...
Homework Chapter Saved Paul Company completed the salary and wage payroll for the month of March. The payroll provided the following details: Salaries and wages earned by employees Employee income taxes withheld Employee government insurance premiums withheld FICA payroll taxes $ 218,000 43,600 1,000 15,200 "Assessed on both employer and employee (.e., $15,200 each). Required: 1. Prepare the journal entry to record the payroll for March, including employee deductions. Assume employees have been paid, but that Paul has yet to...
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