Journalize payroll tax /ilm/takeAssignment/takeAssignmentMain.do?invoker &takeAssignmentSessionLocator assignment-take&in... AeBookJournalize payroll taxShow Me HowThe payroll register of Heritage Co. indicates $2,958 of social security withheld and $739.50 of Medicare tax withheld on total salaries of $49,300for the period. Earnings of $13,800 are subject to state and federal unemployment compensation taxes at the federal rate of 0.8% and the staterate of 5.4%.Journalize the entry to record the payroll tax expense for the period. If an amount box does not require an entry, leave it blank. Round youranswers to two decimal places.PreviousCheck My Work

Step 1: Introduction to payroll taxPayroll taxes refer to those taxes paid by both employer and…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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1. co EMPLOYEE NUMBER -ALLOW. TOTAL HOURS Problem 13-8 Journalizing Payroll Transactions The Outback Guide Service payroll register for the week ending Dec. 31 is shown below. PAYROLL REGISTER PAY PERIOD ENDING Dec. 31 20 -- DATE OF PAYMENT Dec. 31 , 20- EARNINGS DEDUCTIONS CK. NO. NET NAME RATE 80C. SEC. MEDICARE FED. INC. TAX 8TATE INC TAX HOSP. INS. PAY REGULAR OVERTIME TOTAL TAX TAX OTHER TOTAL 31 Coleman, Clarence M 1 41 7.60 28 Lorman, Victoria S 1 30 8.00 33 Peterson, Peg 35 Torrez, Joyce 6 31 21 00 21 00 3 99 26 00 304 00 315 40 51 43 49 56 52 58 36 58 11 40 19 55 457 263 97 240 00 275 50 261 00 240 00 4 80 190 44 222 92 224 42 2. 14 88 3 48 2. S1 38 7.25 M2 36 7.25 275 50 261 00 5|51 5 22 3 17 08 3 4. 16 18 3 78 6 00 (LD)5 40 4. 24 24 25 25 TOTALS 1,080 50 11 40 1,091 90 67 69 15 82 74 00 21 84 10 80 190 15 901 75 Other Deductione: Write the appropriate code letter to the left of the amount: B-U.S. Savings Bonde; C-Credit Union: UD-Union Duee; UW-United Way. Use the above…
Which equation could be used to identify one of the following levels of Federal Income Tax withholding? PERCENTAGE METHOD FOR FIT WITHHOLDING - SINGLE PERSON WEEKLY PAYROLL PERIOD Allowance Rate = $63.46 Weekly Taxable Wage Over The amount of FIT withholding is -- ch w If he But not over... y rin $1 $0.00 0.10(gross pay - $51) $14.40 + 0.15(gross pay - 195) $81.90 0.20(gross pay - $645) $195 195 645 645 1,482 Select one: O A. FIT = 14.4 + 0.15g; where g = gross pay in dollars. O B. FIT = 81.9g +.2(645); where g = gross pay in dollars. O C. FIT = 81.9(0.20) + (g - 645); where g = gross pay in dollars. O D. FIT = 0.15g 14.85; where g = gross pay in dollars.
Question text The totals from the first payroll of the year are shown below. Total Earnings FICA OASDI FICA HI FIT W/H State Tax Union Dues Net Pay $36,195.10 $2,244.10 $524.83 $6,515.00 $361.95 $500.00 $26,049.22 Journalize the entry to deposit the FICA and FIT taxes.
