Question

eBook Exercise 10-4 Payroll Expenses At the end of October, the payroll register for Noir Tool Corporation contained the following totals: wa es 371,000; federal income taxes withheld $94,884; state income taxes $15,636; Social Security tax withheld, $23,002; Medicare tax withheld, $5,379.50; medical insurance deductions, $12,870; and wages subject to unemployment taxes, $57.240. hheld 1. Determine the total and components of the monthly payroll, assuming Social Security and Medicare taxes equal to the amount for employees, a federal unemployment insurance tax of 0.8 percent, a state unemployment tax of 5.4 percent, and medical insurance premiums for which the employer pays 80 percent of the cost. Round your answers to the nearest cent Employees' federal income taxes payable Employees' state income taxes payable Social Security tax payable Medicare tax payable Medical insurance premiums payable Wages payable Total monthly payroll

Answer 1

1) Particulars Amount$ Emplovees' federal income taxes pavable Emplovees' state income taxes pavable Social Security tax payable Medicare tax payable Medical insurance premiums pavable Wages payable Total monthl 94884 15636 23002 5379.5 12870 219228.5 371000 roll 2) Particulars Amount$ Social Security tax pavable Medicare tax payable Medical insurance premiums pavable Federal unemplovment tax pavable State unemployment tax payable Total 23002 5379.5 51480 457.92 3090.96 83410.38 roll expenses