Exercise 8-1 D 1neW>11FAUCISSEN-2NAME5 Barney, R. S.6 Fisk, M. C.89. Explain how payroll fraud can be prevented.7 Hayes, W.O.1112ExercisesEXERCISE 8-1 Signature Company's partial payroll register for the week endedJanuary 7 is as follows:Lee, L. B.9 Parks, S. J10 Tempy, E. B.LO 1....AShow meHOWOCBEGINNINGCUMULATIVETOTALEARNINGS EARNINGSF99+1932.00567.00483.00679.00578.00546.004,785.00DELLGENDINGCUMULATIVEEARNINGS1932.00567.00483.00679.00578.00546.004,785.00HUNEMPLOYMENTTAXABLE EARNINGS1932.00567.00483.00679.00578.00546.004,785.00SOCIALSECURITY1932.00567.00483.00679.00578.00546.004,785.00JMEDICAREAssume that the payroll is subject to an employer's Social Security tax of 6.2 percent onthe first $118,500 and a Medicare tax of 1.45 percent on all earnings. Also assume thatthe federal unemployment tax is 0.6 percent, and that the state unemployment tax is5.4 percent of the first $7,000. Prepare the entry in general journal form to record thepayroll tax expense.1932.00567.00483.00679.00578.00546.004,785.00EXERCISE 8-2 On January 14, at the end of the second week of the year, the totals ofCastle Company's payroll register showed that its store employees' wages amounted to$33,482 and that its warehouse wages amounted to $13,560. Withholdings consisted offederal income taxes, $5,110, employer's Social Security taxes at the rate of 6.2 percent,and employees' Social Security taxes at a rate of 6.2 percent. Both the employer's andemployees' Social Security taxes are based on the first $118,500, and no employee<[

As mentioned in the question, the solution is provided to questions 8-1. Payroll taxes are the taxes…

1 123 8 9 10 11 Exercises 4 NAME 5 Barney, R. S. 6 Fisk, M. C. 7 12 EXERCISE 8-1 Signature Company's partial payroll register for the week ended January 7 is as follows: A Hayes, W.O. Lee, L. B. Parks, S. J Tempy, E. B. C BEGINNING CUMULATIVE EARNINGS F TOTAL EARNINGS 1932.00 567.00 483.00 679.00 578.00 546.00 4,785.00 G ENDING CUMULATIVE EARNINGS 1932.00 567.00 483.00 679.00 578.00 546.00 4,785.00 H UNEMPLOYMENT TAXABLE EARNINGS 1932.00 567.00 483.00 679.00 578.00 546.00 4,785.00 HITCHLAKIN SOCIAL SECURITY 1932.00 567.00 483.00 679.00 578.00 546.00 4,785.00 J MEDICARE 1932.00 567.00 483.00 679.00 578.00 546.00 4,785.00

1 123 8 9 10 11 Exercises 4 NAME 5 Barney, R. S. 6 Fisk, M. C. 7 12 EXERCISE 8-1 Signature Company's partial payroll register for the week ended January 7 is as follows: A Hayes, W.O. Lee, L. B. Parks, S. J Tempy, E. B. C BEGINNING CUMULATIVE EARNINGS F TOTAL EARNINGS 1932.00 567.00 483.00 679.00 578.00 546.00 4,785.00 G ENDING CUMULATIVE EARNINGS 1932.00 567.00 483.00 679.00 578.00 546.00 4,785.00 H UNEMPLOYMENT TAXABLE EARNINGS 1932.00 567.00 483.00 679.00 578.00 546.00 4,785.00 HITCHLAKIN SOCIAL SECURITY 1932.00 567.00 483.00 679.00 578.00 546.00 4,785.00 J MEDICARE 1932.00 567.00 483.00 679.00 578.00 546.00 4,785.00

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter8: Liabilities And Stockholders' Equity

Section: Chapter Questions

Problem 8.2.4P: Recording payroll and payroll taxes The following information about the payroll for the week ended...

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Recording payroll and payroll taxes The following information about the payroll for the week ended October 4 was obtained from the records of Simkins Mining Co.: Instructions Illustrate the effect un (he accounts and financial statements of recording the liability for the October 4 employer payroll taxes.