15. The following are data available for the month of September 2021 of Saint James Corp.Gross EarningsP8,500,000Deductions:SSS Contribution425,00085,00085,0002,125,000PhilhealthPag-ibigWitholding taxesDetermine the following:A. Accrued payrollB. Amount charged to Worked in Process account16. The following data of JYD Corp. Workers idle time are as follows:Normal Idle Time Abnormal Idle timeWage Rate/hr.Mr. Gom, Factory SupervisorMr. Bur, Factory laborerMr. Za, Factory laborer6 hrs2 hrsP4008 hrs2 hrs2508 hrs2 hrs.250Prepare the journal entry to record the idle time of the three workers.

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Answered: 15. The following are data available…

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter13: Accounting For Payroll And Payroll Taxes

Section: Chapter Questions

Problem 3AP

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A company has pre-tax or operating income of $120,000. If the tax rate is 40%, what is the companys after-tax income? A. $300,000 B. $240,000 C. $48,000 D. $72,000
The following are data available for the month of September 2021 of Saint James Corp. Gross Earnings P8,500,000 Deductions: SSS Contribution 425,000 Philhealth 85,000 Pag-ibig 85,000 Witholding taxes 2,125,000 Determine the following: Accrued payroll Amount charged to Worked in Process account
1. Ethel Corp. Has the following data for the month of March 2021: Gross Payroll P1,000,000 Employee’s deductions: SSS Contribution P20,000 Philhealth 10,000 PAg-ibig 10,000 Witholding taxes 100,000 The employer share of mandatory deductions are as follows: SSS Contribution P40,000 Philhealth 10,000 Pag-ibig 10,000 The company distributes its total payroll as follows: 50% to direct labor; 20% to indirect labor; 25% to administrative and 5% to sales salary. The company also apportions employer’s contribution as follows: 70% to factory…
P a y t o n company payroll for the year is $747,930. Of this amount, $469,230 is for wages paid e x c e s s $7,000 to each individual employee. The suta rate in Peyton company state is 2.9% on the first $7,000 of each employees earning. Round your answer to the nearest cent. A. Net Futa tax _______ B. Net suta tax _______ C. Total unemployment taxes _______
The following are transactions of Corporation R for the month of February 2020. Provide the corresponding journal entries for each transaction: Purchase of materials (direct and indirect), on credit, P1,000,000 Usage of raw materials, P750,000 (20% are indirect materials) Manufacturing payroll for the month: Gross amount of 390,000 Direct labor, P90,000 of which for SSS and other government payable, and gross amount of indirect labor, P170,000, P45,000 of which for SSS and government payable. Net salary paid in cash. Other manufacturing overhead costs incurred during the month, P175,000, consisting of janitorial salaries, P80,000 paid in cash for plant utilities, repairs, and supervisory salaries, P130,000 and plant depreciation, P40,000 Allocation of manufacturing overhead to jobs using the predetermined OH rate of P12/machine hour. Actual machine hour for the month is 50,000 hours. Completion and transfer of individual jobs to finished goods, P1, 555,000 Cost of goods sold, P880,000…
URGENT!! The following are transactions of Corporation R for the month of February 2020. Provide the corresponding journal entries for each transaction: Purchase of materials (direct and indirect), on credit, P1,000,000 Usage of raw materials, P750,000 (20% are indirect materials) Manufacturing payroll for the month: Gross amount of 390,000 Direct labor, P90,000 of which for SSS and other government payable, and gross amount of indirect labor, P170,000, P45,000 of which for SSS and government payable. Net salary paid in cash. Other manufacturing overhead costs incurred during the month, P175,000, consisting of janitorial salaries, P80,000 paid in cash for plant utilities, repairs, and supervisory salaries, P130,000 and plant depreciation, P40,000 Allocation of manufacturing overhead to jobs using predetermined OH rate of P12/machine hour. Actual machine hour for the month is 50,000 hours. Completion and transfer of individual jobs to finished goods, P1, 555,000 Cost of goods sold,…
For the year ended December 31, 2020, Waterway Electrical Repair Company reports the following summary payroll data. Gross earnings: Administrative salaries $180,000Electricians’ wages 382,000Total $562,000Deductions: FICA taxes $37,847Federal income taxes withheld 160,000State income taxes withheld (3%) 16,860United Fund contributions payable 28,100Health insurance premiums 15,000Total $257,807 Waterway’s payroll taxes are Social Security tax 6.2%, Medicare tax 1.45%, state unemployment 2.5% (due to a stable employment record), and 0.8% federal unemployment. Gross earnings subject to Social Security taxes of 6.2% total $479,000, and gross earnings subject to unemployment taxes total $111,000. No employee exceeds the $127,200 limit related to FICA taxes. (a) Prepare a summary journal entry at December 31 for the full year’s payroll.(b) Journalize the adjusting entry at December 31 to record the employer’s payroll taxes.
Artman Automotive in Nova Scotia employs four people. Their annual gross earnings are $40,800.00, $52,600.00, $65,700.00, and $68,900.00. The organization has a workers' compensation premium rate of $3.41 per $100.00 of assessable payroll. The maximum assessable earnings for Nova Scotia for 2021 are $64,500.00. Calculate the total annual assessment for Artman Automotive
Company ABC has the following Monthly Incurred Costs for the Year 2021: January = P 174, 000.00 February = P 135,200.00 March = P 200,000.00 April = P 230,000.00 May = P 260,000.00 June = P 132,000.00 July = P 35,000.00 August = P 340,000.00 September = P 170,000.00 October = P 30,000.00 November = P 230,000.00 December = P 180,000.00 What is the Equivalent Uniform Quarterly Cost incurred by the company the the available Interest rate is 12% compounded semi-annually.
Waterway Industries's payroll for the pay period ended October 31, 2021 is summarized as follows: DepartmentPayroll TotalWages FederalIncome TaxWithheld Amount of Wages Subjectto Payroll Taxes F.I.C.A. Unemployment Factory $77000 $9000 $68000 $33000 Sales 23000 3000 17000 3000 Office 18000 3000 9000 - $118000 $15000 $94000 $36000 Assume the following payroll tax rates: F.I.C.A. for employer and employee 7.65% each Unemployment 3% What amount should Waterway accrue as its share of payroll taxes in its October 31, 2021 balance sheet?
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 record the employer's payroll taxes (assume a SUTA rate of 3.7%).
Wallace Corporation summarizes the following information from its weekly payroll records during April. Type of Salary Gross Pay F.I.C.A. Tax Federal Income Tax State Income Tax Net Pay Office Staff $80,000 $6,160 $5,621 $2,000 $63,219 What amount should be debited to salaries expense for the month of April?

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