Problem 8-74A Payroll Accounting Jet Enterprises has the following data available for its April 30, 2019, payroll: Wages earned $485,000 * Federal income taxes withheld 92,300 * All subject to Social Security and Medicare matching and withholding of 6.2% and 1.45%, respectively. Federal unemployment taxes of 0.70% and state unemployment taxes of 0.90% are payable on $405,700 of the wages earned. Required: If required, round your answers to the nearest cent. 1. Compute the amounts of taxes payable and the amount of wages that will be paid to employees. Enter amounts as positive numbers. Social Security $fill in the blank a1cdad04ff8d01d_1 Medicare $fill in the blank a1cdad04ff8d01d_2 Federal unemployment $fill in the blank a1cdad04ff8d01d_3 State unemployment $fill in the blank a1cdad04ff8d01d_4 Net pay $fill in the blank a1cdad04ff8d01d_5 Prepare the journal entries to record the wages earned and the payroll taxes. If an amount box does not require an entry, leave it blank. Apr. 30 Wages Expense fill in the blank 37769ffda044ff5_2 fill in the blank 37769ffda044ff5_3 Federal Income Taxes Withholding Payable fill in the blank 37769ffda044ff5_5 fill in the blank 37769ffda044ff5_6 Social Security Taxes Payable (Employee) fill in the blank 37769ffda044ff5_8 fill in the blank 37769ffda044ff5_9 Medicare Taxes Payable (Employee) fill in the blank 37769ffda044ff5_11 fill in the blank 37769ffda044ff5_12 Cash fill in the blank 37769ffda044ff5_14 fill in the blank 37769ffda044ff5_15 (Record wages and liabilities) Apr. 30 Federal Unemployment Taxes Expense fill in the blank 37769ffda044ff5_17 fill in the blank 37769ffda044ff5_18 State Unemployment Taxes Expense fill in the blank 37769ffda044ff5_20 fill in the blank 37769ffda044ff5_21 Social Security Taxes Expense fill in the blank 37769ffda044ff5_23 fill in the blank 37769ffda044ff5_24 Medicare Taxes Expense fill in the blank 37769ffda044ff5_26 fill in the blank 37769ffda044ff5_27 Federal Unemployment Taxes Payable fill in the blank 37769ffda044ff5_29 fill in the blank 37769ffda044ff5_30 State Unemployment Taxes Payable fill in the blank 37769ffda044ff5_32 fill in the blank 37769ffda044ff5_33 Social Security Taxes Payable (Employer) fill in the blank 37769ffda044ff5_35 fill in the blank 37769ffda044ff5_36 Medicare Taxes Payable (Employer) fill in the blank 37769ffda044ff5_38 fill in the blank 37769ffda044ff5_39

Problem 8-74A Payroll Accounting Jet Enterprises has the following data available for its April 30, 2019, payroll: Wages earned $485,000 * Federal income taxes withheld 92,300 * All subject to Social Security and Medicare matching and withholding of 6.2% and 1.45%, respectively. Federal unemployment taxes of 0.70% and state unemployment taxes of 0.90% are payable on $405,700 of the wages earned. Required: If required, round your answers to the nearest cent. 1. Compute the amounts of taxes payable and the amount of wages that will be paid to employees. Enter amounts as positive numbers. Social Security $fill in the blank a1cdad04ff8d01d_1 Medicare $fill in the blank a1cdad04ff8d01d_2 Federal unemployment $fill in the blank a1cdad04ff8d01d_3 State unemployment $fill in the blank a1cdad04ff8d01d_4 Net pay $fill in the blank a1cdad04ff8d01d_5 Prepare the journal entries to record the wages earned and the payroll taxes. If an amount box does not require an entry, leave it blank. Apr. 30 Wages Expense fill in the blank 37769ffda044ff5_2 fill in the blank 37769ffda044ff5_3 Federal Income Taxes Withholding Payable fill in the blank 37769ffda044ff5_5 fill in the blank 37769ffda044ff5_6 Social Security Taxes Payable (Employee) fill in the blank 37769ffda044ff5_8 fill in the blank 37769ffda044ff5_9 Medicare Taxes Payable (Employee) fill in the blank 37769ffda044ff5_11 fill in the blank 37769ffda044ff5_12 Cash fill in the blank 37769ffda044ff5_14 fill in the blank 37769ffda044ff5_15 (Record wages and liabilities) Apr. 30 Federal Unemployment Taxes Expense fill in the blank 37769ffda044ff5_17 fill in the blank 37769ffda044ff5_18 State Unemployment Taxes Expense fill in the blank 37769ffda044ff5_20 fill in the blank 37769ffda044ff5_21 Social Security Taxes Expense fill in the blank 37769ffda044ff5_23 fill in the blank 37769ffda044ff5_24 Medicare Taxes Expense fill in the blank 37769ffda044ff5_26 fill in the blank 37769ffda044ff5_27 Federal Unemployment Taxes Payable fill in the blank 37769ffda044ff5_29 fill in the blank 37769ffda044ff5_30 State Unemployment Taxes Payable fill in the blank 37769ffda044ff5_32 fill in the blank 37769ffda044ff5_33 Social Security Taxes Payable (Employer) fill in the blank 37769ffda044ff5_35 fill in the blank 37769ffda044ff5_36 Medicare Taxes Payable (Employer) fill in the blank 37769ffda044ff5_38 fill in the blank 37769ffda044ff5_39

