What is the journal entry to book the employees’ gross earnings and withholdings and net pay?...
What is the journal entry to book the employees’ gross earnings and withholdings and net pay? Please explain.
Homework Answers
Journal entry to book the employees’ gross earnings and withholdings and net pay
| Gross earnings | x | |
| Withholding taxes payable | x | |
| Payroll payable (net pay) | x |
Follow these steps for easy recording
Step 1: Record payroll expenses
Step 2: Record payables ( payroll liabilities)
Step 3: Transition accounting periods
Add Answer to:
What is the journal entry to book the employees’ gross earnings
and withholdings and net pay?...
Data Table Earnings Withholdings Salaries Beginning Current Ending and Cumulative Earnings Total Withholdings Net Pay Check...
Data Table Earnings Withholdings Salaries Beginning Current Ending and Cumulative Earnings Total Withholdings Net Pay Check No. Wages Expense OASDI Medicare 801 802 Cumulative Period Earnings Earnings 83,000 $ 4,600 113,000 7,200 40,000 2,400 63,000 3,500 6,000 $ 299,000 $ 23,700 Income Health United Tax Insurance Way $ 460 $ 92 $ 35 2,160 1 44 25 240 48 0 1,050 70 1,800 120 $ 5,710 $ 474 $ 80 803 804 805 0 Print Done More Info For all...
For the payroll period ended on May 7, 2019, gross pay was $102,000, net pay was...
For the payroll period ended on May 7, 2019, gross pay was
$102,000, net pay was $78,000, and various withholdings totaled
$24,000. The journal entry to show the effects of the payroll
accrual on May 7, 2019 is:
For the payroll period ended on May 7, 2019, gross pay was $102,000, net pay was $78,000, and various withholdings totaled $24,000. The journal entry to show the effects of the payroll accrual on May 7, 2019 is: Multiple Choice 0 Dr....
For the payroll period ended on June 25, 2016, gross pay was $15,550, net pay was...
For the payroll period ended on June 25, 2016, gross pay was $15,550, net pay was $10,400, FICA tax withholdings were $1,900, income tax withholdings were $2,600, and medical insurance contributions were $650. Required: Use the horizontal model to show the effects of the payroll accrual on June 25, 2016. (Use amounts with + for increases and amounts with – for decreases.) Please insert answer in Balance Sheet and Income Statement
Problem 11-3A Payroll expenses, withholdings, and taxes LO P2, P3 Paloma Co. has four employees. FICA...
Problem 11-3A Payroll expenses, withholdings, and taxes
LO P2, P3
Paloma Co. has four employees. FICA Social Security taxes are
6.2% of the first $118,500 paid to each employee, and FICA Medicare
taxes are 1.45% of gross pay. Also, for the first $7,000 paid to
each employee, the company’s FUTA taxes are 0.6% and SUTA taxes are
2.15%. The company is preparing its payroll calculations for the
week ended August 25. Payroll records show the following
information for the company’s...
Problem 9-3A Payroll expenses, withholdings, and taxes LO P2, P3 Paloma Co. Stars has four employees....
Problem 9-3A Payroll expenses, withholdings, and taxes LO P2, P3 Paloma Co. Stars has four employees. FICA Social Security taxes are 6.2% of the first $117,000 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. Also, for the first $7,000 paid to each employee, the company's FUTA taxes are .6% and SUTA taxes are 6.20%. The company is preparing its payroll calculations for the week ended August 25. Payroll records show the following information for the...
During one pay period, Star Valley Company distributes $139,000 to employees as net pay. The income...
During one pay period, Star Valley Company distributes $139,000
to employees as net pay. The income tax withholdings were $20,700
and the FICA withholdings were $9,069. Total payroll costs to the
company for this pay period, excluding any unemployment taxes,
was:
Multiple Choice $159,700. $168,769. $177,838. $139,000.
1. Your company sells $53,000 of one-year, 12% bonds for an issue price of $45,500. The journal entry to record this tra...
1. Your company sells $53,000 of one-year, 12% bonds for an issue price of $45,500. The journal entry to record this transaction will include a credit to Bonds Payable in the amount of: 2. During one pay period, Star Valley Company distributes $132,000 to employees as net pay. The income tax withholdings were $19,300 and the FICA withholdings were $8,945. Total payroll costs to the company for this pay period, excluding any unemployment taxes, was: 3. Lightning Electronics is a...
2nd Journal ENtry : Record the employer payroll taxes. Midwest Shipping pays employees at the end...
2nd Journal ENtry :
Record the employer payroll taxes.
