Required information IThe following information applies to the questions displayed below] The following summary data for the payroll period ended December 27, 2018, are available for Cayman Coating Co. $ 91,000 Gross pay FICA tax withholdings Income tax withholdings Group hospitalization insurance Employee contributions to pension plan Total deductions Net pay 14,690 1,460 26,305 Additional information: . For employees, FICA tax rates for 2018 were 7.65% on the first $118,500 of each employee's annual earnings. However, no employees had accumulated earnings for the year in excess of the $118,500 limit • For employers, FICA tax rates for 2018 were also 765% on the first $118,500 of each employee's annual earnings • The federal and state unemployment compensation tax rates are 06% and 5.4%, respectively. These rates are levied against the employer for the first $7,000 of each employee's annual earnings. Only $15.700 of the gross pay amount for the December 27, 2018, pay period was owed to employees who were still under the annual limit. a-2. Assuming that Cayman Coating Co's payroll for the last week of the year is to be paid on January 3, 2019, record the joumal entry to show the effects of the December 27, 2018, entries for Accrued payroll. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Required information IThe following information applies to the questions displayed below] The following summary data for the payroll period ended December 27, 2018, are available for Cayman Coating Co. $ 91,000 Gross pay FICA tax withholdings Income tax withholdings Group hospitalization insurance Employee contributions to pension plan Total deductions Net pay 14,690 1,460 26,305 Additional information: . For employees, FICA tax rates for 2018 were 7.65% on the first $118,500 of each employee's annual earnings. However, no employees had accumulated earnings for the year in excess of the $118,500 limit • For employers, FICA tax rates for 2018 were also 765% on the first $118,500 of each employee's annual earnings • The federal and state unemployment compensation tax rates are 06% and 5.4%, respectively. These rates are levied against the employer for the first $7,000 of each employee's annual earnings. Only $15.700 of the gross pay amount for the December 27, 2018, pay period was owed to employees who were still under the annual limit. a-2. Assuming that Cayman Coating Co's payroll for the last week of the year is to be paid on January 3, 2019, record the joumal entry to show the effects of the December 27, 2018, entries for Accrued payroll. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 10PA: Lemur Corp. is going to pay three employees a year-end bonus. The amount of the year-end bonus and...
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