Activity 1. Pay Sheet Direction: Indicate the needed formula in solving for the specified cell by completing the statements below. Write your answers on your answer sheet. A B 14 EY EL PI COMPANY 02/14/2020 15 16 17 Name: Bianca U. Guevarra 18 Employee Number : 014344 19 Employment Status: Regular 20 21 GSIS Personal Share 22 PHILHEALTH 23 PAGIBIG Fund 24 BIR Withholding Tax 25 Total Deduction: 26 NET PAY: Pay Slip Month of February 2020 Basic Salary: P50,000.00 P1,500.00 Allowance: Gross Compensation: 1. DEDUCTIONS 9% 2. 1.50% 3. P100.00 to m P5,329.16 4. 5. 1. In F19, press_ then enter to solve for the gross compensation. 2. In press =E21*F17 or =E21*.09, then enter to solve for GSIS share 3. In F23, press_ 4. Press. 5. For net pay, press. to solve for. _to compute for the total deduction. Lon cell in cell

Activity 1. Pay Sheet Direction: Indicate the needed formula in solving for the specified cell by completing the statements below. Write your answers on your answer sheet. A B 14 EY EL PI COMPANY 02/14/2020 15 16 17 Name: Bianca U. Guevarra 18 Employee Number : 014344 19 Employment Status: Regular 20 21 GSIS Personal Share 22 PHILHEALTH 23 PAGIBIG Fund 24 BIR Withholding Tax 25 Total Deduction: 26 NET PAY: Pay Slip Month of February 2020 Basic Salary: P50,000.00 P1,500.00 Allowance: Gross Compensation: 1. DEDUCTIONS 9% 2. 1.50% 3. P100.00 to m P5,329.16 4. 5. 1. In F19, press_ then enter to solve for the gross compensation. 2. In press =E21F17 or =E21.09, then enter to solve for GSIS share 3. In F23, press_ 4. Press. 5. For net pay, press. to solve for. _to compute for the total deduction. Lon cell in cell

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter13: Accounting For Payroll And Payroll Taxes

