For the year ended December 31, 2020, Bramble Electrical Repair Company reports the following summary payroll data. Gross earnings: Administrative salaries $193,000 Electricians’ wages 365,000 Total $558,000 Deductions: FICA taxes $37,293 Federal income taxes withheld 167,500 State income taxes withheld (3%) 16,740 United Fund contributions payable 27,900 Health insurance premiums 18,000 Total $267,433 Bramble’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 $471,000, and gross earnings subject to unemployment taxes total $127,000. 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. (Round answers to 0 decimal places, e.g. 125. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (a) (b) (c) The W-2 Wage and Tax Statement requires the following dollar data.Complete the required data for the following employees. (Round answers to 0 decimal places, e.g. 5,275.) Employee Wages, Tips, Other Compensation Federal Income Tax Withheld State Income Tax Withheld FICA Wages FICA Tax Withheld Maria Sandoval $60,000 $29,400 $ $ $ Jennifer Mingenback 30,000 11,700

For the year ended December 31, 2020, Bramble Electrical Repair Company reports the following summary payroll data. Gross earnings: Administrative salaries $193,000 Electricians’ wages 365,000 Total $558,000 Deductions: FICA taxes $37,293 Federal income taxes withheld 167,500 State income taxes withheld (3%) 16,740 United Fund contributions payable 27,900 Health insurance premiums 18,000 Total $267,433 Bramble’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 $471,000, and gross earnings subject to unemployment taxes total $127,000. 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. (Round answers to 0 decimal places, e.g. 125. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (a) (b) (c) The W-2 Wage and Tax Statement requires the following dollar data.Complete the required data for the following employees. (Round answers to 0 decimal places, e.g. 5,275.) Employee Wages, Tips, Other Compensation Federal Income Tax Withheld State Income Tax Withheld FICA Wages FICA Tax Withheld Maria Sandoval $60,000 $29,400 $ $ $ Jennifer Mingenback 30,000 11,700

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter8: Employer Taxes, Payments, And Reports

Section: Chapter Questions

Problem 4E

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For the year ended December 31, 2020, Bramble Electrical Repair Company reports the following summary payroll data.

Gross earnings:
Administrative salaries		$193,000
Electricians’ wages		365,000
Total		$558,000
Deductions:
FICA taxes		$37,293
Federal income taxes withheld		167,500
State income taxes withheld (3%)		16,740
United Fund contributions payable		27,900
Health insurance premiums		18,000
Total		$267,433

Bramble’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 $471,000, and gross earnings subject to unemployment taxes total $127,000. 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.

(Round answers to 0 decimal places, e.g. 125. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

No.	Account Titles and Explanation	Debit	Credit
(a)






(b)

(c) The W-2 Wage and Tax Statement requires the following dollar data.

Complete the required data for the following employees. (Round answers to 0 decimal places, e.g. 5,275.)

Employee	Wages, Tips, Other Compensation	Federal Income Tax Withheld	State Income Tax Withheld	FICA Wages	FICA Tax Withheld
Maria Sandoval	$60,000	$29,400	$	$	$
Jennifer Mingenback	30,000	11,700

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