company has a gross payroll for the month of $846,000. The entire payroll is subject to a fica rate of 6.2% and a medicare rate of 1.45%Also federal tax is $176,000 and state tax is $18,500. 365,...

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company has a gross payroll for the month of $846,000. The entire payroll is subject to a fica rate of 6.2% and a medicare ra

business accounting

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Answer 1

Answer #1

Part 1

Employee payroll

General journal	Debit	Credit
Salaries and wages expense	846000
Federal Income Taxes Payable		176000
State income taxes payable		18500
FICA Social Security Taxes Payable (846000*6.2%)		52452
FICA – Medicare Taxes Payable (846000*1.45%)		12267
Accrued Payroll Payable		586781

Part 2

Employer payroll tax expense

General journal	Debit	Credit
Payroll Tax Expense	86619
FICA Social Security Taxes Payable (846000*6.2%)		52452
FICA – Medicare Taxes Payable (846000*1.45%)		12267
State Unemployment Compensation Tax Payable (365000*5.4%)		19710
Federal Unemployment Compensation Tax Payable (365000*0.6%)		2190

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Answer 2

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company has a gross payroll for the month of $846,000. The entire payroll is subject to a fica rate of 6.2% and a medicare rate of 1.45%Also federal tax is $176,000 and state tax is $18,500. 365,...

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company has a gross payroll for the month of $846,000. The entire payroll is subject to a fica rate of 6.2% and a medicare rate of 1.45%Also federal tax is $176,000 and state tax is $18,500. 365,...

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An employee earns $6,450 per month working for an employer. The FICA tax rate for Social...

Ricardo's Mexican Restaurant incurred salaries expense of $62,000 for 2018. The payroll expense includes employer FICA...

BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $128,400 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay

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BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $128.400 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay

BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $118,500 paid...

BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $128,400 paid...

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company has a gross payroll for the month of $846,000. The entire payroll is subject to a fica rate of 6.2% and a medicare rate of 1.45%Also federal tax is $176,000 and state tax is $18,500. 365,...

Homework Answers

Add Answer to: company has a gross payroll for the month of $846,000. The entire payroll is subject to a fica rate of 6.2% and a medicare rate of 1.45%Also federal tax is $176,000 and state tax is $18,500. 365,...

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company has a gross payroll for the month of $846,000. The entire payroll is subject to a fica rate of 6.2% and a medicare rate of 1.45%Also federal tax is $176,000 and state tax is $18,500. 365,...