On March 31, the Federal Unemployment Tax Payable account in the general ledger of The Argosy Company showed a balance of $1,491. This represents the FUTA tax owed for the first quarter of the year. On April 30, the firm deposited the amount owed in the First Security National Bank. Record this transaction in general journal form. View transaction list Journal entry worksheet

On March 31, the Federal Unemployment Tax Payable account in the general ledger of The Argosy Company showed a balance of $1,491. This represents the FUTA tax owed for the first quarter of the year. On April 30, the firm deposited the amount owed in the First Security National Bank. Record this transaction in general journal form. View transaction list Journal entry worksheet

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter8: Current And Contingent Liabilities

Section: Chapter Questions

Problem 26CE: Payroll Taxes Hernandez Builders has a gross payroll for January amounting to $500,000. The...

See similar textbooks

Similar questions

Reference Figure 12.15 and use the following information to complete the requirements. A. Determine the federal income tax withholdings amount per monthly pay period for each employee. B. Record the employee payroll entry (all employees) for the month of January assuming FICA Social Security is 6.2%, FICA Medicare is 1.45%, and state income tax is equal to 3% of gross income. (Round to the nearest cent if necessary.)
Payroll tax entries According to a summary of the payroll of Mountain Streaming Co., 120,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax. Also, 45,000 was subject to state and federal unemployment taxes. A. Calculate the employers payroll taxes, using the following rates: state unemployment, 5.4%; federal unemployment, 0.8%. B. Journalize the entry to record the accrual of payroll taxes.
Recording payroll and payroll taxes The following information about the payroll for the week ended October 4 was obtained from the records of Simkins Mining Co.: Instructions Determine the following amounts for the employer payroll taxes related to the October 4 payroll: (a) FICA tax payable, (b) state unemployment tax payable, and (c) federal unemployment tax payable.
Payroll Taxes Hernandez Builders has a gross payroll for January amounting to $500,000. The following amount have been withheld: Also, the federal unemployment tax rate is 6.2% and applies to all but $50,000 of the gross payroll. Required: 1. What is the amount of net pay recorded by Hernandez? 2. Prepare the journal entries to record the payroll.