The payroll register for Kronberg Company indicates $13,200 of social security withheld and $3,300 of Medicare tax withheld on total salaries of $220,000. Federal withholdings for the period totaled $43,560. What accounts would be affected by this transaction?

The payroll register for Kronberg Company indicates $13,200 of social security withheld and $3,300 of Medicare tax withheld on total salaries of $220,000. Federal withholdings for the period totaled $43,560. What accounts would be affected by this transaction?

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 1E

See similar textbooks

Related questions

Q: The payroll register of Ruggerio Co. indicates $10,500 of social security withheld and $2,625 of…

Q: The payroll register of Seaside Architecture Company indicates $990 of social security and $252 of…

A: Payroll Accounting: The process of payroll accounting includes the computation and payment of…

Q: The payroll register of Longboat Co. indicates $5,400 of social security withheld and $1,350 of…

A: Payroll: Payroll refers to the total amount that is required to be paid by the company to its…

Q: The payroll register of Clapton Co. indicates $11,340 of social security withheld and $2,835 of…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: The payroll register of Heritage Co. indicates $4,200 of social security withheld and $1,050 of…

A: Payroll Accounting: Employer-sponsored payroll accounting is basically the computation,…

Q: The payroll register of Seaside Architecture Company indicates $980 of Social Security and $255 of…

A: Withheld Tax : Withheld tax applicable to employment income. A withheld tax is a type of income tax…

Q: The payroll register of Longboat Co. indicates $5,400 of social security withheld and $1,350 of…

A: Payroll: The total payment that a company is required to pay its employee for the service is called…

Q: According to a summary of the payroll of Mountain Streaming Co., $110,000 was subject to the 6.0%…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: The payroll register of Heritage Co. indicates $4,200 of social security withheld and $1,050 of…

A: Payroll seems to be the total of all remuneration that a company should provide to its employees…

Q: The following information about the payroll for the week ended December 30 was obtained from the…

A: Payroll: The total payment that a company is required to pay to its employee for the services…

Q: The payroll register or Longboat Company indicates $5,400 of social security withheld and $1,350 of…

A: Compute state and federal unemployment compensation taxes as shown below:

Q: The payroll reoster of Heritage Co. indicates $12,000 of social security withhekd and $3,000 of…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: The payroll register of Chen Heritage Co. indicates $2,220 of social security withheld and $555 of…

A: Introduction: A journal entry is a record of a commercial transaction in an organization's…

Q: According to a summary of the payroll of Scotland Company, $450,000 was subject to the 6.0% social…

A: The financial transactions are initially recorded in the form of journal entry.

Q: The payroll register of Seaside Architecture Company indicates $820 of social security and $215 of…

A: Employer payroll taxes: The taxes which the employer must pay to the employees with their salaries…

Q: according to a summary of the payroll of Scotland company, salaries for the. Were 500,000 federal…

A: Introduction: A journal is the official book of the firm in which all transactions are documented in…

Q: For the year ended December 31, 2020, Waterway Electrical Repair Company reports the following…

A: Answer a

Q: The following information about the payroll for the week ended December 30 was obtained from the…

A: Payroll: The total payment that a company is required to pay to its employee for the services…

Q: The payroll register of Ruggerio Co. indicates $10,500 of social security withheld and $2,625 of…

A: Payroll: The total payment that a company is required to pay to its employee for the services…

Q: The payroll register of Patel Engineering Co. indicates $2,916 of social security withheld and $729…

A: Social security and Medicare tax: To give payments to retirees, widows, and surviving children, the…

Q: The payroll register of Wang Heritage Co indicates $1,848 of social security withheld and $462.00 of…

A: Payroll taxes are levied on workers and companies depending on salaries, gratuities, and wages…

Q: The payroll register of Seaside Architecture Company indicates $920 of social security and $256 of…

A: Journal Entry It is used to record the business transactions of an enterprises

Q: According to a summary of the payroll of Guthrie Co., $560,000 was subject to the 6.0% social…

A: Part a:

Q: The payroll register of Salem Communications Co. indicates 6.2% of social security withheld and…

A: Payroll taxes are the amount of tax liability that is to be paid on payment of salaries and wages to…

Q: According to a summary of the payroll of Scotland Company, $450,000 was subject to the 6.0% social…

A: Social Security tax = Taxable Earnings x Social Security tax rate = $500,000*6.00% = $30,000…

Q: he payroll register of Seaside architecture company indicates $915 of Social Security and $177 of…

A: A record is frequently recorded in the primary ledger; however, it may alternatively be entered in a…

