FINANCIAL ACCT.:TOOLS...(LL)-W/ACCESS
8th Edition
ISBN: 9781119250913
Author: Kimmel
Publisher: WILEY
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Question
Chapter 10, Problem 10.1BDIE
(a)
To determine
Salaries and wages payable
Salaries and wages payable is a payment made to an employee for completion of work allocated by the company. Gross pay is computed by using normal hours worked by the employee with hourly wages rate.
Payroll tax
The costs incurred by an employer to pay the employee for his labor, including other employee benefits, plus the payroll taxes the employer pays to the government, are called payroll tax.
To prepare: The
(b)
To determine
To prepare: The journal entry to record the payroll taxes as on 28th February.
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Chapter 10 Solutions
FINANCIAL ACCT.:TOOLS...(LL)-W/ACCESS
Ch. 10 - Prob. 1QCh. 10 - Prob. 2QCh. 10 - Prob. 3QCh. 10 - Prob. 4QCh. 10 - Prob. 5QCh. 10 - (a) Identify three taxes commonly paid by...Ch. 10 - Prob. 7QCh. 10 - Prob. 8QCh. 10 - Contrast these types of bonds: (a) Secured and...Ch. 10 - Prob. 10Q
Ch. 10 - Prob. 11QCh. 10 - Prob. 12QCh. 10 - Prob. 13QCh. 10 - Lee and Jay are discussing how the market price of...Ch. 10 - Prob. 15QCh. 10 - Prob. 16QCh. 10 - Prob. 17QCh. 10 - Prob. 18QCh. 10 - Prob. 19QCh. 10 - Prob. 20QCh. 10 - Prob. 21QCh. 10 - Prob. 22QCh. 10 - Prob. 23QCh. 10 - Prob. 24QCh. 10 - Prob. 25QCh. 10 - Prob. 26QCh. 10 - Prob. 27QCh. 10 - Prob. 28QCh. 10 - Prob. 29QCh. 10 - Prob. 30QCh. 10 - Prob. 31QCh. 10 - Prob. 10.1BECh. 10 - Prob. 10.2BECh. 10 - Prob. 10.3BECh. 10 - Prob. 10.4BECh. 10 - Prob. 10.5BECh. 10 - Prob. 10.6BECh. 10 - Prob. 10.7BECh. 10 - Prob. 10.8BECh. 10 - Prob. 10.9BECh. 10 - Prob. 10.10BECh. 10 - Prob. 10.11BECh. 10 - Prob. 10.12BECh. 10 - Prob. 10.13BECh. 10 - Prob. 10.14BECh. 10 - Prob. 10.15BECh. 10 - Prob. 10.16BECh. 10 - Prob. 10.17BECh. 10 - Prob. 10.18BECh. 10 - Prob. 10.19BECh. 10 - Prob. 10.1ADIECh. 10 - Prob. 10.1BDIECh. 10 - State whether each of the following statements is...Ch. 10 - Prob. 10.3ADIECh. 10 - Prob. 10.3BDIECh. 10 - Prob. 10.4DIECh. 10 - Prob. 10.1ECh. 10 - Prob. 10.2ECh. 10 - Prob. 10.3ECh. 10 - Prob. 10.4ECh. 10 - Prob. 10.5ECh. 10 - Prob. 10.6ECh. 10 - Prob. 10.7ECh. 10 - Prob. 10.8ECh. 10 - Prob. 10.9ECh. 10 - Prob. 10.10ECh. 10 - Prob. 10.11ECh. 10 - Prob. 10.12ECh. 10 - Prob. 10.13ECh. 10 - Prob. 10.14ECh. 10 - Prob. 10.15ECh. 10 - Prob. 10.16ECh. 10 - Prob. 10.17ECh. 10 - Prob. 10.18ECh. 10 - Prob. 10.19ECh. 10 - Prob. 10.20ECh. 10 - Prob. 10.21ECh. 10 - Prob. 10.22ECh. 10 - Prob. 10.23ECh. 10 - Prob. 10.24ECh. 10 - Prob. 10.25ECh. 10 - Prob. 10.1APCh. 10 - Prob. 10.2APCh. 10 - Prob. 10.3APCh. 10 - Prob. 10.4APCh. 10 - Prob. 10.5APCh. 10 - Prob. 10.6APCh. 10 - Prob. 10.7APCh. 10 - Prob. 10.8APCh. 10 - Prob. 10.9APCh. 10 - Prob. 10.10APCh. 10 - Prob. 10.11APCh. 10 - Prob. 10.12APCh. 10 - Prob. 10.13APCh. 10 - Prob. 10.1CACRCh. 10 - Prob. 10.1EYCTCh. 10 - Prob. 10.2EYCTCh. 10 - Prob. 10.3EYCTCh. 10 - Prob. 10.4EYCTCh. 10 - Prob. 10.5EYCTCh. 10 - DECISION-MAKING ACROSS THE ORGANIZATION On January...Ch. 10 - Prob. 10.9EYCTCh. 10 - Prob. 10.10EYCTCh. 10 - Prob. 10.14EYCTCh. 10 - Prob. 10.1IFRSECh. 10 - Prob. 10.2IFRSECh. 10 - Prob. 10.3IFRSECh. 10 - Prob. 10.4IFRSE
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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.arrow_forwardOn 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.arrow_forwardDuring 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--arrow_forward
- 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?arrow_forwardDuring 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--arrow_forward
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