LooseLeaf for College Accounting: A Contemporary Approach
4th Edition
ISBN: 9781259995057
Author: M. David Haddock Jr. Professor, John Ellis Price, Michael Farina
Publisher: McGraw-Hill Education
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Question
Chapter 11, Problem 1.6SRA
To determine
Mention the duration at which deposit of payroll tax should be made by the business.
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(To help answer this question, create an Income Taxes Payable T-account and insert the beginning andending balances.) If the company debited Income Tax Expense and credited Income Taxes Payable $700during the year, what is the total amount of the debits recorded in the Income Taxes Payable account?What does the amount of these debits represent?
Molly Ellen, bookkeeper for Keystone Company, forgot to send in the payroll taxes due on April 15. She sent the
payment November 8. The IRS sent her a penalty charge of 8% simple interest on the unpaid taxes of $4,100. Required:
How many days late was the tax payment? What is the amount of the penalty (use exact interest)?
1. The total amount remitted to the BIR through the Tax Remittance Advice?
2. How much is the unused Notice of Cash Allocation (NCA) for the quarter?
3. The entry to record the payment of payroll include a credit to?
4. The entry to recognize the payroll includes a?
Chapter 11 Solutions
LooseLeaf for College Accounting: A Contemporary Approach
Ch. 11 - Prob. 1.1SRQCh. 11 - Prob. 1.2SRQCh. 11 - Prob. 1.3SRQCh. 11 - Prob. 1.4SRECh. 11 - Prob. 1.5SRECh. 11 - Prob. 1.6SRACh. 11 - Prob. 2.1SRQCh. 11 - Prob. 2.2SRQCh. 11 - Prob. 2.3SRQCh. 11 - Prob. 2.4SRE
Ch. 11 - Prob. 5SRECh. 11 - At the end of the year, the business has a balance...Ch. 11 - Prob. 1CSRCh. 11 - Prob. 2CSRCh. 11 - Prob. 3CSRCh. 11 - Prob. 4CSRCh. 11 - Prob. 5CSRCh. 11 - Prob. 1DQCh. 11 - Prob. 2DQCh. 11 - Prob. 3DQCh. 11 - Prob. 4DQCh. 11 - Prob. 5DQCh. 11 - Prob. 6DQCh. 11 - Prob. 7DQCh. 11 - Prob. 8DQCh. 11 - Prob. 9DQCh. 11 - Prob. 10DQCh. 11 - Prob. 11DQCh. 11 - Prob. 12DQCh. 11 - Prob. 13DQCh. 11 - Prob. 14DQCh. 11 - Prob. 15DQCh. 11 - Prob. 16DQCh. 11 - Prob. 17DQCh. 11 - Prob. 18DQCh. 11 - Prob. 19DQCh. 11 - Prob. 1ECh. 11 - Prob. 2ECh. 11 - At the end of the weekly payroll period on June...Ch. 11 - Prob. 4ECh. 11 - Prob. 5ECh. 11 - Prob. 6ECh. 11 - Prob. 7ECh. 11 - Prob. 8ECh. 11 - Prob. 1PACh. 11 - Prob. 2PACh. 11 - Prob. 3PACh. 11 - Prob. 4PACh. 11 - Prob. 5PACh. 11 - Prob. 6PACh. 11 - Prob. 1PBCh. 11 - A payroll summary for Todays Teen owned by Nikki...Ch. 11 - Prob. 3PBCh. 11 - Prob. 4PBCh. 11 - Prob. 5PBCh. 11 - Prob. 6PBCh. 11 - Prob. 1CTPCh. 11 - The Valley Voice is a local newspaper that is...Ch. 11 - Prob. 1MFCh. 11 - Prob. 2MFCh. 11 - Why should management be concerned about the...Ch. 11 - Prob. 4MFCh. 11 - Prob. 1EDCh. 11 - Prob. 1FSA
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Similar questions
- The Anderson Company started its business on August 1st. On August 15th it paid wages for the first time and accumulated a tax liability of $47,000. On August 29th, it incurred an additional tax liability of $53,000. How is the Anderson Company treated as a payroll tax depositor?arrow_forwardAccording to a summary of the payroll of Mountain Streaming Co., $110,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax. Also, $25,000 was subject to state and federal unemployment taxes. a. Calculate the employer's payroll taxes, using the following rates: state unemployment, 5.4%; federal unemployment, 0.8%. b. Journalize the entry to record the accrual of payroll taxes. If an amount box does not require an entry, leave it blank.arrow_forwardThe following journal entry for payroll taxes has been recorded by Ruth for her hair salon business. Assume federal income tax is $3,832.00 and state income tax is $306.00.Prepare the journal entry to record payment of the payroll taxes, assuming all taxes were paid on the same day. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) General Journal Date Account Titles and Explanation Ref. Debit Credit Payroll Tax Expense 2,232.20 FICA Taxes Payable 1,223.00 Federal Unemployment Taxes Payable 67.20 State Unemployment Taxes Payable 942.00 (To record employer’s payroll taxes) Account Titles and Explanation Debit Creditarrow_forward
- According to a summary of the payroll of Guthrie Co., $560,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax. Also, $60,000 was subject to state and federal unemployment taxes.a. Calculate the employer’s payroll taxes, using the following rates: state unemployment, 5.4%; federal unemployment, 0.6%.b. Journalize the entry to record the accrual of payroll taxes.arrow_forwardTotal payroll expense was recorded as $750,000 on the income statement. The payroll payable account had a beginning balance of $7,000 and an ending balance of $9,000. How much cash was disbursed for payroll during the year?arrow_forwardAtimonan Company received a bill for P27,440 from a VAT service provider. The payment for the service is subject to 2% creditable withholding tax. If Atimonan is a VAT taxpayer and a top withholding agent, what is the deductible expense? What respectively is the withholding tax and the amount of cash to be paid by Atimonan to the service provider?arrow_forward
- 16. We must make remittances to Canada Revenue Agency (CRA) on a regular basis. What taxes are considered to be statutory deductions? What does my company have to contribute to these taxes? If the monthly remittances averaged $26,500 in 2018, what is our remitter type? When do I have to have my remittances in to CRA for my May 31, 2020 payroll?arrow_forwardLeap Off Tours had a payroll tax liability of $67,553 during the lookback period. How frequently must the firm deposit its payroll taxes? Multiple Choice Next Business Day Annually Monthly Semi-weeklyarrow_forwardAccording to the accountant of Sheridan Inc., its payroll taxes for the week were as follows: $132.00 for FICA taxes, $13,20 for federal unemployment taxes, and $92.40 for state unemployment taxes. Journalize the entry to record the accrual of the payroll taxes. (Credit account titles are automatically indented when the amount is entered. Do not indent manually) Account Titles and Explanation Debit Creditarrow_forward
- According to a summary of the payroll of Scotland Company, $450,000 was subject to the 6.0% social security tax and $500,000 was subject to the 1.5% Medicare tax. Federal income tax withheld was $98,000. Also, $15,000 was subject to state (4.2%) and federal (0.8%) unemployment taxes. The journal entry to record the accrued payroll taxes would include a a. debit to SUTA Payable for $18,900 b. debit to SUTA Payable for $630 c. credit to SUTA Payable for $18,900 d. credit to SUTA Payable for $630arrow_forwardHow do you find the total dollars of payroll checks for a year?arrow_forwardThe W-2 form is a form that tells you how much taxes you've paid in the last year based on how much you've earned. how much taxes you owe to the federal government. O how much taxes to withhold from your paycheck. O how often you will be paid.arrow_forward
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