Franny's Fabric Coporation started operations on January 1, 2020. Various payroll transactions of Franny's occurred during...
Before you begin, print out all the pages in this workbook. Franny's Fabric Coporation started operations on January 1, 2020. Various payroll transactions of Franny's occurred during January and February 2020. Click on "Transactions" tab at bottom of this page to view these. Required: 1 On the printed "Worksheet" page, journalize the transactions the information from the "Transactions" page. January Transactions 15 Paid an employee S. Moore net salary for January 1-15. Gross salary for the period is $1,500. Deductions...
Parry Paint LLC started operations on January 1, 2019. It had the following payroll transactions during the year. On January 15, the company paid employee B. Vaugh $1560 for her January 1-15 salary. The company matches FICA deductions. Calculate the following: Gross Pay=$2,000 Income Taxes 15%= FICA Social Security 6.2%= FICA Medicare 1.45%= Total deductions= Net pay= Required: Calculate B. Vaughns's net pay.
Parry Paint LLC started operations on January 1, 2019. It had the following payroll transactions during the year. Jan 15 – Paid an employee B. Vaughn $1,560 cash for January 1-15 salary, calculated as follows: Gross Pay Deductions Income taxes 15% FICA Social Security 6.2% FICA Medicare 1.45% Total deductions Net Pay $2,000 The company matches FICA deductions. Required: Calculate B. Vaughn’s net pay and journalize the entries to record her payroll. Prepare journal entries to record the above transactions....
Problem 11-24 Entries for payroll transactions LO P2, P3 On January 8, the end of the first weekly pay period of the year, Regis Company's payroll register showed that its employees earned $26,760 of office salaries and $60,840 of sales salaries. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 6.20%, FICA Medicare taxes at the rate of 1.45%, $12,860 of federal income taxes, $1,440 of medical insurance deductions, and $800 of union dues. No...
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...
Problem 11-2A Entries for payroll transactions P2 P3 On January 8, the end of the first weekly pay period of the year, Regis Company's employees earned $22,760 of office salaries and $65,840 of sales salaries. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, S12.860 of federal income taxes, $1,340 of medical insurance deductions, and $840 of union dues. No employee earned more than $7,000 in...
During January, Deluxe Printing pays employee salaries of $.97 million. Withholdings in January are $69,000 for the employee portion of FICA, $240,000 for federal and state income tax, and $50,000 for the employee portion of health insurance (payable to Blue Cross/Blue Shield). The company incurs an additional $48,000 for federal and state unemployment tax and $20,000 for the employer portion of health insurance. During January, Deluxe Printing pays employee salaries of $.97 million. Withholdings in January are $69,000 for the...
The following payroll liability accounts are included in the ledger of Devito Company on January 1, 2020: FICA Taxes Payable $1,750 Federal Income Taxes Payable 4,000 State Income Taxes Payable 665 Federal Unemployment Taxes Payable 175 State Unemployment Taxes Payable 1,190 Union Dues Payable 400 Health Insurance Payable 5,000 U.S. Savings Bonds Payable 1,500 In January, the following transactions occurred: Jan. 9 Sent a check for $5,000 to Blue Cross and Blue Shield. 11 Deposited a check for $5,750 in...
* Prepare the appropriate journal entries associated with the below transactions. Transactions during January 2020: 1. On January 1, 2020, the owner of ACC invested $10,000.00 cash in the company. 2. An invoice was received from ACC's insurance provider on January 15, 2020, for casualty insurance coverage in the amount of $2,400.00 for the period January 1, through December 31, 2020. 3. Employees earned salary and wages in January of $6,500.00 which was paid on February 1, 2020. 4. The...
During January, Luxury Cruise Lines incurs employee salaries of $1.8 million. Withholdings in January are $137,700 for the employee portion of FICA, $270,000 for federal income tax, $112,500 for state income tax, and $18,000 for the employee portion of health insurance (payable to Blue Cross Blue Shield). The company incurs an additional $111,600 for federal and state unemployment tax and $54,000 for the employer portion of health insurance. Required: 1.-3. Record the necessary entries in the Journal Entry Worksheet below....