Example 6-5 The journal entry to record the payroll from Figure 6.1, on pages 6-2 and 6-3, would be: Debit Credit Wages Expense 24,762.70 FICA Taxes Payable—OASDI 1,535.29 FICA Taxes Payable—HI 359.06 FIT Payable 3,714.00 SIT Payable 55.25 Group Insurance Payments W/H 54.70 Cash 19,044.40 Example 6-7 The journal entry to record the payroll tax entry from Figure 6.1 on pages 6-2 and 6-3 would be (assume a SUTA tax rate of 3.0%): Debit Credit Payroll Taxes 2,785.81 FICA Taxes Payable—OASDI 1,535.29 FICA Taxes Payable—HI 359.06 FUTA Taxes Payable 148.58 SUTA Taxes Payable 742.88 a. Cal Ruther, an employer, is subject to FICA taxes but exempt from FUTA and SUTA taxes. During the last quarter of the year, his employees earned monthly wages of $8,500, all of which is taxable. The amount of federal income taxes withheld each month is $1,040. Journalize the payment of wages, and record the payroll tax on November 29. For a compound transaction, if an amount box does not require an entry, leave it blank. When required, round your answers to the nearest cent. Date Account Debit Credit Nov. 29 fill in the blank 62158df4d00c066_2 fill in the blank 62158df4d00c066_3 fill in the blank 62158df4d00c066_5 fill in the blank 62158df4d00c066_6 fill in the blank 62158df4d00c066_8 fill in the blank 62158df4d00c066_9 fill in the blank 62158df4d00c066_11 fill in the blank 62158df4d00c066_12 fill in the blank 62158df4d00c066_14 fill in the blank 62158df4d00c066_15 Nov. 29 fill in the blank 62158df4d00c066_17 fill in the blank 62158df4d00c066_18 fill in the blank 62158df4d00c066_20 fill in the blank 62158df4d00c066_21 fill in the blank 62158df4d00c066_23 fill in the blank 62158df4d00c066_24 b. Prior to posting the November 29 payroll transaction, FICA Taxes Payable-OASDI, FICA Taxes Payable-HI, and Employees FIT Payable had zero balances. Ruther must pay the FICA taxes and income taxes withheld on the November 29 payroll. Journalize the electronic transfer of the payroll taxes on December

Example 6-5 The journal entry to record the payroll from Figure 6.1, on pages 6-2 and 6-3, would be: Debit Credit Wages Expense 24,762.70 FICA Taxes Payable—OASDI 1,535.29 FICA Taxes Payable—HI 359.06 FIT Payable 3,714.00 SIT Payable 55.25 Group Insurance Payments W/H 54.70 Cash 19,044.40 Example 6-7 The journal entry to record the payroll tax entry from Figure 6.1 on pages 6-2 and 6-3 would be (assume a SUTA tax rate of 3.0%): Debit Credit Payroll Taxes 2,785.81 FICA Taxes Payable—OASDI 1,535.29 FICA Taxes Payable—HI 359.06 FUTA Taxes Payable 148.58 SUTA Taxes Payable 742.88 a. Cal Ruther, an employer, is subject to FICA taxes but exempt from FUTA and SUTA taxes. During the last quarter of the year, his employees earned monthly wages of $8,500, all of which is taxable. The amount of federal income taxes withheld each month is $1,040. Journalize the payment of wages, and record the payroll tax on November 29. For a compound transaction, if an amount box does not require an entry, leave it blank. When required, round your answers to the nearest cent. Date Account Debit Credit Nov. 29 fill in the blank 62158df4d00c066_2 fill in the blank 62158df4d00c066_3 fill in the blank 62158df4d00c066_5 fill in the blank 62158df4d00c066_6 fill in the blank 62158df4d00c066_8 fill in the blank 62158df4d00c066_9 fill in the blank 62158df4d00c066_11 fill in the blank 62158df4d00c066_12 fill in the blank 62158df4d00c066_14 fill in the blank 62158df4d00c066_15 Nov. 29 fill in the blank 62158df4d00c066_17 fill in the blank 62158df4d00c066_18 fill in the blank 62158df4d00c066_20 fill in the blank 62158df4d00c066_21 fill in the blank 62158df4d00c066_23 fill in the blank 62158df4d00c066_24 b. Prior to posting the November 29 payroll transaction, FICA Taxes Payable-OASDI, FICA Taxes Payable-HI, and Employees FIT Payable had zero balances. Ruther must pay the FICA taxes and income taxes withheld on the November 29 payroll. Journalize the electronic transfer of the payroll taxes on December

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter13: Accounting For Payroll And Payroll Taxes

Section13.1: Recording A Payroll

Problem 1OYO

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Example 6-5

The journal entry to record the payroll from Figure 6.1, on pages 6-2 and 6-3, would be:

	Debit	Credit
Wages Expense	24,762.70
FICA Taxes Payable—OASDI		1,535.29
FICA Taxes Payable—HI		359.06
FIT Payable		3,714.00
SIT Payable		55.25
Group Insurance Payments W/H		54.70
Cash		19,044.40

Example 6-7

The journal entry to record the payroll tax entry from Figure 6.1 on pages 6-2 and 6-3 would be (assume a SUTA tax rate of 3.0%):

	Debit	Credit
Payroll Taxes	2,785.81
FICA Taxes Payable—OASDI		1,535.29
FICA Taxes Payable—HI		359.06
FUTA Taxes Payable		148.58
SUTA Taxes Payable		742.88

a. Cal Ruther, an employer, is subject to FICA taxes but exempt from FUTA and SUTA taxes. During the last quarter of the year, his employees earned monthly wages of $8,500, all of which is taxable. The amount of federal income taxes withheld each month is $1,040. Journalize the payment of wages, and record the payroll tax on November 29.

For a compound transaction, if an amount box does not require an entry, leave it blank. When required, round your answers to the nearest cent.

Date	Account	Debit	Credit
Nov. 29		fill in the blank 62158df4d00c066_2	fill in the blank 62158df4d00c066_3
		fill in the blank 62158df4d00c066_5	fill in the blank 62158df4d00c066_6
		fill in the blank 62158df4d00c066_8	fill in the blank 62158df4d00c066_9
		fill in the blank 62158df4d00c066_11	fill in the blank 62158df4d00c066_12
		fill in the blank 62158df4d00c066_14	fill in the blank 62158df4d00c066_15

Nov. 29		fill in the blank 62158df4d00c066_17	fill in the blank 62158df4d00c066_18
		fill in the blank 62158df4d00c066_20	fill in the blank 62158df4d00c066_21
		fill in the blank 62158df4d00c066_23	fill in the blank 62158df4d00c066_24

b. Prior to posting the November 29 payroll transaction, FICA Taxes Payable-OASDI, FICA Taxes Payable-HI, and Employees FIT Payable had zero balances. Ruther must pay the FICA taxes and income taxes withheld on the November 29 payroll. Journalize the electronic transfer of the payroll taxes on December 16.

If an amount box does not require an entry, leave it blank. Round your answers to the nearest cent.

Date	Account	Debit	Credit
Dec. 16		fill in the blank 571529fe801e02c_2	fill in the blank 571529fe801e02c_3
		fill in the blank 571529fe801e02c_5	fill in the blank 571529fe801e02c_6
		fill in the blank 571529fe801e02c_8	fill in the blank 571529fe801e02c_9
		fill in the blank 571529fe801e02c_11	fill in the blank 571529fe801e02c_12

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