Corporate Financial Accounting

14th Edition

ISBN:9781305653535

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter10: Liabilities: Current, Installment Notes, And Contingencies

Section: Chapter Questions

Problem 10.13EX

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Problem 8-74A
Payroll Accounting

Jet Enterprises has the following data available for its April 30, 2019, payroll:

Wages earned	$485,000	*
Federal income taxes withheld	92,300

* All subject to Social Security and Medicare matching and withholding of 6.2% and 1.45%, respectively.

Federal unemployment taxes of 0.70% and state unemployment taxes of 0.90% are payable on $405,700 of the wages earned.

Required:

If required, round your answers to the nearest cent.

1. Compute the amounts of taxes payable and the amount of wages that will be paid to employees. Enter amounts as positive numbers.

Social Security	$fill in the blank a1cdad04ff8d01d_1
Medicare	$fill in the blank a1cdad04ff8d01d_2
Federal unemployment	$fill in the blank a1cdad04ff8d01d_3
State unemployment	$fill in the blank a1cdad04ff8d01d_4
Net pay	$fill in the blank a1cdad04ff8d01d_5

Prepare the journal entries to record the wages earned and the payroll taxes. If an amount box does not require an entry, leave it blank.

Apr. 30	Wages Expense	fill in the blank 37769ffda044ff5_2	fill in the blank 37769ffda044ff5_3
	Federal Income Taxes Withholding Payable	fill in the blank 37769ffda044ff5_5	fill in the blank 37769ffda044ff5_6
	Social Security Taxes Payable (Employee)	fill in the blank 37769ffda044ff5_8	fill in the blank 37769ffda044ff5_9
	Medicare Taxes Payable (Employee)	fill in the blank 37769ffda044ff5_11	fill in the blank 37769ffda044ff5_12
	Cash	fill in the blank 37769ffda044ff5_14	fill in the blank 37769ffda044ff5_15
	(Record wages and liabilities)
Apr. 30	Federal Unemployment Taxes Expense	fill in the blank 37769ffda044ff5_17	fill in the blank 37769ffda044ff5_18
	State Unemployment Taxes Expense	fill in the blank 37769ffda044ff5_20	fill in the blank 37769ffda044ff5_21
	Social Security Taxes Expense	fill in the blank 37769ffda044ff5_23	fill in the blank 37769ffda044ff5_24
	Medicare Taxes Expense	fill in the blank 37769ffda044ff5_26	fill in the blank 37769ffda044ff5_27
	Federal Unemployment Taxes Payable	fill in the blank 37769ffda044ff5_29	fill in the blank 37769ffda044ff5_30
	State Unemployment Taxes Payable	fill in the blank 37769ffda044ff5_32	fill in the blank 37769ffda044ff5_33
	Social Security Taxes Payable (Employer)	fill in the blank 37769ffda044ff5_35	fill in the blank 37769ffda044ff5_36
	Medicare Taxes Payable (Employer)	fill in the blank 37769ffda044ff5_38	fill in the blank 37769ffda044ff5_39

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