69. Jackal Company's (a monthly depositor) tax liability (amount withheld from employees' wages for federal income tax and FICÀ tax plus the company's portion of the FICA tax) for July was $2,780. No deposit was made by the company until August 22, 20-- (7 days late). Determine the following: A. The date by which the deposit should have been made B. The penalty for failure to make timely deposit C. The penalty for failure to fully pay tax when due D. The interest on taxes due and unpaid (assume a 5% interest rate)

69. Jackal Company's (a monthly depositor) tax liability (amount withheld from employees' wages for federal income tax and FICÀ tax plus the company's portion of the FICA tax) for July was $2,780. No deposit was made by the company until August 22, 20-- (7 days late). Determine the following: A. The date by which the deposit should have been made B. The penalty for failure to make timely deposit C. The penalty for failure to fully pay tax when due D. The interest on taxes due and unpaid (assume a 5% interest rate)

PAYROLL ACCT.,2019 ED.(LL)-TEXT

19th Edition

ISBN:9781337619783

Author:BIEG

Publisher:BIEG

Chapter5: Unemployment Compensation Taxes

Section: Chapter Questions

Problem 16PB

See similar textbooks

Similar questions

Vulcan Company is a monthly depositor whose tax liability for March 20-- is $3,130. 1. What is the due date for the deposit of these taxes? 2. Assume that no deposit was made until April 29 (14 days late). Compute the following penalties. Assume a 365-day year in your computations. Round your answers to the nearest cent. a. Penalty for failure to make timely deposit. $fill in the blank 2 b. Penalty for failure to fully pay tax. $fill in the blank 3 c. Interest on taxes due and unpaid (assume a 6% interest rate). $fill in the blank 4 d. Total penalty imposed.
Vulcan Company is a monthly depositor whose tax liability for March 20-- is $3,200. 1. What is the due date for the deposit of these taxes?April 15 2. Assume that no deposit was made until April 29 (14 days late). Compute the following penalties. Assume a 365-day year in your computations. Round your answers to the nearest cent. a. Penalty for failure to make timely deposit. $ b. Penalty for failure to fully pay tax. $ c. Interest on taxes due and unpaid (assume a 6% interest rate). $ d. Total penalty imposed.
6. The Primo Company had a total payroll of $148,600.34 for the first quarter of the current year. It withheld $28,531.27 from the employees for federal income tax during this quarter. The company made the following deposits in a qualified bank depository for the amount of the income and Social Security and Medicare taxes withheld from the employees and for the company's contribution to the FICA tax: $17,050 on February 6; $17,050 on March 4; and $17,050 on April 5. Primo Company's bookkeeper is now filling out Form 941 (quarterly return), which is due by the end of April. Complete the following to determine the amount of the check that the company must send to the IRS for the undeposited taxes due. a. Total Social Security and Medicare taxes to be paid for quarter b. Total taxes c. Total deposits for quarter (sent to qualified bank depository) d. Undeposited taxes due IRS
1)Chester Company reported payroll for the month of January 2022 as follows: Total Wages Income taxes withheld 500,000 60,000 All wages paid were subject to SSS. The SSS tax rates were 7% each for employee and employer. Chester remits payroll taxes on the 15" of the following month. In the financial statements for the month ended January 31, 2022, what amount should be reported respectively as total payroll tax liability and payroll tax expense? C. 95,000 and 35,000 D. 130,000 and 35,000 A. 60,000 and 70,000 B. 95,000 and 70,000
Assuming no employees are subject to ceilings for their earnings, Harris Company has the following information for the pay period of January 15-31. Use this information to answer the question that follow. Gross payroll Social security rate Medicare rate Federal income tax withheld Federal unemployment tax rate State unemployment tax rate Assuming that all wages are subject to federal and state unemployment taxes, the employer's payroll tax expense would be a. $2,870 b. $1,370 c. $750 Od. $620 $10,000 6.0% 1.5% $1,800 0.8% 5.4%
Skip to question [The following information applies to the questions displayed below.]At March 31, 2019, the end of the first year of operations at Lukancic Inc., the firm’s accountant neglected to accrue payroll taxes of $6,370 that were applicable to payrolls for the year then ended. Exercise 7-7 (Algo) Part a - Horizontal Model Required:a-1. Use the horizontal model to show the effect of the accrual that should have been made as of March 31, 2019. Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negative financial statement effect.)
Assume that the company is subject to a two percent state unemployment tax (due to a favorable experience rating) and a 0.6 percent federal unemployment tax.RequiredRecord the following in general journal form on May 31:a. Accrual of the monthly payroll.b. Payment of the net payroll.c. Accrual of employer's payroll taxes. (Assume that the FICA matches the amount withheld.)d. Payment of these payroll-related liabilities. (Assume that all are settled at the same time.) Round your answers to the nearest dollar.
Mar Company provides the following information on December 31, 2020: Income taxes withheld from employees Cash balance at First State Bank Cash overdraft at Harbor Bank Accounts receivable with credit balance Estimated expenses of meeting warranties on merchandise previously sold Estimated damages as a result of unsatisfactory performance on a contract Accounts payable Deferred serial bonds, issued at par and bearing an interest at 12% payable in semi-annual installment of P500,000 due on April 1 and Oct.1, the last bond to be paid on April 1 and Oct. 1, 2026. Interest is also paid semi-annually. Stock dividend payable Compute the total current liabilities as of Dec. 31, 2020. 900,000 2,500,000 1,300,000 750,000 500,000 1,500,000 3,000,000 5,000,000 2,000,000
Sage Corporation's weekly payroll of $12,000 included FICA taxes withheld of $918, federal taxes withheld of $3,040, state taxes withheld of $970, and insurance premiums withheld of $240. Prepare Sage's journal entry to record the payment of the weekly payroll. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit
Skip to question [The following information applies to the questions displayed below.]At March 31, 2019, the end of the first year of operations at Lukancic Inc., the firm’s accountant neglected to accrue payroll taxes of $6,370 that were applicable to payrolls for the year then ended. Exercise 7-7 (Algo) Part a - Journal Entry a-2. Record the journal entry to show the effect of the accrual that should have been made as of March 31, 2019. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
PART - D PAYROLL LIABILITY: On 15 September 2020, Speedy directly transferred $30,000 to employees' bank accounts for salaries for the first half of September 2020. PAYE withheld amounted to $10,000. The next payroll will be paid on 1 October 2020 for the same amount. Additionally, on 5 October 2020, PAYE for the 15 September 2020 transaction will be paid to the taxation authorities. Journalise, in general journal format, the 15 September 2020 payroll transaction.
Recording payroll and payroll taxes. Assume that the company is subject to a 2% state unemployment tax and 0.6% federal unemployment tax. REQUIRED: Record the following in general journal entry form on May 31. A. Accrual of monthly payroll B. Payment of the net payroll C. Accrual of employers payroll taxes(assume that the FICA matches the amount withhold) D. Payment of these payroll related liabilities. (assume that all are settled at the same time) The options for the shaded drop boxes are : Administrative salaries expense, cash, custodial salaries expense, federal income tax withholding payable, federal unemployment tax payable, FICA tax payable, payroll payable, payroll tax expense, sales salaries expense, state unemployment tax payable.