Required Information [The following Information applies to the questions displayed below] A payroll summary for Cortez Consulting Company, owned by Cont Cortez. for the quarter ending June 30, 20X1. appears below. The firm made the required tax deposits as follows: a. For April taxes, paid on May 15. b. For May taxes, paid on June 17. Date Wages Paid April 8 $ 2,422.00 2,510.00 2,422.00 2,466.00 April 15 April 22 April 29 $9,820.00 Ray 5 $2,378.00 May 12 2,422.00 May 19 May 20 Total Earnings Social Security Medicare Tax Tax Deducted Income Tax Deducted Withheld $ 150.16 155.62 $35.12 36.40 $ 240.00 247.00 150.16 35.12 240.00 152.89 35.76 244.00 $60.83 $142.40 1971.00 $34.48 $236.00 35.12 35.12 35.76 $ 140.48 $155.62 $36.40 240.00 240.00 244.00 $ 960.00 $247.00 2,422.00 150.16 35.12 240.00 2,466.00 2,422.00 2,378.00 152.89 35.76 244.00 150.16 35.12 240.00 147.44 34.48 236.00 $756.27 $176.88 $1,207.00 $1,965.75 $459.76 $3,138.00 June 2 June 9 June 16 June 23 June 30 2,422.00 2,406.00 $9,688.00 $ 2,510.00 $147.44 150.16 150.16 152.89 $ 600.65 $ 12,198.00 Total $ 31,706.00 Social security 6.2 percent Medicare 1.45 FUTA SUTA 8.6 5.4 red: Using the tax rates given above, and accuming that all earnings are taxablo, make the general journal entry on April 8, 20X1, to record the employer's payroll tax experse on the payroll ending that date. Prepare the entries in general journal form to record deposit of the employee income tax withheld and the social security and Medicare taxes employee and employer shares) on May 15 for April taxes and on June 17 for May taxes.
Required Information [The following Information applies to the questions displayed below] A payroll summary for Cortez Consulting Company, owned by Cont Cortez. for the quarter ending June 30, 20X1. appears below. The firm made the required tax deposits as follows: a. For April taxes, paid on May 15. b. For May taxes, paid on June 17. Date Wages Paid April 8 $ 2,422.00 2,510.00 2,422.00 2,466.00 April 15 April 22 April 29 $9,820.00 Ray 5 $2,378.00 May 12 2,422.00 May 19 May 20 Total Earnings Social Security Medicare Tax Tax Deducted Income Tax Deducted Withheld $ 150.16 155.62 $35.12 36.40 $ 240.00 247.00 150.16 35.12 240.00 152.89 35.76 244.00 $60.83 $142.40 1971.00 $34.48 $236.00 35.12 35.12 35.76 $ 140.48 $155.62 $36.40 240.00 240.00 244.00 $ 960.00 $247.00 2,422.00 150.16 35.12 240.00 2,466.00 2,422.00 2,378.00 152.89 35.76 244.00 150.16 35.12 240.00 147.44 34.48 236.00 $756.27 $176.88 $1,207.00 $1,965.75 $459.76 $3,138.00 June 2 June 9 June 16 June 23 June 30 2,422.00 2,406.00 $9,688.00 $ 2,510.00 $147.44 150.16 150.16 152.89 $ 600.65 $ 12,198.00 Total $ 31,706.00 Social security 6.2 percent Medicare 1.45 FUTA SUTA 8.6 5.4 red: Using the tax rates given above, and accuming that all earnings are taxablo, make the general journal entry on April 8, 20X1, to record the employer's payroll tax experse on the payroll ending that date. Prepare the entries in general journal form to record deposit of the employee income tax withheld and the social security and Medicare taxes employee and employer shares) on May 15 for April taxes and on June 17 for May taxes.
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter8: Liabilities And Stockholders' Equity
Section: Chapter Questions
Problem 8.2.3P: Recording payroll and payroll taxes The following information about the payroll for the week ended...
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![Required Information
[The following information applies to the questions displayed below]
A payroll summary for Cortez Consulting Company, owned by Cont Cortez, for the quarter ending June 30, 20X1. appears
below. The firm made the required tax deposits as follows:
a. For April taxes, paid on May 15.
b. For May taxes, paid on June 17.
April 29.
