1.
Introduction: Financial statements are the position statement of the business that provide information related to the
Each employee’s FICA withholdings for Social Security.
2.
Introduction: Financial statements are the position statement of the business that provide information related to the profit earned or loss incurred during the period as well as the assets and liabilities a business owns at the end of the period. It helps in making future business decisions.
Each employee’s FICA withholdings for Medicare.
3.
Introduction: Financial statements are the position statement of the business that provide information related to the profit earned or loss incurred during the period as well as the assets and liabilities a business owns at the end of the period. It helps in making future business decisions.
Employer’s FICA taxes for Social Security.
4.
Introduction: Financial statements are the position statement of the business that provide information related to the profit earned or loss incurred during the period as well as the assets and liabilities a business owns at the end of the period. It helps in making future business decisions.
Employer’s FICA taxes for Medicare.
5.
Introduction: Financial statements are the position statement of the business that provide information related to the profit earned or loss incurred during the period as well as the assets and liabilities a business owns at the end of the period. It helps in making future business decisions.
Employer’s FUTA taxes.
6.
Introduction: Financial statements are the position statement of the business that provide information related to the profit earned or loss incurred during the period as well as the assets and liabilities a business owns at the end of the period. It helps in making future business decisions.
Employer’s SUTA taxes.
7.
Introduction: Financial statements are the position statement of the business that provide information related to the profit earned or loss incurred during the period as well as the assets and liabilities a business owns at the end of the period. It helps in making future business decisions.
Each employee’s net (take-home) pay.
8.
Introduction: Financial statements are the position statement of the business that provide information related to the profit earned or loss incurred during the period as well as the assets and liabilities a business owns at the end of the period. It helps in making future business decisions.
Employer’s total payroll-related expense for each employee.
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Chapter 9 Solutions
FINANCIAL AND MANAGERIAL ACCTG W/ACC CRD
- 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_forwardToren Inc. employs one person to run its solar management company. The employees gross income for the month of May is $6,000. Payroll for the month of May is as follows: FICA Social Security tax rate at 6.2%, FICA Medicare tax rate at 1.45%, federal income tax of $400, state income tax of $75, health-care insurance premium of $200, and union dues of $50. The employee is responsible for covering 30% of his or her health insurance premium. A. Record the journal entry to recognize employee payroll for the month of May, dated May 31, 2017. B. Record remittance of the employees salary with cash on June 1.arrow_forwardMarc Associates employs Janet Evanovich at its law firm. Her gross income for June is $7,500. Payroll for the month of June follows: federal income tax of $650, state income tax of $60, local income tax of $30, FICA Social Security tax rate at 6.2%, FICA Medicare tax rate at 1.45%, health-care insurance premium of $300, donations to a charity of $50, and pension plan contribution of $200. The employee is responsible for covering 40% of his or her health insurance premium. A. Record the journal entry to recognize employee payroll for the month of June; dated June 30, 2017. B. Record remittance of the employees salary with cash on July 1.arrow_forward
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