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The payroll register for Heilman Mfg. for the week of August 20th indicates the following: salaries $1,500,000 Social Security Taxes Withheld 90,000 Medicare tax withheld 22,500 Fereral income taxes withheld 300,000 In addition state and federal unemployment taxes were calculated at a rate of 5.4% and 0.8% respectively, on $270,000 of salaries. Journalize the entry to record payroll for the week of 8/20. Then using the same information from payroll register, journalize the entry to record the payroll tax expense incurred for the same week.

College Accounting (Book Only): A Career Approach

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter8: Employer Taxes, Payments, And Reports

Section: Chapter Questions

Problem 4E

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The payroll register for Heilman Mfg. for the week of August 20th indicates the following:

salaries $1,500,000

Social Security Taxes Withheld 90,000

Medicare tax withheld 22,500

Fereral income taxes withheld 300,000

In addition state and federal unemployment taxes were calculated at a rate of 5.4% and 0.8% respectively, on $270,000 of salaries. Journalize the entry to record payroll for the week of 8/20.

Then using the same information from payroll register, journalize the entry to record the payroll tax expense incurred for the same week.

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On January 21, the column totals of the payroll register for Great Products Company showed that its sales employees had earned 14,960, its truck driver employees had earned 10,692, and its office employees had earned 8,670. Social Security taxes were withheld at an assumed rate of 6.2 percent, and Medicare taxes were withheld at an assumed rate of 1.45 percent. Other deductions consisted of federal income tax, 3,975, and union dues, 560. Determine the amount of Social Security and Medicare taxes withheld and record the general journal entry for the payroll, crediting Salaries Payable for the net pay. All earnings were taxable. Round amounts to the nearest penny.
On January 21, the column totals of the payroll register for Great Products Company showed that its sales employees had earned 14,960, its truck driver employees had earned 10,692, and its office employees had earned 8,670. Social Security taxes were withheld at an assumed rate of 6.2 percent, and Medicare taxes were withheld at an assumed rate of 1.45 percent. Other deductions consisted of federal income tax, 3,975, and union dues, 560. Determine the amount of Social Security and Medicare taxes withheld and record the general journal entry for the payroll, crediting Salaries Payable for the net pay. All earnings were taxable. Round amounts to the nearest penny.
Payment and distribution of payroll The general ledger of Berskshire Mountain Manufacturing Inc. showed the following credit balances on January 15: Direct labor earnings amounted to 10,500 from January 16 to 31. Indirect labor was 5,700, and sales and administrative salaries for the same period amounted to 3,800. All wages are subject to FICA, FUTA, state unemployment taxes, and 10% income tax withholding. Required: 1. Prepare the journal entries for the following: a. Recording the payroll. b. Paying the payroll. c. Recording the employers payroll tax liability. d. Distributing the payroll costs for January 1631. 2. Prepare the journal entry to record the payment of the amounts due for the month to the government for FICA and income tax withholdings. 3. Calculate the amount of total earnings for the period from January 1 to 15. 4. Should the same person be responsible for computing the payroll, paying the payroll and making the entry to distribute the payroll? Why or why not?

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