$ 9,820.00
May 5
$ 2,378.00
$ 147.44
May 12
May 19
2,422.00
2,422.00
May 26
2,400.00
$ 9,688.00
Date Wages
Paid
Total Earnings
Social Security:
Tax Deducted
April 8
$ 2,422.00
$ 150.16
Medicare Tax
Deducted
$ 35.12
Income Tax
Withheld
$ 240.00
April 15
April 22
2,510.00
2,422.00
2,466.00
155.62
150.16
152.89
$ 608.83
36.40
35.12
150.16
150.16
35.76
$142.40
$ 34.48
35.12
152.89
$ 140.48
5 971.00
$ 236.00
240.00
240.00
244.00
247.00
240.00
244.00
35.12
35.76
$ 600.65
$960,00
June 2
$
2,510.00
$ 155.62
$36.40
$247.00
June 9
June 16
June 23
June 30
2,422.00
150.16
35.12
240.00
2,466.00
152.89
35.76
244.00
2,422.00
150.16
35.12
240.00
2,378.00
147.44
34.48
236.00
$ 12,198.00
$756.27
$176.88
$ 1,207.00
Total
$ 31,706.00
$ 1,965.75
$ 459.76
$ 3,138.00
Social security
Medicare
FUTA
SUTA
6.2 percent
1.45
0.6
5.4
Required:
1. Using the tax rates given above, and accuming that all earnings are taxablo, make the general journal entry on April 8, 20X1, to
record the employer's payroll tax experse on the payroll ending that date.
2. Prepare the entries in general journal form to record deposit of the employee income tax withheld and the social security and
Medicare taxes employee and employer shares) on May 15 for April taxes and on June 17 for May taxes.
Note: For all requirements, round your answers to 2 decimal places.
View transaction Bet
Journal entry worksheet
<
1 2 3
Record payroll tax expense.
Note: Enter debita before credits.
Date
April 8, 20X1
General Journal
Debit
Credit](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2e00f69c-04f8-4e58-9b17-c3ca902df7f3%2F4790d081-d821-455d-9ade-06fe11ca235d%2Fixyreyu_processed.png&w=3840&q=75)
Transcribed Image Text:Required Information
[The following information applies to the questions displayed below]
A payroll summary for Cortez Consulting Company, owned by Cont Cortez, for the quarter ending June 30, 20X1. appears
below. The firm made the required tax deposits as follows:
a. For April taxes, paid on May 15.
b. For May taxes, paid on June 17.
April 29.
$ 9,820.00
May 5
$ 2,378.00
$ 147.44
May 12
May 19
2,422.00
2,422.00
May 26
2,400.00
$ 9,688.00
Date Wages
Paid
Total Earnings
Social Security:
Tax Deducted
April 8
$ 2,422.00
$ 150.16
Medicare Tax
Deducted
$ 35.12
Income Tax
Withheld
$ 240.00
April 15
April 22
2,510.00
2,422.00
2,466.00
155.62
150.16
152.89
$ 608.83
36.40
35.12
150.16
150.16
35.76
$142.40
$ 34.48
35.12
152.89
$ 140.48
5 971.00
$ 236.00
240.00
240.00
244.00
247.00
240.00
244.00
35.12
35.76
$ 600.65
$960,00
June 2
$
2,510.00
$ 155.62
$36.40
$247.00
June 9
June 16
June 23
June 30
2,422.00
150.16
35.12
240.00
2,466.00
152.89
35.76
244.00
2,422.00
150.16
35.12
240.00
2,378.00
147.44
34.48
236.00
$ 12,198.00
$756.27
$176.88
$ 1,207.00
Total
$ 31,706.00
$ 1,965.75
$ 459.76
$ 3,138.00
Social security
Medicare
FUTA
SUTA
6.2 percent
1.45
0.6
5.4
Required:
1. Using the tax rates given above, and accuming that all earnings are taxablo, make the general journal entry on April 8, 20X1, to
record the employer's payroll tax experse on the payroll ending that date.
2. Prepare the entries in general journal form to record deposit of the employee income tax withheld and the social security and
Medicare taxes employee and employer shares) on May 15 for April taxes and on June 17 for May taxes.
Note: For all requirements, round your answers to 2 decimal places.
View transaction Bet
Journal entry worksheet
<
1 2 3
Record payroll tax expense.
Note: Enter debita before credits.
Date
April 8, 20X1
General Journal
Debit
Credit
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