In January, the payroll supervisor determines that gross earnings for Pharoah Company are $64,000. All earnings are subject to 7.65% FICA taxes, 5.4% state unemployment taxes, and 0.6% federal unemployment taxes. Pharoah asks you to record a journal entry for the employer payroll taxes.

Q: SQU Company paid the weekly payroll on January 2 by debiting Wages Expense for $27,000. The…

A: Journal: Journal is the method of recording monetary business transactions in chronological order.…

Q: The following totals for the month of April were taken from the payroll records of Cheyenne Corp..…

A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…

Q: Given the following data from the payroll register of Johnson Construction, prepare the journal…

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

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

A: FICA stands Federal Insurance Contributions Act, which is a US federal payroll contribution directed…

Q: The following is a payroll register for Green Rock Associates, for the week ended March 06: Sale…

A: Payroll: It is the remuneration that a company owes to its employees for a specific period of time…

Q: The annual accounting period ends December 31. On December 31, calculated the payroll, which…

A: Journal entries are recorded in a chronological manner and it forms first step in recording every…

Q: The following totals for the month of April were taken from the payroll records of Concord…

A: The entry to record the payroll expenses is  Particulars Debit (in $)  Credit (in $) Salaries…

Q: At the end of each month, a company pays its employees. Payroll information below is for January,…

A: When a company records the compensation of its employees, such type of accounting is known as…

Q: Lightning Electronics is a midsize manufacturer of lithium batteries. The company’s payroll records…

A: An organization's payroll costs not just incorporate the wages paid to the representatives. In the…

Q: The following payroll liability accounts are included in the ledger of Ayayai Company on January 1,…

A: In journal entries for the liabilities, the liability is debited and cash is credited.

Q: Sandler Company completed the following two transactions. The annual accounting period ends December…

A: It is the first step to record financial transactions in the books of accounts that has dual effects…

Q: he payroll records of Brownlee Company provided the following information for the weekly pay period…

A: The payroll register is the one in which all the details of the employees such as days and hours…

Q: Summertime Company has 10 employees and processes payroll bi-weekly. A summary of their payroll…

A: Here discuss about the details of Payroll and withhold taxes in the form of CPP, Employees insurance…

Q: On January 15, the end of the first biweekly pay period of the year, North Company's payroll…

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

Q: The payroll register of Chen Heritage Co. indicates $2,220 of social security withheld and $555 of…

A: Introduction: A journal entry is a record of a commercial transaction in an organization's…

Q: The following totals for the month of April were taken from the payroll register of Waterway…

A: Definition:   Payroll tax: The costs incurred by an employer to pay the employee for his labor,…

Q: Assuming no employees are subject to ceilings for their earnings, Jenkins  Company has the following…

A: Social security and Medicare tax rates are based on gross payroll. The federal income tax withheld,…

Q: On January 21, the column totals of the payroll register for Great Products Company showed that its…

A: Journal entry: It is the activity of recording and summarizing business economic transaction in the…

Q: The following totals for the month of April were taken from the payroll register of Marigold…

A: The journal entry to record the monthly payroll on April 30 would include a debit to Salaries and…

Q: In January, the payroll supervisor determines that gross earnings for Sheridan Company are $68,000.…

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

Q: Given the following data from the payroll register of Johnson Construction, prepare the journal…

A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in…

Q: The following totals for the month of April were taken from the payroll records of Noll Company.…

A: Determine salaries and wages payable.

Q: KMH Industries is a monthly schedule depositor of payroll taxes. For the month of August 2021, the…

A: Introduction: A general journal is the first place where information is collected, with dividing…

Q: According  to the accounted of larkspur, inc its payroll taxes for the week were as follows $133.50…

A: Given data: FICA tax = $133.5 Federal unemployment taxes = $16.50 State unemployment tax = $93

Q: The following payroll liability accounts are included in the ledger of Wildhorse Company on January…

A: State unemployment tax: It is a type of payroll tax which is required by the employers to pay on…

Q: The payroll records of Brownlee Company provided the following information for the weekly pay period…

A:

Q: The following totals for the month of April were taken from the payroll register of Magnum Company:…

A: Journal entry is the primary chronicling of the transactions in the books.

