Signature Company's partial payroll register for the week ended January 7 is as follows:
TAXABLE EARNINGS | ||||||||||||
NAME |
BEGINNING CUMULATIVE EARNINGS | TOTAL EARNINGS |
ENDING CUMULATIVE EARNINGS | UNEMPLOYMENT |
SOCIAL SECURITY | MEDICARE |
||||||
Barney, R. S. | ----- | 1,958.00 | 1,958.00 | 1,958.00 | 1,958.00 | 1,958.00 | ||||||
Fisk, M. C. | ----- | 574.00 | 574.00 | 574.00 | 574.00 | 574.00 | ||||||
Hayes, W. O. | ----- | 473.00 | 473.00 | 473.00 | 473.00 | 473.00 | ||||||
Lee, L. B. | ----- | 689.00 | 689.00 | 689.00 | 689.00 | 689.00 | ||||||
Parks, S. J | ----- | 550.00 | 550.00 | 550.00 | 550.00 | 550.00 | ||||||
Tempy, E. B. | ----- | 552.00 | 552.00 | 552.00 | 552.00 | 552.00 | ||||||
4,796.00 | 4,796.00 | 4,796.00 | 4,796.00 | 4,796.00 |
Assume that the payroll is subject to an employer's Social Security tax of 6.2 percent on the first $118,500 and a Medicare tax of 1.45 percent on all earnings. Also assume that the federal unemployment tax is 0.6 percent, and that the state unemployment tax is 5.4 percent of the first $7,000.
Give the entry in general journal form to record the payroll tax expense. If an amount box does not require an entry, leave it blank. If required, round your intermediate calculations and final answers to the nearest cent and use the rounded answers in subsequent computations.
GENERAL JOURNAL | PAGE | |||||
---|---|---|---|---|---|---|
DATE | DESCRIPTION | DOC. NO. | POST. REF. | DEBIT | CREDIT | |
20-- | ||||||
Jan. 7 | ||||||
To record employer's share of FICA taxes and employer's state and federal unemployment taxes. |
Signature Company's partial payroll register for the week ended January 7 is as follows: TAXABLE EARNINGS...
Signature Company's partial payroll register for the week ended January 7 is as follows: TAXABLE EARNINGS NAME BEGINNING CUMULATIVE EARNINGS TOTAL EARNINGS ENDING CUMULATIVE EARNINGS UNEMPLOYMENT SOCIAL SECURITY MEDICARE Barney, R. S. ----- 1,913.00 1,913.00 1,913.00 1,913.00 1,913.00 Fisk, M. C. ----- 550.00 550.00 550.00 550.00 550.00 Hayes, W. O. ----- 462.00 462.00 462.00 462.00 462.00 Lee, L. B. ----- 690.00 690.00 690.00 690.00 690.00 Parks, S. J ----- 586.00 586.00 586.00 586.00 586.00 Tempy, E. B. ----- 570.00 570.00...
The information on earnings and deductions for the pay period ended December 14 from King Company's payroll records is as follows: Beginning Cumulative Name Gross Pay Earnings Burgess, J. L. $396 $6,784 Clayton, M. E. 758 40,055 Drugden, T. F. 857 38,449 Lui, L. W. 1,039 39,619 Sparks, C. R. 4,023 115,159 Stevers, D. H. 814 6,767 For each employee, the Social Security tax is 6.2 percent of the first $118,500 and the employer's Social Security tax is 6.2 percent...
The information on earnings and deductions for the pay period ended December 14 from King Company's payroll records is as follows: Beginning Cumulative Name Gross Pay Earnings Burgess, J. L. $410 $6,750 Clayton, M. E. 785 40,200 Drugden, T. F. 860 38,500 Lui, L. W. 990 39,700 Sparks, C. R. 4,094 115,700 Stevers, D. H. 850 6,810 For each employee, the Social Security tax is 6.2 percent of the first $118,500 and the employer's Social Security tax is 6.2 percent...
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