Withdrawals's two employees are paid weekly. As of the end of the year, two days' salaries have accrued at the rate of $200 per day for each e
Q: Wages are $37,500 per week for a five-day workweek, ending on Friday. The last payday of the year…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: An appliance company has three installers. Larry earns $395 per week, Curly earns $440 per week, and…
A: (a) calculate SUTA and FUTA tax (in $) does the company owe for the first quarter of the year and…
Q: On December 31, 20--, Sanchez Company needed to record its accrued wages for year-end. If December…
A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in…
Q: The City of Greensboro provides its employees two weeks of paid vacation per year. As of December…
A: Definition: Accrued expense: This is the expense incurred but not yet paid. It is treated as…
Q: Portia Grant is an employee who is paid monthly. For the month of January of the current year, she…
A: Federal income tax refers to the tax levied by the Internal Revenue Service (IRS) on the desired…
Q: On January 8, the end of the first weekly pay period of the year, Regis Company's employees earned…
A: Tax is the amount which is to be paid to the tax authorities of a nation.
Q: Francisco Company has 10 employees, each of whom earns $2,700 per month and is paid on the last day…
A: A journal entry is used in an accounting record for a business to describe a business transaction.…
Q: Electronics Service Co. pays salaries monthly on the last day of the month. The following…
A: Calculation of Social security tax: Given @ 6% up to wage limit of $130,000 Since Duke reached the…
Q: An employee receives an hourly rate of $18, with time and a half for all hours worked in excess of…
A: Introduction:- The following basic information as follows under:- Federal income tax withheld, $144…
Q: On January 8, the end of the first weekly pay period of the year, Regis Company's employees earned…
A: Payroll taxes are the percentage of employee's salary that an employer held to pay it to the…
Q: On January 8, the end of the first weekly pay period of the year, Regis Company's payroll register…
A: FICA stands Federal Insurance Contributions Act, which is a US federal payroll contribution directed…
Q: A company pays its employees $3,700 each Friday, which amounts to $740 per day for the five-day…
A: Salaries earned but unpaid = Number of working days worked * Rate per day Rate / amount per day = $…
Q: A company has four employees .The following Payroll information has been provided for the month of…
A: The income tax is the amount of tax payable on the taxable income by a taxpayer. The taxable income…
Q: Gary Marks is paid on a monthly basis. For the month of January of the current year, he earned a…
A: Payroll Taxes = FICA SS Tax + FICA Medicare Tax + FUTA Tax + SUTA Tax= 544.87+ 127.42 + 42 +…
Q: On January 15, the end of the first biweekly pay period of the year, North Company's payroll…
A: Payroll: Payroll refers to the total amount that is required to be paid by the company to its…
Q: On January 8, the end of the first weekly pay period of the year, Regis Company's payroll register…
A: Payroll expense is the expense incurred by an employer for the employment given by him. It includes…
Q: A company pays its employees $2,100 each Friday, which amounts to $420 per day for the five-day…
A: Company pay it employees $2,100 on each Friday Per day pay =$ 420 per day for five days Required…
Q: An employee is paid a salary of $11,050 per month. If the current FICA rate is 6.2% on the first…
A: Workings: Given value: FICA rate is 6.2 %
Q: akarot Co. began business on January 2. Salaries were paid to employees on the last day of each…
A: Payroll taxes: Payroll taxes are taxes imposed on employers or employees, and are usually…
Q: On January 8, the end of the first weekly pay period of the year, Regis Company’s employees earned…
A: Tax: It is the compulsory payment that arises on income of individual, corporate and other entities.
Q: At Vision Club Company, office workers are employed for a 40-hour workweek on either an annual or a…
A: Calculate the annual salary of Employees LR, RB, & GL.
Q: An appliance company has three installers. Larry earns $345 per week, Curly earns $470 per week, and…
A: Wages are the earnings earned by the factory workers of a corporation. Wages are treated as a direct…
Q: JYD Accounting Firm pays its employees at a rate of $50/hr. The tax and other deductions amount to…
A: Net pay = Gross pay - taxes and other deductions
Q: Zennia Company provides its employees with varying amounts of vacation per year, depending on their…
A: Vacation expense: Vacation expense is an estimated expense for the company which the company should…
Q: Kenz Limited employs its staff on a five-day working week. The weekly salaries is $15,000 and…
A: The reporting period is typically either for a month, quarter, or year. Organizations use the same…
Q: Sange earns a salary of $48,200 per year and is paid on a bi-weekly basis he also earns a 2%…
A: The answer of above question is given below:
Q: On January 8, the end of the first weekly pay period of the year, Regis Company's employees earned…
A: Payroll taxes is the percentage of employee's salary that an employer held to pay it to the…
Q: An employee receives an hourly rate of $22, with time and a half for all hours worked in excess of…
A: The entire amount of fixed earnings earned during a specific time period is referred to as a…
Q: Paloma Company has four employees. FICA Social Security taxes are 6.2% of the first $137,700 paid to…
A: Payroll taxes is the amount that is held by the employer from the employees' earnings and pay it to…
Q: Dixon Sales has six employees that receive weekly paychecks. Each employee earns $14.00 per hour and…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Sunland Hardware has four employees who are paid on an hourly basis plus time-and-a-half for all…
A: Journal is the recording of financial transactions which ahead help in preparing the ledgers, trial…
Q: Bonita Consulting Inc's gross salaries for the biweekly period ended August 24 were $15,000.…
A: Journal is the primary book where transactions are originally recorded. Further, a journal entry is…
Q: On January 15, the end of the first biweekly pay period of the year, North Company;s payroll…
A: Journal entry: It can be defined as the recording of financial events and transactions that have…
Q: An employee with an annual salary of $77278 is paid every month. What is the gross pay per pay…
A: Gross pay is the total amount that is receive for their work done. So it is the total amount that…
Q: Kakarot Co. began business on January 2. Salaries were paid to employees on the last day of each…
A: Social security tax is a type of payroll tax that is levied by the government on employers. The…
Q: On January 8, the end of the first weekly pay period of the year, Regis Company's employees earned…
A: Journal Entry - It is record of business transaction whether it is economic or non economic activity…
Q: Paloma Company has four employees. FICA Social Security taxes are 6.2% of the first $137,700 paid to…
A: Employee's Payroll: It is the amount for which an employee contributes or works for a company.…
Q: The following information is available for the employees of Webber Packing Company for the first…
A: These are the entries prepared to record the business transactions in the books of the company. The…
Q: Zolnick Enterprises has two hourly employees-Kelly and Jon. Both employees earn overtime at the rate…
A: Bonus rate for Kelly = $22 x 1.5 times = $33 Bonus rate for Jon = $27 x 1.5 times = $40.5
Q: Hemal Thomas is an employee in British Columbia. The net pay calculation is for the first bi-weekly…
A: C
Q: JYD Accounting Firm pays its employees at a rate of $50/hr. The tax and other deductions amount to…
A: Gross pay is the total amount that is being payable to workers either on the basis of number of…
Q: Merger Co. has 10 employees, each of whom earns $1,550 per month and has been employed since January…
A: Given that: Number of Employees = 10 Pay per month = $1550 per month
Q: What amount will Jenny Company report as wages payable on their balance sheet on December 31?