Q: According to the accountant of Ulster Inc., its payroll taxes for the week were as follows: $137.68…

A: FICA taxes: FICA is called federal insurance contributions act which consists two types of taxes.…

Q: Sandler Company completed the following two transactions. The annual accounting period endsDecember…

A: Journal: Recording of a business transactions in a chronological order.

Q: On January 15, the end of the first biweekly pay period of the year, North Company;s payroll…

A: Journal entry: It can be defined as the recording of financial events and transactions that have…

Q: The payroll of Ruth Ltd. for September 2020 is as follows (amounts in thousands): total payroll was…

A: Under double entry system of bookkeeping one account is debited and other is credited.  Assets and…

Q: During the month of January, an employer incurred the following payroll taxes FICA Social Security…

A: Payroll tax expense = FICA social security tax + FICA Medicare tax + FUTA taxes + SUTA taxes

Q: On January 14, at the end of the second week of the year, the totals of Castle Company's payroll…

A: For the amount of  Social Security Tax and Medicare taxes  refer journal entry.

Q: totals for the month of April were taken from the payroll register of Omar Company. Salaries and…

A: In the journal entry for the payroll expense, the salary and wages expense is debited, all the taxes…

Q: The payroll register for Heilman Mfg. for the week of August 20th indicates the following: salaries…

A: Prepare journal entry to record payroll for the week of August 20:

Q: Kakarot Co. began business on January 2. Salaries were paid to employees on the last day of each…

A: Federal income tax withheld: It is the amount withheld from the employees’ earnings by way of…

Q: KMH Industries is a monthly schedule depositor of payroll taxes. For the month of August 2020, the…

A: Citizens are taxed in proportion to their financial situation, promoting social and economic…

Q: According to the accountant of Metlock, Inc., its payroll taxes for the week were as follows:…

A: Accrued liabilities means liabilities which are due in current period, but not yet paid. These…

Q: XYZ Company is processing payroll for the week ending January 9th. Employee earnings total $5,000.…

A: An entry in a payroll diary is a record of the salary that an employer gives to its employees.…

Q: ) Journalize the payroll entry for the week. DATE   Debit Credit X/X…

A:

Q: In January, gross earnings in Coronado Company were $36,000. The 7.65% FICA tax rate consists of the…

A: Payroll tax is defined as the percentage that is withheld from the pay of the employee through…

Q: The payroll register for Schmidt Company for the week ended April 29 indicated the following:…

A: Journal entries for recording the payroll and payroll tax for April 29.

Q: Addidas Co. had total payroll of $40,000 for the week ending March 5. The FICA rate is 7.65%,…

A: INTRODUCTION: A journal entry is a record of a commercial contract in a company's accounting system.…

Q: The entry to record the payment of net payroll would include a

A: salaries and wages payable  = salaries- deductions = 90000-6885-19800-3600 = 59715

Q: The following totals for the month of April were taken from the payroll register of Magnum Company.…

A: Payroll Tax Expense = FICA taxes payable + Federal unemployment taxes Payable + State unemployment…

Q: The following totals for the month of April were taken from the payroll register of Magnum Company.…

A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in…

Q: Assume the following totals for Roadkill Restaurant for the payroll quarter ended March 31, 2020:…

A: Following will be the Journal entry for Payment of taxes

Q: The following totals for the month of April were compiled from the payroll data of Magnum Company:…

A: Date Accounts Debit Credit   Payroll Tax Expense $1,170           FICA taxes Payable   $750…

Q: Beamon Corporation had the following payroll for April:   Officers' salaries $34,000 Sales…

A: Payroll refers to the employee's salary register that is maintained by the employer in which all…