Accountants Plus has a 5 day work week (Monday through Friday) and pays its employees every other Friday. Each of the 10 employees earns $1,000 per week. December 31 was the second Tuesday in the pay period. The federal income tax rate is 15%, the state income tax rate is 3%, and the FICA rate is 7.65%.  The adjusting journal entry required on 12/31 would include a:

Q: The City of Greensboro provides its employees two weeks of paid vacation per year. As of December…

A: Definition: Accrued expense: This is the expense incurred but not yet paid. It is treated as…

Q: On January 8, the end of the first weekly pay period of the year, Regis Company's employees earned…

A: Tax is the amount which is to be paid to the tax authorities of a nation.

Q: Francisco Company has 10 employees, each of whom earns $2,700 per month and is paid on the last day…

A: A journal entry is used in an accounting record for a business to describe a business transaction.…

Q: The chief executive officer earns $10,020 per month. As of May 31, her gross pay was $50,100. The…

A: please like the answer your response matters Answer: Gross Annual income = $ 10,020  x 12 = $…

Q: Win-Win company’s first weekly pay period of the year ends on January 8. On that date, the column…

A: Wages: Wages are the earnings of the employees for their work to the company they serve. These are…

Q: An employee receives an hourly rate of $15, with time and a half for all hours worked in excess of…

A: Gross earnings = Regular earnings + Overtime earnings = (40 hours x $15 per hour) + (6 hours x $15…

Q: Merger Co. has 10 employees, each of whom earns $2,100 per month and has been employed since January…

A: Social security  tax = 2100×10×6.2% =1302

Q: Electronics Service Co. pays salaries monthly on the last day of the month. The following…

A: Calculation of Social security tax: Given @ 6% up to wage limit of $130,000 Since Duke reached the…

Q: On January 8, the end of the first weekly pay period of the year, Regis Company's employees earned…

A: Payroll taxes are the percentage of employee's salary that an employer held to pay it to the…

Q: An employee receives an hourly wage rate of $15, with time-and-a-half for all hours worked in excess…

A: Payroll accounting is a part of accounting which is made to record transaction made in the favor of…

Q: Blossom Co. began operations on January 2, 2020. It employs 13 people who work 8-hour days. Each…

A: Paid leave is the leave which is provided to employee in which the employees are eligible to get pay…

Q: . This is the first payroll of the year and the employee has no cumulative earnings for the year to…

A: Calculation of Gross earnings :   Normal earnings $1,800.00 Bonus earnings $540.00 Gross earnings…

Q: Big Pine Tree Service has 18 employees, 12 with gross earnings of $350 per week and 6 with gross…

A: Payroll taxes The employer is required to pay a certain percentage to the government on the behalf…

Q: Gary Marks is paid on a monthly basis. For the month of January of the current year, he earned a…

A: Payroll Taxes = FICA SS Tax + FICA Medicare Tax + FUTA Tax + SUTA Tax= 544.87+ 127.42 + 42 +…

Q: FDN Company paid employee wages on and through Friday, January 26, and the next payroll will be paid…

A: The accrued wages are the wages that are due to be paid but not paid during the period.

Q: Nielson Corporation has three employees. Each employee is paid overtime at time and one-half…

A: Payroll Register A payroll register is a tool used to keep track of each employee's wage information…

Q: An employee receives an hourly rate of $14, with time and a half for all hours worked in excess of…

A: Salaries expense is the addition of regular and overtime earnings and then various deductions are…

Q: Paloma Co. has four employees. FICA Social Security taxes are 6.2% of the first $128,400 paid to…

A: Company must pay two-thirds of the $60 per employee weekly health insurance; each employee pays the…

Q: On January 8, the end of the first weekly pay period of the year, Regis Company’s employees earned…

A: Tax: It is the compulsory payment that arises on income of individual, corporate and other entities.

Q: A paving company has 24 employees, 15 with gross earnings of $355 per week and nine with gross…

A: Calculation of total social security and Medicare tax for the first quarter of the year: It was…

Q: A paving company has 24 employees, 15 with gross earnings of $365 per week and nine with gross…

A: The number of employees of paving company = 24  The gross earnings of 15 employees per week = $365 *…

Q: Paloma Co. Stars has four employees. FICA Social Security taxes are 6.2% of the first $117,000 paid…

A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: A Social Security tax rate at 6.2%, FICA Medicare tax rate at 1.45%, federal income tax of $650,…

A: Journal entries is the first step to record the financial transactions in the books of accounts that…

Q: Wind Beneath My Wings Inc. employs one person to run its wind energy company and July is the first…

A: Journal entries are entered in account books to record each and every financial transaction related…