Midwest Shipping pays employees at the end of each month. Payroll Information is listed below for January, the first month of the fiscal year. Assume that none of the employees exceeds the Federal unemployment tax maximum salary of $7,000 in January. Salaries Federal and state income taxes withheld Federal unemployment tax rate State unemployment tax rate (after FUTA deduction) Social Security (FICA) tax rate $800.000 179.000 0.885 5.4.06 7.65% Record salarles...
During one pay period, your company distributes $130,500 to employees as net pay. The income tax...
During one pay period, your company distributes $130,500 to employees as net pay. The income tax withholdings were $19,000 and the FICA withholdings were $8,919. Total payroll costs to the company for this pay period, excluding any unemployment taxes, was: Multiple Choice Ο $149,500. Ο $130,500. Ο S167338, Ο $158.419.
Saved Paloma Co. has four employees. taxes are 1 45% of gross pay. Also, for the...
Saved Paloma Co. has four employees. taxes are 1 45% of gross pay. Also, for the first S7,000 po dto each employe 25 %. The company is preparing its payroll calculations for the company's four employees. FICA Social Security taxes are 62% of the first $127,200 paid to each employee, and FICA Medicare e, the company's FUTA taxes are 35% and SUTA taxes are for the week ended August 25. Payroll records show the following information Income Tax Withholding Gross...
Data Table Earnings Withholdings Salaries Beginning Current Ending and Cumulative Earnings Total Withholdings Net Pay Check No. Wages Expense OASDI Medicare 801 802 Cumulative Period Earnings Earnings 83,000 $ 4,600 113,000 7,200 40,000 2,400 63,000 3,500 6,000 $ 299,000 $ 23,700 Income Health United Tax Insurance Way $ 460 $ 92 $ 35 2,160 1 44 25 240 48 0 1,050 70 1,800 120 $ 5,710 $ 474 $ 80 803 804 805 0 Print Done More Info For all...
For the payroll period ended on May 7, 2019, gross pay was
$102,000, net pay was $78,000, and various withholdings totaled
$24,000. The journal entry to show the effects of the payroll
accrual on May 7, 2019 is:
For the payroll period ended on May 7, 2019, gross pay was $102,000, net pay was $78,000, and various withholdings totaled $24,000. The journal entry to show the effects of the payroll accrual on May 7, 2019 is: Multiple Choice 0 Dr....
Problem 11-3A Payroll expenses, withholdings, and taxes
LO P2, P3
Paloma Co. has four employees. FICA Social Security taxes are
6.2% of the first $118,500 paid to each employee, and FICA Medicare
taxes are 1.45% of gross pay. Also, for the first $7,000 paid to
each employee, the company’s FUTA taxes are 0.6% and SUTA taxes are
2.15%. The company is preparing its payroll calculations for the
week ended August 25. Payroll records show the following
information for the company’s...
Problem 9-3A Payroll expenses, withholdings, and taxes LO P2, P3 Paloma Co. Stars has four employees. FICA Social Security taxes are 6.2% of the first $117,000 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. Also, for the first $7,000 paid to each employee, the company's FUTA taxes are .6% and SUTA taxes are 6.20%. The company is preparing its payroll calculations for the week ended August 25. Payroll records show the following information for the...
During one pay period, Star Valley Company distributes $139,000
to employees as net pay. The income tax withholdings were $20,700
and the FICA withholdings were $9,069. Total payroll costs to the
company for this pay period, excluding any unemployment taxes,
was:
Multiple Choice $159,700. $168,769. $177,838. $139,000.
2nd Journal ENtry :
Record the employer payroll taxes.
Midwest Shipping pays employees at the end of each month. Payroll Information is listed below for January, the first month of the fiscal year. Assume that none of the employees exceeds the Federal unemployment tax maximum salary of $7,000 in January. Salaries Federal and state income taxes withheld Federal unemployment tax rate State unemployment tax rate (after FUTA deduction) Social Security (FICA) tax rate $800.000 179.000 0.885 5.4.06 7.65% Record salarles...
During one pay period, your company distributes $130,500 to employees as net pay. The income tax withholdings were $19,000 and the FICA withholdings were $8,919. Total payroll costs to the company for this pay period, excluding any unemployment taxes, was: Multiple Choice Ο $149,500. Ο $130,500. Ο S167338, Ο $158.419.
Saved Paloma Co. has four employees. taxes are 1 45% of gross pay. Also, for the first S7,000 po dto each employe 25 %. The company is preparing its payroll calculations for the company's four employees. FICA Social Security taxes are 62% of the first $127,200 paid to each employee, and FICA Medicare e, the company's FUTA taxes are 35% and SUTA taxes are for the week ended August 25. Payroll records show the following information Income Tax Withholding Gross...
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