JOURNAL ENTRIES FOR PAYMENT OF EMPLOYER PAYROLL TAXES Francis Baker owns a business called Baker Construction Co. She does her banking at the American National Bank in Seattle, Washington. The amounts in her general ledger for payroll taxes and employees’ withholding of Social Security, Medicare, and federal income tax payable as of July 15 of the current year are as follows: Social Security tax payable (includes both employer and employee) $9,563 Medicare tax payable (includes both employer and employee) 2,250 FUTA tax payable 504 SUTA tax payable 3,402 Employee federal income tax payable 5,260 Journalize the quarterly payment of the employee federal income taxes and Social Security and Medicare taxes on July 15, 20--, and the payments of the FUTA and SUTA taxes on July 31, 20--.

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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
Publisher: Cengage Learning,
ISBN: 9781337794756
BuyFind

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
Publisher: Cengage Learning,
ISBN: 9781337794756

Solutions

Chapter
Section
Chapter 9, Problem 5SEB
Textbook Problem

JOURNAL ENTRIES FOR PAYMENT OF EMPLOYER PAYROLL TAXES Francis Baker owns a business called Baker Construction Co. She does her banking at the American National Bank in Seattle, Washington. The amounts in her general ledger for payroll taxes and employees’ withholding of Social Security, Medicare, and federal income tax payable as of July 15 of the current year are as follows:

Social Security tax payable (includes both employer and employee) $9,563
Medicare tax payable (includes both employer and employee) 2,250
FUTA tax payable 504
SUTA tax payable 3,402
Employee federal income tax payable 5,260

Journalize the quarterly payment of the employee federal income taxes and Social Security and Medicare taxes on July 15, 20--, and the payments of the FUTA and SUTA taxes on July 31, 20--.

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Chapter 9 Solutions

College Accounting, Chapters 1-27
Ch. 9 - Total earnings for the employees of Garys Grill...Ch. 9 - Lius Lounge had the following payroll taxes...Ch. 9 - ARC Co. owes the following amounts for payroll...Ch. 9 - LC Co. estimates that its total payroll for the...Ch. 9 - Why do employer payroll taxes represent an...Ch. 9 - At what rate and on what earnings base is the...Ch. 9 - What is the purpose of the FUTA tax, and who must...Ch. 9 - What is the purpose of the state unemployment tax,...Ch. 9 - What accounts are affected when employer payroll...Ch. 9 - Identify all items that are debited or credited to...Ch. 9 - Explain why an employee whose gross salary is...Ch. 9 - What is the purpose of the EFTPS?Ch. 9 - What is the purpose of Form 941, Employers...Ch. 9 - What is the purpose of Form 940, Employers Annual...Ch. 9 - What information appears on Form W-2, the...Ch. 9 - What is the purpose of Form I-9, Employment...Ch. 9 - What is the purpose of workers compensation...Ch. 9 - CALCULATION AND JOURNAL ENTRY FOR EMPLOYER PAYROLL...Ch. 9 - CALCULATION AND JOURNAL ENTRY FOR EMPLOYER PAYROLL...Ch. 9 - CALCULATION OF TAXABLE EARNINGS AND EMPLOYER...Ch. 9 - TOTAL COST OF EMPLOYEE Mandy Feng employs Jay...Ch. 9 - JOURNAL ENTRIES FOR PAYMENT OF EMPLOYER PAYROLL...Ch. 9 - WORKERS COMPENSATION INSURANCE AND ADJUSTMENT...Ch. 9 - CALCULATING PAYROLL TAXES EXPENSE AND PREPARING...Ch. 9 - JOURNALIZING AND POSTING PAYROLL ENTRIES Cascade...Ch. 9 - WORKERS COMPENSATION INSURANCE AND ADJUSTMENT...Ch. 9 - CALCULATION AND JOURNAL ENTRY FOR EMPLOYER PAYROLL...Ch. 9 - CALCULATION AND JOURNAL ENTRY FOR EMPLOYER PAYROLL...Ch. 9 - CALCULATION OF TAXABLE EARNINGS AND EMPLOYER...Ch. 9 - TOTAL COST OF EMPLOYEE B. F. Goodson employs...Ch. 9 - JOURNAL ENTRIES FOR PAYMENT OF EMPLOYER PAYROLL...Ch. 9 - SUTA taxes on July 31, 20--. WORKERS COMPENSATION...Ch. 9 - CALCULATING PAYROLL TAXES EXPENSE AND PREPARING...Ch. 9 - JOURNALIZING AND POSTING PAYROLL ENTRIES Oxford...Ch. 9 - WORKERS COMPENSATION INSURANCE AND ADJUSTMENT...Ch. 9 - The director of the art department at an...Ch. 9 - Bob Estes works at Cliffrock Company in the...Ch. 9 - The totals line from Nix Companys payroll register...Ch. 9 - Payrex Co. has six employees. All are paid on a...

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