Assuming no employees are subject to ceilings for taxes on their earnings, Salaries Payable would be recorded for   a. ​$10,800   b. ​$11,040   c. ​$16,000   d. ​$9,808

Q: Selected data from a February payroll register for Vaughn Company are presented below. Some amounts…

A: Formula: Total deductions = FICA tax + Federal Income tax + State income tax + Union due. Sum of…

Q: Ramirez Company has the following data for the weekly payroll ending January 31. Hours Employee M.…

A: Payroll accounting is done to record salaries and wages paid to the employees and what other…

Q: Recording Payroll and Payroll Taxes The following information about the payroll for the week ended…

A: “Since you have asked multiple questions, we will solve the first three sub-parts for you. If you…

Q: The following totals for the month of April were taken from the payroll register of Magnum Company:…

A: Journal entry for Payroll tax expense: Date Description Debit  Credit    Payroll tax…

Q: The payroll register for D. Salah Company for the week ended May 18 indicated the following:…

A: Journal entry: It is the duty of the accountant to record business economic and non-economic…

Q: Assuming no employees are subject to ceilings for their earnings, Harris Company has the following…

A: Social security tax deduction = Gross payroll x Social security rate = $19,352 x 6% = $1161.12…

Q: Jack's Lawn Service Company has the following information related to its current year payroll as of…

A:

Q: According to a summary of the payroll of Scotland Company, $450,000 was subject to the 6.0% social…

A: Wages: Wages are the earnings of the employees for their work to the company they serve. These are…

Q: The following information about the payroll for the week ended December 30 was obtained from the…

A: Social Security Tax Payable  = Gross salaries x Social security tax rate = $352,000*6% = $21,120…

Q: The following information about the payroll for the week ended December 30 was obtained from the…

A: Payroll: The total payment that a company is required to pay to its employee for the services…

Q: In January, gross earnings in Kemstar Company totalled $90,000. All earnings are subject to Standard…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Widmer Company had gross wages of $226,000 during the week ended June 17. The amount of wages…

A: Social Security Tax Payable = Gross wages x Social security tax rate Medicare Tax Payable = Gross…

Q: Portions of the payroll register for Barney's Bagels for the week ended July 15 are shown below. The…

A: Employer Payroll tax expense = Social Security tax + Medicare tax + FUTA tax + SUTA tax

Q: Assuming no employees are subject to ceilings for their earnings, Jenkins  Company has the following…

A: Social security and Medicare tax rates are based on gross payroll. The federal income tax withheld,…

Q: 1. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize…

A: 1. a. Reference: b. Reference:

Q: Widmer Company had gross wages of $155,000 during the week ended June 17. The amount of wages…

A: Social Security tax payable = wages subject to social security tax ×6% = $139,500 × 6% = $8370

Q: The following information about the payroll for the week ended December 30 was obtained from the…

A: Social Security Tax Payable  = Gross salaries x Social security tax rate = $352,000*6% = $21,120…

Q: Highridge Homes has the following payroll information for the week ended February 21: Name…

A: Following is the summary of gross pay:

Q: In January, gross earnings in Vaughn Company totaled $68,000. All earnings are subject to 7.65% FICA…

A: Payroll Accounting: The process of payroll accounting includes the computation and payment of…

Q: Lee Company has the following information for the pay period of December 15–31: Gross payroll…

A: Given that: Gross payroll = $15416 Social security taxes = 6% Medicare rate = 1.5% Federal income…

Q: The following information about the payroll for the week ended December 30 was obtained from the…

A: Social Security Tax Payable  = Gross salaries x Social security tax rate = $352,000*6% = $21,120…

Q: NEP Corp. has 15 employees each working 40 hours per week and earning $30 an hour. Federal income…

A: A payroll tax is a percentage levied by the state or federal government on the employee's salary,…

Q: Urban Window Company had gross wages of $320,000 during the week ended July 15. The amount of wages…

A: The employer withholds the Employees Federal Income Tax payable from their Wages. The employer…

Q: According to a summary of the payroll of Scotland Company, $450,000 was subject to the 6.0% social…

A: Social Security tax = Taxable Earnings x Social Security tax rate = $500,000*6.00% = $30,000…

Q: Jones Corporation pays its employees monthly. The following information is available for the January…

A: Given the following information: Gross wages: $70,000 FICA rate: 8% Unemployment taxesFederal:…

Q: Lee Company has the following information for the pay period of December 15–31: Gross payroll…

A: Option “c” is the correct option.

