VM* 00工B.LLL山vondocommand138|NJ[]{}R)5.4.&2$%23MacBook ProPrepare the journal entry for the period's payroll. If an amount box does not require an entry, leave it blank.Federal withholding for the period totaled $3,250.The payroll register of Seaside Architecture Company indicates $980 of Social Security and $254 of Medicare tax withheld on total salaries of $16,500 for the period.

Salaries payable = Salaries expense -Social Security tax payable - Medicare tax payable - Employees…

The payroll register of Seaside Architecture Company indicates $980 of Social Security and $254 of Medicare tax withheld on total salaries of $16,500 for the period. Federal withholding for the period totaled $3,250. Prepare the journal entry for the period's payroll. If an amount box does not require an entry, leave it blank.

The payroll register of Seaside Architecture Company indicates $980 of Social Security and $254 of Medicare tax withheld on total salaries of $16,500 for the period. Federal withholding for the period totaled $3,250. Prepare the journal entry for the period's payroll. If an amount box does not require an entry, leave it blank.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 12EB: Reference Figure 12.15 and use the following information to complete the requirements. A. Determine...

See similar textbooks

Similar questions

H9.C2 Paloma Company has four employees. FICA Social Security taxes are 6.2% of the first $137,700 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. Also, for the first $7,000 paid to each employee, the company's FUTA taxes are 0,6% and SUTA taxes are 5.4%. The company Is preparing its payroll calculations for the week ended August 25. Payroll records show the following Information for the company's four employees. Name Dali Trey Kiesha Chee Gross Pay through August 18 Dali: $ 136,600 Trey: 136,800 Kiesha: 6,900 Chee: 1,250 gross Pav Dali: $ 2,000 Trey: 900 Kiesha: 450 Chee: 400 Current Week Income Tax Withholding Dali: $284 Trey: 145 Kiesha: 39 Chee: 30 In addition to gross pay, the company must pay two-thirds of the $60 per employee weekly health insurance; each employee pays the remalning one-third. The company also contributes an extra 8% of each employee's gross pay (at no cost to employees) to a pension fund. Required: places.) Compute the following for the…
6-7A.LO2,3 payroll accounting by Beig and Toland Kip Bowman is owner and sole employee of KB Corporation. He pays himself a salary of $1,500 each week. Additional tax information includes: FICA tax-OASDI...........6.2% on first $128,400 FICA tax-HI..........1.45% on total pay Federal income tax....$232.00 per pay SIT.....22%of the federal income tax withholding FUTA.....0.6% on first $7,000 SUTA.....0.05% on first 14,000 Additional payroll deductions include: 401k plan....3%per pay Child support garnishment......$100 Health insurance premium...$95 per pay Record the payroll entry and payroll tax entry for the pay of the week ended June 7 (his year-to-date pay is $31,500)
PA11. Record the journal entries for each of the following payroll transactions.Apr. 2 Paid $650 and $340 cash to a federal depository for FICA Social Security and FICA Medicare,respectivelyApr. 4 Paid accumulated employee salaries of $15,220Apr. 11 Issued checks in the amounts of $480 for federal income tax and $300 for state income tax to anIRS-approved bankApr. 14 Paid cash to the health insurance carrier for total outstanding health insurance liability of $800Apr. 22 Remitted cash payments for FUTA and SUTA to federal and state unemployment agencies in theamounts of $130 and $250, respectively
Reference Figure 12.15 and use the following information to complete the requirements. A. Determine the federal income tax withholdings amount per monthly pay period for each employee. B. Record the employee payroll entry (all employees) for the month of January assuming FICA Social Security is 6.2%, FICA Medicare is 1.45%, and state income tax is equal to 3% of gross income. (Round to the nearest cent if necessary.)
E9.8 (LO 2), AP On December 31, 2021, when its Allowance for Doubtful Accounts had a zero balance, Ling Co. estimated that 2% of its net accounts receivable of $450,000 will become uncollectible and records the necessary adjustment to Allowance for Doubtful Accounts. On May 11, 2022, Ling Co. determined that the Jeff Shoemaker account was uncollectible and wrote off $1,100. On June 12, 2022, Shoemaker paid the amount previously written off. Instructions A. Prepare the journal entries on December 31, 2021, May 11, 2022, and June 12, 2022. Journalize entries for the sale of accounts receivable.
Write the journal entry 01/14/2022 (7a) Accrued $7,000 in salaries for the period 01/01 - 01/14. Assume no deductions from employee earnings other than taxes. (7b) Recorded payroll tax expense. Use a 20% Federal income tax rate and 5.75% state income tax rate for withholding, and 5.4% state unemployment tax rate.
According to a summary of the payroll of Sinclair Company, $505,000 was subject to the 6.0% social security tax and $545,000 was subject to the 1.5% Medicare tax. Also, $10,000 was subject to state and federal unemployment taxes. Question Content Area Required: a. Compute the employer's payroll taxes using the following rates: State unemployment, 4.2%; Federal unemployment, 0.8%.$ fill in the blank bdfee804ffc2f82_1 Question Content Area b. Journalize the entry for the employer's payroll tax expense. If an amount box does not require an entry, leave it blank. - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select -
21- After our business deducted 20% income tax on 48.000 TL, which is the one-year rent of the workplace it rented for one year on 01.03.2020 , the rest was paid to the owner of the real estate from the bank. In accordance with the concept of periodicity, how much is the amount that should be accepted as an expense in the future period? a) 40.000 TL B) 8.000 TL NS) 9,600 TL D) 38,400 TL TO) 48,000 TL
BE8.9 (LO 3), AN Presented below are data on three promissory notes. Determine the missing amounts. Date of Note Terms Maturity Date Principal Annual Interest Rate Total Interest a. April 1 60 days ? $600,000 9% ? b. July 2 30 days ? 90,000 ? $600 c. March 7 6 months ? 120,000 10% ? BE8.10 (LO 3), AP On January 10, 2022, Masterson Co. sold merchandise on account to Tompkins for $8,000, terms n/30. On February 9, Tompkins gave Masterson Co. a 7% promissory note in settlement of this account. Prepare the journal entry to record the sale and the settlement of the accounts receivable. (Omit cost of goods sold entries.)\\n
6 - Which of the following is the account and amount that should appear in the dotted places in the journal article above? a) 191 VAT Deductible 5.400 TL B) 391 VAT to be calculated Hs. 5.400 TL NS) 391 Calculated VAT Hs. 6.300 TL D) 360 Taxes and Funds Payable Hs. 5.400 TL TO) 191 VAT Deductible 5,000 TL
16 - The Social Security Deductions of the employees in the management department, amounting to TL 8,450 for March, were paid from the bank on April 30, 2021. Accordingly, which of the following is true about the journal entry to be made? a) 102 Banks Account is debited 8,450 TL B) 361 Social Security Deductions Account Payable 8.450 TL NS) 361 Social Security Deductions Payable Account 8.450 TL Debited. D) 360 Taxes Payable and Funds Account 8.450 TL Receivable. TO) 770 General administrative expense account is debited 8,450 TL
Answers: a) Present due b) 224 paymenrs weekly c) $199.20 d) 0.142 e) $95000