On December 31, 2021, what amount should PO report for accrued salaries payable? *see attacheda. P 100,000b. P 94,000c. P 82,000d. P 35,000 PO Company's salaried employees are paid biweekly. Occasionally, advances made to employeesare paid back by payroll deductions. Information relating to salaries for the calendar year 2020 is asfollows:12/31/20P 12,00012/31/21P 18,000Employee advancesAccrued salaries payableSalaries expense during the yearSalaries paid during the year (gross)65,000?815,000780,000

Accrued expense are those expenses which are incurred by the company but yet to make the payment for…

Answered: On December 31, 2021, what amount…

PAYROLL ACCT.,2019 ED.(LL)-TEXT

19th Edition

ISBN:9781337619783

Author:BIEG

Publisher:BIEG

Chapter3: Social Security Taxes

Section: Chapter Questions

Problem 9PB

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Wallace Corporation summarizes the following information from its weekly payroll records during April. Prepare the two journal entries to record the payment of the payroll and the accrual of its payroll taxes for April. Assume an 8% FICA rate for both employees and the employer. Also assume a 5.4% state unemployment tax rate, a 0.6% federal unemployment tax rate, and that all wages are subject to all payroll taxes. Round to the nearest dollar.
Payroll Accounting McLaughlin Manufacturing has the following data available for its March 31, 2019, payroll: *All Subject to Social Security and Medicare matching and withholding at 6.2% and 1.45%, re9eetivety. Federal unemployment taxes of 0.50% and state unemployment taxes of 0.80% are payable on the first $1,000,000. Required: 1. Compute the taxes payable and wages that will be paid to employees. Then prepare the journal entries to record the wages earned and the payroll taxes. ( Note: Round to the nearest penny) 2. CONCEPTUAL CONNECTION McLaughlin Manufacturing would like to hire a new employee at a salary of $80,000. Assuming payroll taxes are as described above (with unemployment taxes paid on the first $7,000) and fringe benefits (e.g., health insurance, retirement, etc.) are 28% of gross pay, what will be the total cost of this employee for McLaughlin?
Payrex Co. has six employees. All are paid on a weekly basis. For the payroll period ending January 7, total employee earnings were 12,500, all of which were subject to SUTA, FUTA, Social Security, and Medicare taxes. The SUTA tax rate in Payrexs state is 5.4%, but Payrex qualifies for a rate of 2.0% because of its good record of providing regular employment to its employees. Other employer payroll taxes are at the rates described in the chapter. REQUIRED 1. Calculate Payrexs FUTA, SUTA, Social Security, and Medicare taxes for the week ended January 7. 2. Prepare the journal entry for Payrexs payroll taxes for the week ended January 7. 3. What amount of payroll taxes did Payrex save because of its good employment record?

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On December 31, 2021, what amount should PO report for accrued salaries payable? *see attached a. P 100,000 b. P 94,000 c. P 82,000 d. P 35,000