Account Balance on June 1 $70,200 3,553 5,103 1,197 1,225 574 2,835 Number Title 101 Cash 211 Employee Federal Income Tax Payable Social Security Tax Payable Medicare Tax Payable Savings Bond Deductions Payable FUTA Tax Payable SUTA Tax Payable Wages and Salaries Expense Payroll Taxes Expense 212 213 218 221 222 511 530 The following transactions relating to payrolls and payroll taxes occurred during June and July: June 15 Paid $9,853 covering the following May taxes: Social Security tax $5,103 1,197 3,553 Medicare tax Employee federal income tax withheld Total $9,853 30 June payroll: Total wages and salaries expense $42,000 Less amounts withheld: $2,604 Social Security tax Medicare tax Employee federal income tax Savings bond deductions Net amount paid 609 3,570 1,225 8,008 $33,992 30 Purchased savings bonds for employees, $2,450 30 Employer payroll taxes expenses for June were: Social Security Medicare $2,604 609 FUTA 84 SUTA 567 Total $3,864 July 15 Paid $9,996 covering the following June taxes: Social Security tax Medicare tax Employee federal income tax withheld $5,208 1,218 3,570 $9,996 Total 31 Paid SUTA tax for the quarter, $3,402 Paid FUTA tax, $658 31

Account Balance on June 1 $70,200 3,553 5,103 1,197 1,225 574 2,835 Number Title 101 Cash 211 Employee Federal Income Tax Payable Social Security Tax Payable Medicare Tax Payable Savings Bond Deductions Payable FUTA Tax Payable SUTA Tax Payable Wages and Salaries Expense Payroll Taxes Expense 212 213 218 221 222 511 530 The following transactions relating to payrolls and payroll taxes occurred during June and July: June 15 Paid $9,853 covering the following May taxes: Social Security tax $5,103 1,197 3,553 Medicare tax Employee federal income tax withheld Total $9,853 30 June payroll: Total wages and salaries expense $42,000 Less amounts withheld: $2,604 Social Security tax Medicare tax Employee federal income tax Savings bond deductions Net amount paid 609 3,570 1,225 8,008 $33,992 30 Purchased savings bonds for employees, $2,450 30 Employer payroll taxes expenses for June were: Social Security Medicare $2,604 609 FUTA 84 SUTA 567 Total $3,864 July 15 Paid $9,996 covering the following June taxes: Social Security tax Medicare tax Employee federal income tax withheld $5,208 1,218 3,570 $9,996 Total 31 Paid SUTA tax for the quarter, $3,402 Paid FUTA tax, $658 31

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter20: Corporations And Partnerships

Section: Chapter Questions

Problem 6DQ: LO.3, 4, 5 Contrast the income taxation of individuals and C corporations as to: a. Alternative...

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