Q: The payroll register of Sara Company indicates $5,850 of social security tax withheld and $1,600 of…

A: Introduction: Payroll tax expense account is indeed the holding account used to keep track of the…

Q: The payroll register of Heritage Co. indicates $3,900 of social security withheld and $975 of…

A: Payroll: The total payment that a company is required to pay to its employee for the services…

Q: The payroll register of Heritage Co. indicates $3,900 of social security withheld and $975 of…

A: Net Salaries Payable = Total salaries for the period - Total amount withheld = $65,000 - ($3,900 +…

Q: According to a summary of the payroll of Scotland Company, total salaries were $500,000. Assume…

Q: According to a summary of the payroll of Mountain Streaming Co., $110,000 was subject to the 6.0%…

A: Social Security tax = Social Security Taxable Earnings x Social Security tax rate = $110,000*6.00% =…

Q: The payroll register for Star Express & Company for the pay period ended January 31, 20--, showed…

A: Social Security tax = Social Security Taxable Earnings x Social Security tax rate = 787000*6.20% =…

Q: According to a summary of the payroll of Scotland Company, $450,000 was subject to the 6.0% social…

A: Accrued salaries states the liability amount remaining at the end of the reporting year for salaries…

Q: The payroll register of Patel Engineering Co. indicates $1,440 of social security withheld and $360…

A: Journal: Recording of a business transactions in a chronological order.

Q: The payroll register of Salem Communications Co. indicates $29,580 of social security withheld and…

A: Debit the receiver and credit the giver. Debit what comes in and credit what goes out. Debit…

Q: The payroll of Swifty Company for September 2019 is as follows. Total payroll was $ 444,000, of…

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

Q: On November 30, the payroll register of Webster & Smith indicated the following information: Wages…

A: Working:

Q: The payroll register of Castilla Heritage Co indicates $2,790 of social security withheld and…

A: Federal Unemployment Taxes = Taxable earnings x Federal Unemployment Taxes rate State Unemployment…

Q: The payroll register of Seaside Architecture Company indicates $990 of Social Security and $258 of…

A: Salaries Payable = Salaries Expense - Social Security Tax - Medicare Tax - Federal Income Tax =…

Q: According to a summary of the payroll of Mountain Streaming Co., $110,000 was subject to the 6.0%…

A: Taxation refers to the imposition of compulsory financial obligations by the government on…

Q: According to a summary of the payroll of Mountain Streaming Co., $110,000 was subject to the 6.0%…

A: In this question, we have been asked to calculate payroll tax expenses for which we have been given…

Q: The payroll register of heritage co. Indicates $3900 of social security withheld and $975 of…

A: Federal Unemployment Compensation taxes =$65,000×0.8%=$520 State Unemployment Compensation taxes…

Q: According to a summary of the payroll of Sinclair Company, $505,000 was subject to the 6.0% social…

Q: Kinsella Inc. has a gross payroll of $13,500 for the pay period. The entire payroll is subject to…

A: Prepare journal entry to record wages and liabilites:

Q: The payroll register of Heritage Co. indicates $3,900 of social security withheld and $975 of…

A: State Unemployment Tax Payable = Earnings x 5.4% = $10,000 x 5.4% = $540 Federal Unemployment Tax…

Q: The payroll register of Seaside Architecture Company indicates $960 of social security and $260 of…

A: Payroll is the automation of settling the dues towards the employees of the organization and the…

Q: The payroll of Novak Company for September 2019 is as follows. Total payroll was $454,000, of which…

Question

What accounts would be affected by this transaction?

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1 Understanding the Payroll Register

VIEW

Step 2 Journal Entry

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

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.
For tax purposes, assume that the maximum taxable earnings are 118,500 for Social Security and 7,000 for the unemployment tax and that all earnings are taxable for Medicare. For the payroll register for the month of November for Shelby, Inc., determine the taxable earnings for each employee.
Payrex Co. has six employees. All are paid on a weekly basis. For the payroll period ending January 7, total employee earnings were 12,500, all of which were subject to SUTA, FUTA, Social Security, and Medicare taxes. The SUTA tax rate in Payrexs state is 5.4%, but Payrex qualifies for a rate of 2.0% because of its good record of providing regular employment to its employees. Other employer payroll taxes are at the rates described in the chapter. REQUIRED 1. Calculate Payrexs FUTA, SUTA, Social Security, and Medicare taxes for the week ended January 7. 2. Prepare the journal entry for Payrexs payroll taxes for the week ended January 7. 3. What amount of payroll taxes did Payrex save because of its good employment record?