College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN: 9781305666160
Author: James A. Heintz, Robert W. Parry
Publisher: Cengage Learning
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Chapter 9, Problem 7SPB
CALCULATING PAYROLL TAXES EXPENSE AND PREPARING
REQUIRED
- 1. Calculate the total employer payroll taxes for these employees.
- 2. Prepare the journal entry to record the employer payroll taxes as of July 14,20--.
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Chapter 9 Solutions
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
Ch. 9 - Prob. 1TFCh. 9 - Prob. 2TFCh. 9 - Prob. 3TFCh. 9 - Prob. 4TFCh. 9 - The W-4, which shows total annual earnings and...Ch. 9 - Prob. 1MCCh. 9 - LO2 Joyce Lee earns 30,000 a year. Her employer...Ch. 9 - Prob. 3MCCh. 9 - Prob. 4MCCh. 9 - Prob. 5MC
Ch. 9 - Total earnings for the employees of Garys Grill...Ch. 9 - Prob. 2CECh. 9 - Prob. 3CECh. 9 - Prob. 4CECh. 9 - Prob. 1RQCh. 9 - Prob. 2RQCh. 9 - Prob. 3RQCh. 9 - Prob. 4RQCh. 9 - Prob. 5RQCh. 9 - Identify all items that are debited or credited to...Ch. 9 - Prob. 7RQCh. 9 - Prob. 8RQCh. 9 - Prob. 9RQCh. 9 - Prob. 10RQCh. 9 - Prob. 11RQCh. 9 - Prob. 12RQCh. 9 - Prob. 13RQCh. 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 - Prob. 4SEACh. 9 - JOURNAL ENTRIES FOR PAYMENT OF EMPLOYER PAYROLL...Ch. 9 - Prob. 6SEACh. 9 - Prob. 7SPACh. 9 - JOURNALIZING AND POSTING PAYROLL ENTRIES Cascade...Ch. 9 - Prob. 9SPACh. 9 - CALCULATION AND JOURNAL ENTRY FOR EMPLOYER PAYROLL...Ch. 9 - Prob. 2SEBCh. 9 - Prob. 3SEBCh. 9 - TOTAL COST OF EMPLOYEE B. F. Goodson employs...Ch. 9 - JOURNAL ENTRIES FOR PAYMENT OF EMPLOYER PAYROLL...Ch. 9 - Prob. 6SEBCh. 9 - CALCULATING PAYROLL TAXES EXPENSE AND PREPARING...Ch. 9 - JOURNALIZING AND POSTING PAYROLL ENTRIES Oxford...Ch. 9 - Prob. 9SPBCh. 9 - The director of the art department at an...Ch. 9 - Prob. 1ECCh. 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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- CALCULATION AND JOURNAL ENTRY FOR EMPLOYER PAYROLL TAXES Portions of the payroll register for Barneys Bagels for the week ended July 15 are shown below. The SUTA tax rate is 5.4%, and the FUTA tax rate is 0.6%, both of which are levied on the first 7,000 of earnings. The Social Security tax rate is 6.2% on the first 118,500 of earnings. The Medicare rate is 1.45% on gross earnings. Calculate the employers payroll taxes expense and prepare the journal entry to record the employers payroll taxes expense for the week ended July 15 of the current year.arrow_forwardCALCULATION OF TAXABLE EARNINGS AND EMPLOYER PAYROLL TAXES AND PREPARATION OF JOURNAL ENTRY Selected information from the payroll register of Joanies Boutique for the week ended September 14, 20--, is as follows. Social Security tax is 6.2% on the first 118,500 of earnings for each employee. Medicare tax is 1.45% of gross earnings. FUTA tax is 0.6% and SUTA tax is 5.4% on the first 7,000 of earnings. Calculate the amount of taxable earnings for unemployment. Social Security, and Medicare taxes, and prepare the journal entry to record the employers payroll taxes as of September 14, 20--.arrow_forwardCALCULATION AND JOURNAL ENTRY FOR EMPLOYER PAYROLL TAXES Portions of the payroll register for Kathy s Cupcakes for the week ended June 21 are shown below. The SUTA tax rate is 5.4%, and the FUTA tax rate is 0.6%, both on the first 7,000 of earnings. The Social Security tax rate is 6.2% on the first 118,500 of earnings. The Medicare rate is 1.45% on gross earnings. Calculate the employers payroll taxes expense and prepare the journal entry to record the employers payroll taxes expense for the week ended June 21 of the current year.arrow_forward
