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AccountingCornerstones of Financial Accounting4th Edition

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Chapter 8, Problem 74BPSB
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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

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Problem 73BPSB
Problem 74BPSB
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Problem 78BPSB
Problem 79BPSB
Problem 80BPSB
Problem 81.1C
Problem 81.2C
Problem 81.3C
Problem 82.1C
Problem 82.2C
Problem 82.3C
Problem 83.1C
Problem 83.2C
Problem 83.3C
Problem 83.4C
Problem 83.5C
Problem 83.6C
Problem 83.7C
Problem 83.8C
Problem 83.9C
Problem 84.1C
Problem 84.2C
Problem 84.3C
Problem 84.4C
Problem 84.5C
Problem 84.6C
Problem 84.7C
Problem 84.8C
Problem 85.1C
Problem 85.2C
Problem 85.3C
BuyFindarrow_forward

Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
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Payroll Accounting

McLaughlin Manufacturing has the following data available for its March 31, 2019, payroll:

Chapter 8, Problem 74BPSB, Payroll Accounting McLaughlin Manufacturing has the following data available for its March 31, 2019,

*All Subject to Social Security and Medicare matching and withholding at 6.2% and 1.45%, re9eetivety.

Federal unemployment taxes of 0.50% and state unemployment taxes of 0.80% are payable on the first $1,000,000.

Required:

1. Compute the taxes payable and wages that will be paid to employees. Then prepare the journal entries to record the wages earned and the payroll taxes. ( Note: Round to the nearest penny)

2. CONCEPTUAL CONNECTION McLaughlin Manufacturing would like to hire a new employee at a salary of $80,000. Assuming payroll taxes are as described above (with unemployment taxes paid on the first $7,000) and fringe benefits (e.g., health insurance, retirement, etc.) are 28% of gross pay, what will be the total cost of this employee for McLaughlin?

To determine

(a)

Introduction:

Employer withhold a part of employee’s gross pay and pay a part from their end as employee’s share of taxes and employer’s share of taxes, respectively to the concerned authority.

To prepare:

Journal entries.

Explanation

a) Social Security Taxes are calculated at a stated rate of 6.2% whereas Medicare taxes are calculated at a stated rate of 1.45%.

Total Wage = $1,250,000

Social Security Taxes = $1,250,000×6.2%=$77,500

Medicare Taxes = $1,250,000×1.45%=$18,125

Federal Income Taxes withheld = $180,600

Cash Paid = Total Wage − (Social Security Taxes + Medicare Taxes + Federal Income Taxes withheld)

Cash Paid = $1,250,000 − ($77,500 + $18,125 + $180,600)

Cash Paid = $1,250,000 - $276,225 = $973,775

b) Social Security Taxes are calculated at a stated rate of 6.2% whereas Medicare taxes are calculated at a stated rate of 1.45%.

Total Wage = $485,000

Social Security Taxes = $1,250,000×6

To determine

(b)

Introduction:

Employer withhold a part of employee’s gross pay and pay a part from their end as employee’s share of taxes and employer’s share of taxes, respectively to the concerned authority.

To calculate:

The cost of new employee.

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