A business pays biweekly salaries of $20,000 every other Friday for a ten-day period ending on that day. The last payday of December is Friday, December 27. Assume the next pay period begins on Monday, December 30, and the proper adjusting entry is journalized at the end of the fiscal period (December 31). The entry for the payment of the payroll on Friday, January 10, includes a   A. debit to Salary Expense of $4,000 B. credit to Salaries Payable of $4,000 C. credit to Salaries Payable of $16,000 D. debit to Salary Expense of $16,000

Ehrlich Co. began business on January 2. Salaries were paid toemployees on the last day of each month, and social security tax,Medicare tax, and federal income tax were withheld in the requiredamounts. An employee who is hired in the middle of the month receiveshalf the monthly salary for that month. All required payroll tax reports were filed, and the correct amount of payroll taxes was remitted by thecompany for the calendar year. Early in the following year, before theWage and Tax Statements (Form W-2) could be prepared for distributionto employees and for filing with the Social Security Administration, theemployees' earnings records were inadvertently destroyed.None of the employees resigned or were discharged during the year, and there were no changes in salary rates. The social security tax waswithheld at the rate of 6.0% and Medicare tax at the rate of 1.5% onsalary. Data on dates of employment, salary rates, and employees'income taxes withheld, which are summarized as follows,…

A company's gross salaries amount to $5600 for the week ended April 6. The following amounts are deducted from the employees' wages: CPP of $300, El of $95, income tax of $2220, and health insurance of $475. In addition, the company accrues employer's payroll costs on the same day as it records payroll. Assume vacation days are accrued at an average rate of 4% of the gross payroll and that the health insurance is 100% funded by the employees. How much is the debit to Employee Benefits Expense? $1132 $657 $619 $870

Tuck Company pays its employees weekly based on a 5 day 40 hour work week and the gross payroll is $21,050. Required 1: On June 30th there are 2 days accrued payroll to recognize in the monthly financials. How much is the accrued liability on June 30th balance sheet? Ignore withholding taxes. $ Required 2: On August 31st there are 4 days accrued payroll to recognize in the monthly financials. How much is the accrued liability on August 31st balance sheet? Ignore withholding taxes. $ Required 3: On January 31st there is 1 day accrued payroll to recognize in the monthly financials. How much is the accrued liability on January 31st balance sheet? Ignore withholding taxes. $

In 20--, the annual salaries paid each of the officers of Abrew, Inc., follow. The officers are paid semimonthly on the 15th and the last day of the month. Compute the FICA taxes to be withheld from each officer's pay on (a) November 15 and (b) December 31. Round your answers to the nearest cent. If an amount is zero, enter "0". a.     November 15 Name and Title AnnualSalary OASDI TaxableEarnings OASDI Tax HI TaxableEarnings HI Tax Hanks, Timothy, President $152,280 $ $ $ $ Grath, John, VP Finance 137,400         James, Sally, VP Sales 68,400         Kimmel, Joan, VP Mfg. 55,200         Wie, Pam, VP Personnel 45,600         Grant, Mary, VP Secretary 37,200         b.     December 31 Name and Title AnnualSalary OASDI TaxableEarnings OASDI Tax HI TaxableEarnings HI Tax Hanks, Timothy, President $152,280 $ $ $ $ Grath, John, VP Finance 137,400         James, Sally, VP Sales 68,400         Kimmel, Joan, VP Mfg. 55,200         Wie, Pam, VP Personnel 45,600…

In 20--, the annual salaries paid each of the officers of Abrew, Inc., follow. The officers are paid semimonthly on the 15th and the last day of the month. Compute the FICA taxes to be withheld from each officer's pay on (a) November 15 and (b) December 31. Round your answers to the nearest cent. If an amount is zero, enter "0". a.     November 15 Name and Title AnnualSalary OASDI TaxableEarnings OASDI Tax HI TaxableEarnings HI Tax Hanks, Timothy, President $152,520 $ $ $ $ Grath, John, VP Finance 137,760         James, Sally, VP Sales 68,400         Kimmel, Joan, VP Mfg. 58,800         Wie, Pam, VP Personnel 52,800         Grant, Mary, VP Secretary 45,600         b.     December 31 Name and Title AnnualSalary OASDI TaxableEarnings OASDI Tax HI TaxableEarnings HI Tax Hanks, Timothy, President $152,520 $ $ $ $ Grath, John, VP Finance 137,760         James, Sally, VP Sales 68,400         Kimmel, Joan, VP Mfg. 58,800         Wie, Pam, VP Personnel 52,800…

Sandhill Company has the following data for the weekly payroll ending January 31. Employee L. Helton R. Kenseth M 8 8 D. Tavaras 9 Jan. 31 T 8 8 12 Hours W 12 8 8 T 8 8 8 F 10 8 S 3 Date Account Titles and Explanation 5 9 0 Hourly Rate $12 16 13 Federal Income Tax Withholding Health Insurance $34 37 58 Employees are paid 1½ times the regular hcrly rate for all hours worked in excess of 40 hours per week. FICA taxes are 7.65% (the 7.65% FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and wages up to $128,400 and the Medicare tax rate of 1.45% on all salaries and wages). Sandhill Company is subject to 5.4% state unemployment taxes and 0.6% federal unemployment taxes on the first $7,000 of gross earnings. Debit $10 Prepare the journal entry to record Sandhill's payroll tax expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 15.25.) 25 Credit 25

A company has 10 employees, each of whom earns $1,800 per month and has been employed since January 1. All wages for this period are subject to 6.2% FICA Social Security taxes and 1.45% FICA Medicare taxes. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to each employee. Prepare the February 28 journal entry to record the February payroll taxes expense. Note: Round your answers to 2 decimal places. View transaction list Journal entry worksheet Record employer payroll taxes. Note: Enter debits before credits. General Journal Date February 28 Payroll taxes expense FICA-Social security taxes payable FICA-Medicare taxes payable Federal unemployment taxes payable State unemployment taxes payable Debit Credit

Airline Temporary Services (ATS) pays employees monthly. Payroll information is listed below for January, the first month of ATS’s fiscal year. Assume that none of the employees exceeds the federal unemployment tax maximum salary of $7,000 in January. Salaries expense $400,000 Federal and state income tax withheld 80,000 Federal unemployment tax rate 0.80% State unemployment tax rate (after FUTA deduction) 5.40% Social Security (FICA) tax rate 7.65% Required: Record salaries expense and payroll tax expense for the January pay period. Record the employee salary, withholdings, and salaries payable. Record the employer payroll tax expense.

Assume the following totals for Roadkill Restaurant for the payroll quarter ended March 31, 2020: Gross earnings   $70,000 Employee FICA tax   $5,355 Federal income tax   $13,000 State income tax   $1,300 Employer FICA tax   $5,355 Federal unemployment tax   $300 State unemployment tax   $2,700 If all taxes were paid on the same day (April 15), what entry does Roadkill make? (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit April 15