Q: An employee receives an hourly rate of $23.00, with time and a half for all hours worked in excess…

A: After withholdings have also been deducted from an employee's gross wage, net compensation is the…

Q: An employee receives an hourly wage rate of $23, with time-and-a-half for all hours worked in excess…

A: Definition: The net amount payable to the employee is the amount paid net of taxes. It is calculated…

Q: Fishing Guides Co. has four employees. FICA Social Security taxes are 6.2% of the first $137,700…

A: Payroll: It implies to the list consisting the name of the employees and the amount that is required…

Q: Marc & Associates employs Janet Evanovich at its law firm and June is the first pay period for…

A: What are journal entries? It is the first step to record the financial transactions in the books of…

Q: Oriole provides its employees two weeks of paid vacation per year. As of December 31, 70 employees…

A: The employees are considered as the important resources for the company. The company's profit…

Q: Kenz Limited employs its staff on a five-day working week. The weekly salaries is $15,000 and…

A: The reporting period is typically either for a month, quarter, or year. Organizations use the same…

Q: Merger Co. has 10 employees, each of whom earns $2,000 per month and has been employed since January…

A: Total Earning for employees per month = Earning per employee x Total no. of employees =$2,000 per…

Q: Pablo Management has eight employees, each of whom earns $165 per day. They are paid on Fridays for…

A: Accrued wages is the amount of wages that have been accrued at the reporting date but has not been…

Q: An employee receives an hourly wage rate of $18, with time and a half for all hours worked in excess…

A: The net amount payable to the employee is the amount paid net of taxes. It is calculated as follows:…

Q: Paloma Company has four employees. FICA Social Security taxes are 6.2% of the first $137,700 paid to…

A: Payroll taxes is the amount that is held by the employer from the employees' earnings and pay it to…

Q: The chief executive officer earns $10,120 per month. As of May 31, her gross pay was $50,600. The…

A: please like the answer your response matters Answer: Gross Annual income = $ 10,020  x 12 = $…

Q: Bonita Consulting Inc's gross salaries for the biweekly period ended August 24 were $15,000.…

A: Journal is the primary book where transactions are originally recorded. Further, a journal entry is…

Q: On January 8, the end of the first weekly pay period of the year, Regis Company's employees earned…

A: Journal Entry - It is record of business transaction whether it is economic or non economic activity…

Q: Marc & Associates employs Janet Evanovich at its law firm and June is the first pay period for…

A:

Q: Paloma Company has four employees. FICA Social Security taxes are 6.2% of the first $137,700 paid to…

A: Employee's Payroll: It is the amount for which an employee contributes or works for a company.…

Q: Zolnick Enterprises has two hourly employees-Kelly and Jon. Both employees earn overtime at the rate…

A: Bonus rate for Kelly = $22 x 1.5 times = $33 Bonus rate for Jon = $27 x 1.5 times = $40.5

Q: Nielson Corporation has three employees. Each employee is paid overtime at time and one-half…

A: Payroll is the salary register maintained by the HR department of the company which includes the…

Q: Merger Co. has 10 employees, each of whom earns $1,550 per month and has been employed since January…

A: Given that: Number of Employees = 10 Pay per month = $1550 per month

Q: Marc & Associates employs Janet Evanovich at its law firm and June is the first pay period for…

A: What are journal entries? It is the first step to record the financial transactions in the books of…

Q: Sheffield Consulting Inc's gross salaries for the biweekly period ended August 24 were $12,500.…

A: Salaries expenses include the following deduction = CPP Payable + EI payable  + income tax payable…

Q: Dixon Sales has five sales employees that receive weekly paychecks. Each earns $10 per hour and each…

A: Formula: Federal income tax = Sales wages expenses x Federal income tax rate State income tax =…

Q: A company’s first weekly pay period of the year ends on January 8. Sales employees earned $30,000…

A: Payroll: Payroll refers to the total amount that is required to be paid by the company to its…

Q: On January 8, the end of the first weekly pay period of the year, Regis Company's employees earned…

A: Given that: Office salaries = $25760 Sales salaries = $70840

Q: During the month of January, an employee earned $5,000 of salary. Withholdings from the employee’s…

A: Solution:- Introduction:- The following basic information as follows:- Employee earned $5,000 of…

Q: Paloma Company has four employees. FICA Social Security taxes are 6.2% of the first $137,700 paid to…

A: FICA (Federal Insurance Contributions Act) taxes are social security and Medicare taxes that both…

Q: Merger Company has 10 employees, each of whom earns $1,550 per month and has been employed since…

A: A journal entry has been used to record a commercial transaction in the accounting records of a…