- The totals line from Nix Companys payroll register for the week ended March 31, 20--, is as follows: Payroll taxes are imposed as follows: Social Security tax, 6.2%; Medicare tax, 1.45%; FUTA tax, 0.6%; and SUTA tax, 5.4%. REQUIRED 1. a. Prepare the journal entry for payment of this payroll on March 31, 20--. b. Prepare the journal entry for the employers payroll taxes for the period ended March 31, 20--. 2. Nix Company had the following balances in its general ledger before the entries for requirement ( 1 ) were made: a. Prepare the journal entry for payment of the liabilities for federal income taxes and Social Security and Medicare taxes on April 15, 20--. b. Prepare the journal entry for payment of the liability for FUTA tax on April 30, 20--. c. Prepare the journal entry for payment of the liability for SUTA tax on April 30, 20--.arrow_forwardCALCULATION AND JOURNAL ENTRY FOR EMPLOYER PAYROLL TAXES Earnings for several employees for the week ended March 12, 20--, are as follows: Calculate the employers payroll taxes expense and prepare the journal entry as of March 12, 20--, assuming that FUTA tax is 0.6%, SUTA tax is 5.4%, Social Security tax is 6.2%, and Medicare tax is 1.45%.arrow_forwardThe following information about the payroll for the week ended December 30 was obtained from the records of Qualitech Co.: Tax rates assumed: Social security, 6% Medicare, 1.5% State unemployment (employer only), 5.4% Federal unemployment (employer only), 0.8% Instructions 1. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the following entries: a. December 30, to record the payroll. b. December 30, to record the employers payroll taxes on the payroll to be paid on December 31. Of the total payroll for the last week of the year, 35,000 is subject to unemployment compensation taxes. 2. Assuming that the payroll for the last week of the year is to be paid on January 5 of the following fiscal year, journalize the following entries: a. December 30, to record the payroll. b. January 5, to record the employers payroll taxes on the payroll to be paid on January 5. Because it is a new fiscal year, all 675,000 in salaries is subject to unemployment compensation taxes.arrow_forward
- Payroll Taxes Sids Grocery Store has 100 employees who earn a wage of $18.75 per hour. Each of Sids employees has worked a total of 160 hours over the month of July. At the time of recording Julys monthly payroll, the following amounts have been withheld: Also, the unemployment tax rate is 2% and applies to all but $30,000 of the gross payroll. Required: 1. What is the amount of net pay recorded by Sids? 2. Make the journal entries to record the payroll.arrow_forwardPayment and distribution of payroll The general ledger of Berskshire Mountain Manufacturing Inc. showed the following credit balances on January 15: Direct labor earnings amounted to 10,500 from January 16 to 31. Indirect labor was 5,700, and sales and administrative salaries for the same period amounted to 3,800. All wages are subject to FICA, FUTA, state unemployment taxes, and 10% income tax withholding. Required: 1. Prepare the journal entries for the following: a. Recording the payroll. b. Paying the payroll. c. Recording the employers payroll tax liability. d. Distributing the payroll costs for January 1631. 2. Prepare the journal entry to record the payment of the amounts due for the month to the government for FICA and income tax withholdings. 3. Calculate the amount of total earnings for the period from January 1 to 15. 4. Should the same person be responsible for computing the payroll, paying the payroll and making the entry to distribute the payroll? Why or why not?arrow_forward
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How JOURNAL ENTRIES Work (in Accounting); Author: Accounting Stuff;https://www.youtube.com/watch?v=Y-_Q3rANyxU;License: Standard Youtube License