ournalize Payroll Tax The payroll register of Patel Heritage Co indicates $1,986 of social security withheld and $496.50 of Medicare tax withheld on total salaries of $33,100 for the period. Earnings of $9,600 are subject to state and federal unemployment compensation taxes at the federal rate of 0.8% and the state rate of 5.4%. Provide the journal entry to record the payroll tax expense for the period. If an amount box does not require an entry, leave it blank. Round to two decimal places. Payroll Tax Expense Payroll Tax Expense Social Security Tax Payable Social Security Tax Payable Medicare Tax Payable Medicare Tax Payable State Unemployment Tax Payable State Unemployment Tax Payable Federal Unemployment Tax Payable Federal Unemployment Tax Payable
Calculating Social Security and Medicare Taxes Assume a Social Security tax rate of 6.2% is applied to maximum earnings of $128,400 and a Medicare tax rate of 1.45% is applied to all earnings. Calculate the Social Security and Medicare taxes for the following situations: If required, round your answers to the nearest cent. Cumul. Pay Amount Amount Medicare Before Current Current Year-to-Date Soc. Sec. Over Max. Subject to Soc. Sec. Tах Тax Weekly Payroll Gross Pay Earnings Maximum Soc. Sec. Soc. Sec. Withheld Withheld $ 21,600 $1,720 $128,400 2$ $ 54,600 4,180 128,400 127,600 3,985 128,400 127,900 4,700 128,400
Required information [The following information applies to the questions displayed below] 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. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Gross Pay for September $800 Gross Pay through August 31 6,400 2,000 122,100 a. 2,100 8,000 b. C. Compute BMX's amounts for each of these four taxes as applied to the employee's gross earnings for September under each of three separate situations (a), (b), and (). (Round your answers to 2 decimal places.) a) September Earnings Subject to Tax 800.00 Тax Tax Rate Tax Amount es FICA-Social Security 6.20% 49.60 FICA-Medicare 800.00 1.45% 11.60 FUTA 0.60% SUTA b) September Earnings Subject to Tax Тax Tax Rate Tax Amount FICA-Social Security $4 2,100.00 6.20% 2$ 130.20 FICA-Medicare 2,100.00 1.45% 30.45 FUTA SUTA c) Sentember Farninge
He payroll register of Seaside APchitecture Company indicates $820 of social security and $215 of Medicare tax withheld on total salaries of $14.4 Assume earnings subject to state and federal unemployment compensation taxes are $4,900 at the federal rate of 0.80% and state rate of 5.40%. Required: Prepare the journal entry to record the payroll tax expense for the period. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to two decimal places.
Journalize payroll taxThe payroll register of Heritage Co. indicates $4,200 of social security withheld and $1,050 of Medicare tax withheld on total salaries of $70,000 for the period. Earnings of $12,000 are subject to state and federal unemployment compensation taxes at the federal rate of 0.8% andthe state rate of 5.4%. Journalize the entry to record the payroll tax expense for the period.
> So Kercise Ge ali payroll calculations, ese the following tax rates and round amounts to the Empioree: OASDI: 6,2% on first $118,500 earned; Medicare: 1.45% up to Ș200,000, 2 5% on earnings above $200,000. Employer: OASDI: 6.2% on first $118,500 earned; Medicare: 1.45%; FUTA: 0.6% on first $7,000 earned; SUTA: 5.4% on first $7,000 earned. S11-1 Determining current versus long-term liabilities Rios Raft Company had the following liabilities. a. Accounts Payable d. Note Payable due in 6 months b. Note Payable due in 3 years e. Sales Tax Payable c. Salaries Payable f. Unearned Revenue due in 8 months Determine whether each liability would be considered a current liability (CL) or a long-term liability (LTL).
2. Nix Company had the following balances in its general ledger before the entries for requirement (1) were made: Employee federal income tax payable $2,500 Social Security tax payable 2,008 Medicare tax payable 470 FUTA tax payable 520 SUTA tax payable 4,510 a. Prepare the journal entry for payment of the liabilities for federal income taxes and Social Security and Medicare taxes on April 15, 20--.
The totals from the first payroll of the year are shown below. TotalEarnings FICAOASDI FICAHI FITW/H StateTax UnionDues NetPay $36,195.10 $2,244.10 $524.83 $6,515.00 $361.95 $500.00 $26,049.22 Journalize the entry to deposit the FICA and FIT taxes. For a compound transaction, if an amount box does not require an entry, leave it blank. Round your answers to two decimal places.
Concerning Payroll Accounting - I need to clarify what portion of wages are used to calculate Social Security tax (6.2%) & Medicare tax (1.45%) in a single pay period. Are both taxes calculated on gross wages or calculated on adjusted wages for after pre-tax deductions (i.e., Health Insurance Premiums & Retirement deductions)? Thank you. Jewelee Marple

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