Sales salariesFederal income tax withheldOffice salariesMedical insurance withheldSocial security tax withheldMedicare tax withheld$125,00032,30035,0007,37010,2002,550a. Journalize the entry to record the payroll. If an amount box does not require an entry, leave it blank.July 15Db. Journalize the entry to record the employer's payroll tax expense for the th. The state unemployment tax rate is 5.4%, and the federal unemployment tax rate is 0.8%Only $25,000 of salaries are subject to unemployment taxes. If an amount box does not require an entry, leave it blank.July 15

Payroll Calculation of payroll expenses which are treated as important part in the accounting in the…

Sales salaries Federal income tax withheld Office salaries Medical insurance withheld Social security tax withheld Medicare tax withheld $125,000 32,300 35,000 7,370 10,200 2,550 a. Journalize the entry to record the payroll. If an amount box does not require an entry, leave it blank. July 15 D. Journalize the entry to record the employer's payroll tax expense for the month. The state unemployment tax rate is 5.4%, and the federal unemployment tax rate is 9.-

Sales salaries Federal income tax withheld Office salaries Medical insurance withheld Social security tax withheld Medicare tax withheld $125,000 32,300 35,000 7,370 10,200 2,550 a. Journalize the entry to record the payroll. If an amount box does not require an entry, leave it blank. July 15 D. Journalize the entry to record the employer's payroll tax expense for the month. The state unemployment tax rate is 5.4%, and the federal unemployment tax rate is 9.-

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 10.4BE

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CALCULATION OF TAXABLE EARNINGS AND EMPLOYER PAYROLL TAXES AND PREPARATION OF JOURNAL ENTRY Selected information from the payroll register of Joanies Boutique for the week ended September 14, 20--, is as follows. Social Security tax is 6.2% on the first 118,500 of earnings for each employee. Medicare tax is 1.45% of gross earnings. FUTA tax is 0.6% and SUTA tax is 5.4% on the first 7,000 of earnings. Calculate the amount of taxable earnings for unemployment. Social Security, and Medicare taxes, and prepare the journal entry to record the employers payroll taxes as of September 14, 20--.
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.
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?