Q: Assuming no employees are subject to ceilings for their earnings, Harris Company has the following…

A: Social security tax = Gross payroll × 6% Federal unemployment tax and state unemployment tax are not…

Q: Lee Financial Services pays employees monthly. Payroll information is listed below for January 2021,…

A: Compute income and payroll taxes for January 2021 as shown below:

Q: The following information about the payroll for the week ended December 30 was obtained from the…

A: Salary expense include basic salary and all type of allowance provided by the company in addition to…

Q: The following information about the payroll for the week ended December 30 was obtained from the…

A: Answer a:

Q: Lee Company has the following information for the pay period of December 15–31: ​ Gross payroll…

A: Social Security tax payable = Gross payroll x Social security rate = 16,000 x 6% = 960

Q: Assuming no employees are subject to ceilings for their earnings, Harris Company has the following…

A: Federal income taxes are imposed in USA. The income tax is determined by applying tax rate which…

Q: Required: If an amount box does not require an entry, leave it blank. 1a.  Assuming that the…

A: Payroll accounting can be defined as the branch under the accounting system which records the…

Q: The following information about the payroll for the week ended December 30 was obtained from the…

A: Social Security Tax Payable  = Gross salaries x Social security tax rate = $352,000*6% = $21,120…

Q: According to a summary of the payroll of Scotland Company, $450,000 was subject to the 6.0% social…

A: Accrued salaries states the liability amount remaining at the end of the reporting year for salaries…

Q: $350,000  Warehouse salaries 182,000  Office salaries 136,000   $668,000     Deductions:

A: Payroll is  remuneration that a company owes to its employees for a specific period of timeon a…

Q: XYZ Company is processing payroll for the week ending January 9th. Employee earnings total $5,000.…

A: An entry in a payroll diary is a record of the salary that an employer gives to its employees.…

Q: Assuming no employees are subject to ceilings for their earnings, Harris Company has the following…

A: Salaries payable is the amount of salary which is due but not yet paid.

Q: ) Journalize the payroll entry for the week. DATE   Debit Credit X/X…

A:

Q: The payroll register of Clapton Co. indicates $11,340 of social security withheld and $2,835 of…

A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in…

Q: Assuming no employees are subject to ceilings for their earnings, Harris Company has the following…

A: Salaries payable are calculated by deducting social security rate, Medicare rate and Federal income…

Q: Widmer Company had gross wages of $162,000 during the week ended June 17. The amount of wages…

A: Social Security tax = Social Security Taxable Earnings x Social Security tax rate = $145,800*6.00% =…

Q: Accounting Entries for Payroll and Payroll Taxes The following information about the payroll for the…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: In January, gross earnings in Coronado Company were $36,000. The 7.65% FICA tax rate consists of the…

A: Payroll tax is defined as the percentage that is withheld from the pay of the employee through…

Q: Recording Payroll and Payroll Taxes Manchester, Inc., had the following payroll for March:…

A: Salaries expense = Office salaries + Sales salaries = $ 390000 +$ 650000 = $ 1040000

Q: In January, gross earnings in Concord Company totaled $88,000. All earnings are subject to 7.65%…

A: Formulas:

Q: Namsky Co. has the following information for the pay period of December 15 - 31: Gross Payroll…

A: To calculate the salary payable we have to use the following formula; Salaries payable = Gross…

Q: The following totals for the month of April were taken from the payroll register of Magnum Company.…

A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in…

Q: Recording Payroll and Payroll Taxes The following information about the payroll for the week ended…

A: Journal Entries

Q: Nov. 30: Journalized the monthly payroll for November, based on the following data: Salaries…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Employee Benefits

In an organization employees are the most important resource and most important asset. They can lead an organization to the sky or can be the reason for unsuccessful of business. Therefore, it is very much important that employees of an organization should be satisfied by the environment of the organization and most importantly with the salary, wages incentives, etc.