Lendrum Servicing's four employees are paid every two weeks. Atkins runs the office and the remaining employees are sales representatives. Required: Complete the payroll register below for the biweekly period ended March 16, 2021. (Round the final answers to 2 decimal places.) Deductions Employee Gross Pay ΕΙ Premium Federal Income Tax Provincial Income Tax Income United CPP Total Deductions Taxes Way Payment Net Pay Distribution Admin. Salaries Sales Salaries Atkins, D. $ 2,150.00 $ 35.69 $ 231.91 $ 151.19 $ 383.10 $ 84.00 $ 99.76 Nesbitt, M. 1,510.00 25.07 121.71 79.34 201.05 54.00 68.08 Trent, F 1,930.00 32.04 189.17 123.33 312.50 44.00 88.87 Vallot, M 3,250.00 53.95 473.75 308.85 782.60 304.00 154.21 Totals $ 8,840.00 $ 146.75 $ 1,016.54 $ 662.71 $1,679.25 $ 486.00 $ 410.92

Lendrum Servicing's four employees are paid every two weeks. Atkins runs the office and the remaining employees are sales representatives. Required: Complete the payroll register below for the biweekly period ended March 16, 2021. (Round the final answers to 2 decimal places.) Deductions Employee Gross Pay ΕΙ Premium Federal Income Tax Provincial Income Tax Income United CPP Total Deductions Taxes Way Payment Net Pay Distribution Admin. Salaries Sales Salaries Atkins, D. $ 2,150.00 $ 35.69 $ 231.91 $ 151.19 $ 383.10 $ 84.00 $ 99.76 Nesbitt, M. 1,510.00 25.07 121.71 79.34 201.05 54.00 68.08 Trent, F 1,930.00 32.04 189.17 123.33 312.50 44.00 88.87 Vallot, M 3,250.00 53.95 473.75 308.85 782.60 304.00 154.21 Totals $ 8,840.00 $ 146.75 $ 1,016.54 $ 662.71 $1,679.25 $ 486.00 $ 410.92

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)

22nd Edition

ISBN:9781305666160

Author:James A. Heintz, Robert W. Parry

Publisher:James A. Heintz, Robert W. Parry

Chapter9: Payroll Accounting: Employer Taxes And Reports

Section: Chapter Questions

Problem 1MP: The totals line from Nix Companys payroll register for the week ended March 31, 20--, is as follows:...

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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 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--.
On September 30, Hilltop Companys selected payroll accounts are as follows: Prepare general journal entries to record the following: Oct. 15 Payment of federal tax deposit of FICA taxes and the federal income tax. 31 Payment of state unemployment tax. 31 Payment of federal unemployment tax.
Payroll Accounting McLaughlin Manufacturing has the following data available for its March 31, 2019, payroll: *All Subject to Social Security and Medicare matching and withholding at 6.2% and 1.45%, re9eetivety. Federal unemployment taxes of 0.50% and state unemployment taxes of 0.80% are payable on the first $1,000,000. Required: 1. Compute the taxes payable and 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 McLaughlin Manufacturing would like to hire a new employee at a salary of $80,000. Assuming payroll taxes are as described above (with unemployment taxes paid on the first $7,000) and fringe benefits (e.g., health insurance, retirement, etc.) are 28% of gross pay, what will be the total cost of this employee for McLaughlin?
Payrex Co. has six employees. All are paid on a weekly basis. For the payroll period ending January 7, total employee earnings were 12,500, all of which were subject to SUTA, FUTA, Social Security, and Medicare taxes. The SUTA tax rate in Payrexs state is 5.4%, but Payrex qualifies for a rate of 2.0% because of its good record of providing regular employment to its employees. Other employer payroll taxes are at the rates described in the chapter. REQUIRED 1. Calculate Payrexs FUTA, SUTA, Social Security, and Medicare taxes for the week ended January 7. 2. Prepare the journal entry for Payrexs payroll taxes for the week ended January 7. 3. What amount of payroll taxes did Payrex save because of its good employment record?