Exhibit 6-1 The totals from the first payroll of the year are shown below. Total FICA...

Question

Question

Exhibit 6-1 The totals from the first payroll of the year are shown below. Total FICA FICA FIT State Union Net Earnings OASDI

Add a comment Improve this question Transcribed image text

Answer 1

Answer #1

Journal Entry-Employer Payroll Tax
Date	Accoutn Tittle	Debit	Credit
	Payroll tax expense (bal)	$4,325.32
	FICA/OASDI taxes payable		$2,244.10
	FICA/HI taxes payable		$524.83
	FUTA tax payable (36195.10*0.6%)		$217.17
	SUTA tax payable (36195.10*3.7%)		$1,339.22

	* Assume FUTA Tax Rate =0.6%

Add a comment

Answer 2

Similar Homework Help Questions

Exhibit 6-1 The totals from the first payroll of the year are shown below. Total FICA...

Exhibit 6-1 The totals from the first payroll of the year are shown below. Total FICA FICA FIT Enrnings OASDI HI W H $36,195.10 $2,244.10 $524.83 $6,515.00 State Tax $361.95 Union Net Dues Pay $500.00 $26,049.22 Refer to Exhibit 6-1. Journalize the entry to deposit the FICA and FIT taxes. Format в і у General Journal Date P.R. Debit Credit Dann 20 of 2
The totals from the first payroll of the year are shown below. FIT Union Total Earnings...

The totals from the first payroll of the year are shown below. FIT Union Total Earnings FICA OASDI FICA HI State Tax Net Pay W/H Dues $36,195.10 $2,244.10 $524.83 $6,515.00 $361.95 $500.00 $26,049.22 Journalize the entry to record the employer's payroll taxes (assume a SUTA rate of 3.7%). For a compound transaction, if an amount box does not require an entry, leave it blank. Round your answers to two decimal places.
The totals from the first payroll of the year are shown below. Total FICA Earnings OASDI...

The totals from the first payroll of the year are shown below. Total FICA Earnings OASDI $36,195.10 $2,244.10 FICA HI $524.83 FIT W H $6,515.00 State Tax $361.95 Union Net Dues Pay $500.00 $26,049.22 Refer to Exbibit 6.1. Journalize the entry to record the payroll. Format General Journal Date R. Debit A « Ea 5C

The totals from the first payroll of the year are shown below. Total Pay = $36,195.10...

The totals from the first payroll of the year are shown below. Total Pay = $36,195.10 FICA/OASDI = $ 2,244.10 FICA/HI = $ 524.83 FIT W/H = $ 6,515.00 State Tax W/H = $ 361.95 Union Dues = $ 500.00 Net Pay = $26,049.22 Assume the following tax rates: 1. * FICA tax—OASDI on employees: 6.2%. 2. FICA tax—HI on employees: 1.45%. 3. FIT withheld from employees. 4. FICA tax—OASDI on employers: 6.2%. 5. FICA tax—HI on employers: 1.45%. 6....
The totals from the first payroll of the year are shown below. Total Earnings: $40,000 The...

The totals from the first payroll of the year are shown below. Total Earnings: $40,000 The amount of Social security tax is 6.20% The amount of Medicare tax is 1.45% The amount of federal tax income is 5% The amount of state income tax is 4% The total amount of union dues withheld is $500. The amount of the FUTA tax is .6% on the first $7,000 of wages. No employees have exceeded the maximum amount of wages taxable. The...
Example 6-5 The journal entry to record the payroll from Figure 6.1, on pages 6-2 and...

Example 6-5 The journal entry to record the payroll from Figure 6.1, on pages 6-2 and 6-3, would be: Debit Credit Wages Expense 24,762.70 FICA Taxes Payable—OASDI 1,535.29 FICA Taxes Payable—HI 359.06 FIT Payable 3,714.00 SIT Payable 55.25 Group Insurance Payments W/H 54.70 Cash 19,044.40 Example 6-7 The journal entry to record the payroll tax entry from Figure 6.1 on pages 6-2 and 6-3 would be (assume a SUTA tax rate of 3.0%): Debit Credit Payroll Taxes 2,785.81 FICA Taxes...

In the Illustrative Case in this chapter, payroll transactions for Brookins Company were analyzed, journalized, and...

In the Illustrative Case in this chapter, payroll transactions for Brookins Company were analyzed, journalized, and posted for the third quarter of the fiscal year. In this problem, you are to record the payroll transactions for the last quarter of the firm's fiscal year. The last quarter begins on April 1, 20--. Narrative of Transactions: Apr. 1. Paid the treasurer of the union the amount of union dues withheld from workers' earnings during March. 15. Payroll: $6,105. All wages and...
In the Illustrative Case in this chapter, payroll transactions for Brookins Company were analyzed, journalized, and post...

In the Illustrative Case in this chapter, payroll transactions for Brookins Company were analyzed, journalized, and posted for the third quarter of the fiscal year. In this problem, you are to record the payroll transactions for the last quarter of the firm's fiscal year. The last quarter begins on April 1, 20--. Narrative of Transactions: Apr. 1. Paid the treasurer of the union the amount of union dues withheld from workers' earnings during March. 15. Payroll: $6,105. All wages and...

Exhibit 6-1 The totals from the first payroll of the year are shown below. Total FICA...

Homework Answers