Section13.3: Reporting Withholding And Payroll Taxes

Problem 1WT

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Required information Use the following information for the Exercises below. (Algo) Skip to question [The following information applies to the questions displayed below.] BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 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 through August 31 Gross Pay for September a. $ 6,400 $ 1,700 b. 2,700 2,800 c. 133,300 9,900 Exercise 11-8 (Algo) Payroll-related journal entries LO P2 Assuming situation (a), prepare the employer’s September 30 journal entry to record salary expense and its related payroll liabilities for this employee. The employee’s federal income taxes withheld by the employer are $60 for this pay period.
Required information Skip to question [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 throughAugust 31 Gross Pay forSeptember a. $ 6,400 $ 800 b. 2,000 2,100 c. 122,100 8,000 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 (c). (Round your answers to 2 decimal places.) a) Tax September Earnings Subject to Tax Tax Rate Tax Amount FICA—Social Security FICA—Medicare FUTA SUTA b) Tax September Earnings Subject to Tax Tax Rate Tax Amount FICA—Social Security…
Required information Skip to question [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 throughAugust 31 Gross Pay forSeptember a. $ 6,400 $ 800 b. 2,000 2,100 c. 122,100 8,000 Assuming situation (a), prepare the employer’s September 30 journal entries to record salary expense and its related payroll liabilities for this employee. The employee’s federal income taxes withheld by the employer are $80 for this pay period. Complete this question by entering your answers in the tabs below. Taxes to be Withheld From Gross Pay General Journal The employee’s federal income taxes withheld by the employer are $80 for…
Use the following information for the Exercises below. Skip to question [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 throughAugust 31 Gross Pay forSeptember a. $ 6,400 $ 800 b. 2,000 2,100 c. 122,100 8,000 Exercise 11-6 Payroll-related journal entries LO P2 Assuming situation (a), prepare the employer’s September 30 journal entries to record salary expense and its related payroll liabilities for this employee. The employee’s federal income taxes withheld by the employer are $80 for this pay period.
Use the following information for the Exercises below. Skip to question [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 throughAugust 31 Gross Pay forSeptember a. $ 6,400 $ 800 b. 2,000 2,100 c. 122,100 8,000 Exercise 11-5 Computing payroll taxes LO P2, P3 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 (c). (Round your answers to 2 decimal places.)
Use the following information for the Exercises below. Skip to question [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 throughAugust 31 Gross Pay forSeptember a. $ 6,400 $ 800 b. 2,000 2,100 c. 122,100 8,000 Exercise 11-7 Payroll-related journal entries LO P3 Assuming situation (a), prepare the employer’s September 30 journal entries to record the employer’s payroll taxes expense and its related liabilities.
Use the following information for the Exercises below. [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 payFor BMX , its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Gross Pay through August 31 $ 6,400 2.000 122,100 Gross Pay for September $ 800 2.100 8,000 Exercise 9-7 Payroll-related journal entries LO P3 Assuming situation (a), prepare the employer's September 30 journal entries to record the employer's payroll taxes expense and its related iſabilities.
Janet Stevens began her tax business, Stevens Tax Service, on February 1, 2021. Below is the Chart of Accounts for the company:Acct # Account Title11 Cash12 Accounts receivable14 Supplies15 Prepaid Rent16 Prepaid Insurance18 Office Equipment19 Accumulated Depreciation21 Accounts Payable23 Unearned Fees31 Janet Stevens, Capital32 Janet Stevens, Drawing41 Fees Earned51 Salary Expense52 Rent Expense53 Supplies Expense54 Depreciation Expense55 Insurance Expense59 Miscellaneous ExpenseAfter closing the books at the end of March, Stevens Tax Service had the following post-closing trial balance:Stevens Tax ServicePost-Closing Trial BalanceMarch 31, 2021Acct # Account Title Debit Credit11 Cash 12,80012 Accounts Receivable 9,75014 Supplies 72515 Prepaid Rent 5,00016 Prepaid Insurance 2,25018 Office Equipment 10,50019 Accumulated Depreciation 70021 Accounts Payable 1,51023 Unearned Fees 1,80031 Janet Stevens, Capital 37,015Totals 41,025 41,0252During the month of April, 2021, Stevens Tax Service…
Question 1 – Which one of these lists contain ALL items that are used when computing net employment income (Division B, Subdivision a)? A) employee contributions to a registered pension plan; signing bonus on accepting employment; use of an employer-owned automobile. B) monthly automobile allowance; dental plan paid for by the employer; promotional cost incurred in selling the employer's products. C) subsidized meals in employer's facilities; life insurance paid by the employer; legal fees incurred to collect unpaid salary. D) tips and gratuities; dental insurance paid by the employer; exercise of options to purchase shares of the publicly traded employer.
Read the following information and answer questions that follow.Brian Ndlovu is employed as a manager in Gaborone. During the year ended 30 June 2020, hehad the following incomes and expenditures:Amount (P)Salary 1,40,000Performance related award 50,000Entertainment allowance 60,000Barclays Bank Interest 40,000Commission 70,000Interest from BBS Subscription shares 10,000Other Investment Income 20,000Medical aid contributions from the employer 5,000Compensation for injury at work 6,000Rental Income 1,60,000Expenses incurred during the year:Approved Pension contributions 10,000Contributions to approved retirement annuity fund 15,000Annual subscriptions to ACCA 1,500Contributions to an unapproved fund 20,000Contributions to life assurance policy 15,000P.A.Y.E. deducted 40,000Additional Information:(1) During the year, the company paid a total of P10 000 to Brian for private telephone andelectricity bills(2) Brian had the use of a company car that cost P100 000 for which he paid for his…
Use the following information for the next two questions:The following relates to the transactions of GRIMACE FROWN Co. during 20x1:Directors' and officers' remuneration 8,000,000Post-employment benefits of officers 800,000Fringe benefits in the form of housing assistance to directors and officers 20,000,000Share options granted to officers 1,200,000Officers' expenses on travels, representation and entertainment subject to liquidation and reimbursement 400,000Loans to directors and officers 12,000,000Sales to related entities 40,000,000 A. How much is the amount of related party disclosures on GRIMACE’s separate financial statements?a. 30,000,000 b. 52,000,000 c. 82,000,000 d. 42,000,000 B. How much is the amount of related party disclosures on GRIMACE’s consolidated financial statements?a. 12,000,000 b. 30,000,000 c. 82,000,000 d. 42,000,000
[The following information applies to the questions displayed below.] BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $132,900 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 throughAugust 31 Gross Pay for September a. $ 5,200 $ 2,400 b. 2,700 2,800 c. 127,300 8,700 Assuming situation (a), prepare the employer’s September 30 journal entry to record the employer’s payroll taxes expense and its related liabilities.