A: Total Wages for the month of December = $550000 Amount paid before year end = $420000 Amount Payable…
Q: Prepare the journal entry to record the January 31 payroll expense and salaries. The employer…
A:
Q: Dixon Sales has five sales employees that receive weekly paychecks. Each earns $10 per hour and each…
A: Formula: Federal income tax = Sales wages expenses x Federal income tax rate State income tax =…
Q: On January 8, the end of the first weekly pay period of the year, Regis Company's employees earned…
A: Given that: Office salaries = $25760 Sales salaries = $70840
Q: HIJ Company provided employees with entitlement to two weeks of paid vacation leave. During the…
A: Vacation pay expense = (vacation leave used x Current salary per week) + (vacation leave unused x…
Q: Entity A pays salaries on a bi-monthly basis. Entity A has 10 employees, each earning ₱20,000 per…
A: Bi-monthly payment of salary: Bi-monthly pay is a payment plan in which employees get payments twice…
Q: Paloma Company has four employees. FICA Social Security taxes are 6.2% of the first $137,700 paid to…
A: FICA (Federal Insurance Contributions Act) taxes are social security and Medicare taxes that both…
Q: Merger Company has 10 employees, each of whom earns $1,550 per month and has been employed since…
A: A journal entry has been used to record a commercial transaction in the accounting records of a…
- Withdrawals's two employees are paid weekly. As of the end of the year, two days' salaries have accrued at the rate of $200 per day for each employee.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- On January 1, a flower shop contracts with customers to provide flowers for their wedding on June 2. The total contract price is $3,000, payable in equal installments for the next six months on the first of each month (with the first payment due January 1). How much will be recorded as revenue during the month of April?During the third calendar quarter of 20--, the Beechtree Inn, owned by Dawn Smedley, employed the persons listed below. Also given are the employees salaries or wages and the amount of tips reported to the owner. The tips were reported by the 10th of each month. The federal income tax and FICA tax to be withheld from the tips were estimated by the owner and withheld equally over the 13 weekly pay periods. The employers portion of FICA tax on the tips was estimated as the same amount. Employees are paid weekly on Friday. The following paydays occurred during this quarter: Taxes withheld for the 13 paydays in the third quarter follow: Based on the information given, complete Form 941 on the following pages for Dawn Smedley. Phone number: (901) 555-7959 Date filed: October 31, 20--Barbara Ripa receives 695 for a regular 40-hour week and time and one-half for overtime. For a workweek of 45 hours, compute: a. The regular earnings________ b. The overtime earnings________ c. The total earnings________
- During the third calendar quarter of 20--, Bayview Inn, owned by Diane R. Peters, employed the persons listed below. Also given are the employees salaries or wages and the amount of tips reported to the owner. The tips were reported by the 10th of each month. The federal income tax and FICA tax to be withheld from the tips were estimated by the owner and withheld equally over the 13 weekly pay periods. The employers portion of FICA tax on the tips was estimated as the same amount. Employees are paid weekly on Friday. The following paydays occurred during this quarter: Taxes withheld for the 13 paydays in the third quarter follow: Based on the information given, complete Form 941 on the following pages for Diane R. Peters. Phone number: (901) 555-7959 Date filed: October 31, 20--Connie Gibbs collected a 2,000 bonus for her departments safety record for the year (52 weeks). During that year, Gibbs worked an average of 44 hours each week. Calculate the extra overtime pay due Gibbs for that year. Extra overtime pay...................................... _______Accounting for bonus and vacation pay Cathy Muench a factory worker, earns 1,000 each week. In addition, she will receive a 4,000 bonus at year-end and a four-week paid vacation. Prepare the entry to record the weekly payroll and the costs and liabilities related to the bonus and the vacation pay, assuming that Muench is the only employee.
- Cee Co.s fiscal year begins April 1. At the beginning of its fiscal year, Cee Co. estimates that it will owe 17,400 in property taxes for the year. On June 1, its property taxes are assessed at 17,000, which it pays immediately. Prepare the related journal entries for April 1, May 1, and June 1. Then compute the monthly property tax expense that Cee Co. would record during June through March.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?
