Based on the information below, what amount should be debited for Wages/Salaries Expense? Total Social Security Tax deducted $25,000 Total Medicare Tax deducted $5,000 Total Federal Income Tax deducted $110,000 Total State Income Tax deducted $30,000 Total Union Dues deducted $300 Total Medical Insurance (Kaiser) deducted $4,000 Federal Unemployment Tax $20,000 State Unemployment Tax $10,000 Wages/Salaries Payable $250,000

Based on the information below, what amount should be debited for Wages/Salaries Expense? Total Social Security Tax deducted $25,000 Total Medicare Tax deducted $5,000 Total Federal Income Tax deducted $110,000 Total State Income Tax deducted $30,000 Total Union Dues deducted $300 Total Medical Insurance (Kaiser) deducted $4,000 Federal Unemployment Tax $20,000 State Unemployment Tax $10,000 Wages/Salaries Payable $250,000

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter7: Employee Earnings And Deductions

Section: Chapter Questions

Problem 4QY

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Similar questions

Consider gross earnings of $86,000. The standard deduction is $12,000 and itemized deduction is $8,000. Social security tax rate is 6.2%; Medicare tax rate is 1.45%. How much is the taxable income (for federal income tax)? Give typing answer with explanation and conclusion
Which equation could be used to identify one of the following levels of Federal Income Tax withholding? PERCENTAGE METHOD FOR FIT WITHHOLDING - SINGLE PERSON WEEKLY PAYROLL PERIOD Allowance Rate = $63.46 Weekly Taxable Wage Over The amount of FIT withholding is -- ch w If he But not over... y rin $1 $0.00 0.10(gross pay - $51) $14.40 + 0.15(gross pay - 195) $81.90 0.20(gross pay - $645) $195 195 645 645 1,482 Select one: O A. FIT = 14.4 + 0.15g; where g = gross pay in dollars. O B. FIT = 81.9g +.2(645); where g = gross pay in dollars. O C. FIT = 81.9(0.20) + (g - 645); where g = gross pay in dollars. O D. FIT = 0.15g 14.85; where g = gross pay in dollars.
Consider gross earnings of $84,000. The standard deduction is $12,000 and itemized deduction is $5,000. Social security tax rate is 6.2%; Medicare tax rate is 1.45%. How much is the taxable income (for federal income tax)?
The employer is responsible for which of the following payroll taxes? 6.2% FICA—OASDI tax 1.45% FICA—Medicare tax Federal and state unemployment taxes< All of the above
Assume that the social security tax rate is 6% and the Medicare tax rate is 1.5%. In the following summary of data for a payroll period, some amounts have been intentionally omitted: Earnings: At regular rate ? At overtime rate $80,000 Total earnings ? Deductions: Social security tax $32,400 Medicare tax $8,100 Federal income tax withheld $135,000 Medical insurance $18,900 Union dues ? Total deductions $201,150 Net amount paid $338,850 Accounts debited: Factory Wages $285,000 Sales Salaries ? Office Salaries $120,000 Determine the amounts omitted in lines (1), (3), (8), and (12). Journalize the entry to record the payroll accrual. Journalize the entry to record the payment of the payroll. Total earnings should be $540,000
What is the journal entry to record Legal Corporation’s payment of state unemployment taxes for $600 if the tax has been accrued? A. State unemployment taxes payable $600 Cash $600 B. State unemployment taxes payable $600 Accrued payroll $600 C. Manufacturing overhead $600 State unemployment taxes payable $600 D. Accrued payroll $600 Cash $600
Calculate net earnings. Gross pay $250.00 Fed Tax $17.88 Social Security Tax $10.71 Medicare tax $3.25
Samantha Lindsay works at College of Austin and is paid $15 per hour for a 40-hour workweek and time-and-a-half for hours above 40. (Click the icon to view payroll tax rate information.) Read the requirements. CEN Requirement 1. Compute Lindsay's gross pay for working 52 hours during the first week of February. Straight-time pay for 40 hours $ 600.00 270.00 Overtime pay for 12 hours 870.00 Gross Pay Requirement 2. Lindsay is single, and her income tax withholding is 15% of total pay. Lindsay's only payroll deductions are payroll taxes. Compute Lindsay's net (take-home) pay for the week. Assume Lindsay's earnings to date are less than the OASDI limit. (Round all amounts to the nearest cent) Gross pay Withholding deductions: Employee income tax Employee OASDI tax Employee Medicare tax Total withholdings Net (take-home) pay 4
22 On a recent paycheck, the employee's taxes were as follows: Federal withholding, $31; Social Security tax, $41.20; Medicare, $11.93; and state income tax, $14.25. What is the employer's share for these taxes? Multiple Choice $53.13 $67.38 $98.38 $45.25
how do i compute federal income tax salary gross earnings is $1750.00
Concerning Payroll Accounting - I need to clarify what portion of wages are used to calculate Social Security tax (6.2%) & Medicare tax (1.45%) in a single pay period. Are both taxes calculated on gross wages or calculated on adjusted wages for after pre-tax deductions (i.e., Health Insurance Premiums & Retirement deductions)? Thank you. Jewelee Marple
Assume that the social security tax rate is 6% and the Medicare tax rate is 1.5%. In the following summary of data for a payroll period, some amounts have been intentionally omitted: Earnings: 1. At regular rate ? 2. At overtime rate $64,000 3. Total earnings ? Deductions: 4. Social security tax 30,240 5. Medicare tax 7,560 6. Federal income tax withheld 128,000 7. Medical insurance 17,640 8. Union dues ? 9. Total deductions 190,190 10. Net amount paid 313,810 Accounts debited: 11. Factory Wages 264,000 12. Sales Salaries ? 13. Office Salaries 110,000 Required: a. Determine the amounts omitted in lines (1), (3), (8), and (12). b. On December 19, journalize the entry to record the payroll accrual.* c. On December 20, journalize the entry to record the payment of the payroll.*