he payroll register of Seaside Architecture Company indicates $970 of Social Security and $258 of Medicare tax withheld on total salaries of $17,000 for the period. Federalwithholding for the period totaled $3,260.Prepare the journal entry for the period's payroll. If an amount box does not require an entry, leave it blank.VYY

INTRODUCTION: Payroll is the remuneration that a company must pay its employees for a specified…

e payroll register of Seaside Architecture Company indicates $970 of Social Security and $258 of Medicare tax withheld on total salaries of $17,000 for the period. Federal thholding for the period totaled $3,260. epare the journal entry for the period's payroll. If an amount box does not require an entry, leave it blank.

e payroll register of Seaside Architecture Company indicates $970 of Social Security and $258 of Medicare tax withheld on total salaries of $17,000 for the period. Federal thholding for the period totaled $3,260. epare the journal entry for the period's payroll. If an amount box does not require an entry, leave it blank.

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter8: Employer Taxes, Payments, And Reports

Section: Chapter Questions

Problem 1E

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The following information about the payroll for the week ended December 30 was obtained from the records of Qualitech Co.: Tax rates assumed: Social security, 6% Medicare, 1.5% State unemployment (employer only), 5.4% Federal unemployment (employer only), 0.8% Instructions 1. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the following entries: a. December 30, to record the payroll. b. December 30, to record the employers payroll taxes on the payroll to be paid on December 31. Of the total payroll for the last week of the year, 35,000 is subject to unemployment compensation taxes. 2. Assuming that the payroll for the last week of the year is to be paid on January 5 of the following fiscal year, journalize the following entries: a. December 30, to record the payroll. b. January 5, to record the employers payroll taxes on the payroll to be paid on January 5. Because it is a new fiscal year, all 675,000 in salaries is subject to unemployment compensation taxes.
The totals line from Nix Companys payroll register for the week ended March 31, 20--, is as follows: Payroll taxes are imposed as follows: Social Security tax, 6.2%; Medicare tax, 1.45%; FUTA tax, 0.6%; and SUTA tax, 5.4%. REQUIRED 1. a. Prepare the journal entry for payment of this payroll on March 31, 20--. b. Prepare the journal entry for the employers payroll taxes for the period ended March 31, 20--. 2. Nix Company had the following balances in its general ledger before the entries for requirement ( 1 ) were made: a. Prepare the journal entry for payment of the liabilities for federal income taxes and Social Security and Medicare taxes on April 15, 20--. b. Prepare the journal entry for payment of the liability for FUTA tax on April 30, 20--. c. Prepare the journal entry for payment of the liability for SUTA tax on April 30, 20--.
Payroll Accounting Jet Enterprises has the following data available for its April 30, 2019, payroll: *All subject to Social Security and Medicare matching and withholding of 6.2% and 1.45%, respectively. Federal unemployment taxes of 0.70% and state unemployment taxes of 0.90% are payable on $405,700 of the wages earned. Required: 1. Compute the amounts of taxes payable and the amount of wages that will be paid to employees. Then prepare the journal entries to record the wages earned and the payroll taxes. ( Note: Round to the nearest penny.) 2. CONCEPTUAL CONNECTION Jet would like to hire a new employee at a salary of $65,000. Assuming payroll taxes are as described above (with unemployment taxes paid on the first $9,000) and fringe benefits (e.g., health insurance, retirement, etc.) are 25% of gross pay, what will be the total cost of this employee for Jet?
The payroll register of Seaside Architecture Company indicates $980 of Social Security and $255 of Medicare tax withheld on total salaries of $17,000 for the period. Federal withholding for the period totaled $3,260. Prepare the journal entry for the period's payroll. If an amount box does not require an entry, leave it blank.
The payroll register of Chen Engineering Co. indicates $1,380 of social security withheld and $345 of Medicare tax withheld on total salaries of $23,000 for the period. Federal withholding for the period totaled $4,140. Provide the journal entry for the period's payroll. If an amount box does not require an entry, leave it blank.
The payroll register of Seaside Architecture Company indicates $990 of social security taxes and $251 of Medicare taxes withheld on total salaries of $15,500 for the period. Federal withholding for the period totaled $3,245. Journalize the entry for the payroll. If an amount box does not require an entry, leave it blank. 00000 ?
. The payroll register of Seaside Architecture Company indicates $970 of social security and $257 of Medicare laxwithheld un tolal salaries of $16,500 for the period. Federal withholding for the period tolaled $4,235. Prepare thejournal entry for the period's payroll.
The payroll register of Seaside Architecture Company indicates $990 of social security and $252 of Medicare tax withheld on total salaries of $17,000 for the period. Federal withholding for the period totaled $3,250. Required: Prepare the journal entry for the period's payroll. Refer to the Chart of Accounts for exact wording of account titles.
The payroll register of Patel Engineering Co. indicates $1,440 of social security withheld and $360 of Medicare tax withheld on total salaries of $24,000 for the period. Federal withholding for the period totaled $4,320. Provide the journal entry for the period's payroll. If an amount box does not require an entry, leave it blank. The payroll register of Patel Engineering Co. indicates $1,350 of social security withheld and $337.50 of Medicare tax withheld on total salaries of $22,500 for the period. Earnings of $6,300 are subject to state and federal unemployment compensation taxes at the federal rate of 0.6% and the state rate of 5.4%. Provide the journal entry to record the payroll tax expense for the period. If an amount box does not require an entry, leave it blank. Round to two decimal places.
The payroll register of Chen Heritage Co. indicates $2,220 of social security withheld and $555 of Medicare tax withheld on total salaries of $37,000 for the period. Federal withholding for the period totaled $6,290. Retirement savings withheld from employee paychecks were $2,650 for the period. Provide the journal entry for the period's payroll. If an amount box does not require an entry, leave it blank.
The payroll register of Heritage Co. indicates $1,500 of social security withheld and $375 of Medicare tax withheld on total salaries of $25,000 for the period. Federal withholding for the period totaled $4,250. Retirement savings withheld from employee paychecks were $2,500 for the period. Journalize the entry to record the period’s payroll. If an amount box does not require an entry, leave it blank. blank Account Debit Credit blank
The payroll register of Seaside Architecture Company indicates $980 of social security taxes and $252 of Medicare taxes withheld on total salaries of $17,000 for the period. Federal withholding for the period totaled $3,245. Journalize the entry for the payroll. If an amount box does not require an entry, leave it blank. The payroll register of Seaside Architecture Company indicates $980 of social security taxes and $252 of Medicare taxes withheld on total salaries of $17,000 for the period. Federal withholding for the period totaled $3,245. Journalize the entry for the payroll. If an amount box does not require an entry, leave it blank.