Please Solve In 10mins I will Thumbs-up (a)Salaries and Wages ExpenseFICA Taxes PayableFederal Income Taxes PayableState Income Taxes PayableHealth Insurance PayableUnited Fund Contributions PayableSalaries and Wages Payable(b)Payroll Tax ExpenseFICA Taxes PayableFederal Unemployment Taxes PayableState Unemployment Taxes Payable For the year ended December 31, 2022, Vaughn Electrical Repair Company reports the following summary payroll data.Gross earnings:Administrative salaries$187,000Electricians' wages383,000Total$570,000Deductions:FICA taxes$38,459Federal income taxes withheld160,500State income taxes withheld (3%)17,100United Fund contributions payable27,500Health insurance premiums18,000Total$261,559Vaughn's payroll taxes are Social Security tax 6.2%, Medicare tax 1.45%, state unemployment 2.5% (due to a stable employmentrecord), and 0.6% federal unemployment. Gross earnings subject to Social Security taxes of 6.2% total $487,000, and gross earningssubject to unemployment taxes total $124,000. No employee exceeds the $132,900 limit related to FICA taxes.

Salaries and wages payable is amount of the salaries that are due but not paid by the company. this…

Answered: (a) Salaries and Wages Expense FICA…

(a) Salaries and Wages Expense FICA Taxes Payable Federal Income Taxes Payable State Income Taxes Payable Health Insurance Payable United Fund Contributions Payable Salaries and Wages Payable

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Present Value

Present value (PV) is defined as the current or present value of all future sums of cash flow or money at a specified rate of return. This rate of return is known as the discounted rate, which is essentially the interest rate, discounted over some time. The expected cash flows are discounted at a discount rate to compute the present value. The higher the discount rate, the higher the future value (FV), but the lower the present value.

Question

Please Solve In 10mins I will Thumbs-up

(a)
Salaries and Wages Expense
FICA Taxes Payable
Federal Income Taxes Payable
State Income Taxes Payable
Health Insurance Payable
United Fund Contributions Payable
Salaries and Wages Payable
(b)
Payroll Tax Expense
FICA Taxes Payable
Federal Unemployment Taxes Payable
State Unemployment Taxes Payable

For the year ended December 31, 2022, Vaughn Electrical Repair Company reports the following summary payroll data.
Gross earnings:
Administrative salaries
$187,000
Electricians' wages
383,000
Total
$570,000
Deductions:
FICA taxes
$38,459
Federal income taxes withheld
160,500
State income taxes withheld (3%)
17,100
United Fund contributions payable
27,500
Health insurance premiums
18,000
Total
$261,559
Vaughn's payroll taxes are Social Security tax 6.2%, Medicare tax 1.45%, state unemployment 2.5% (due to a stable employment
record), and 0.6% federal unemployment. Gross earnings subject to Social Security taxes of 6.2% total $487,000, and gross earnings
subject to unemployment taxes total $124,000. No employee exceeds the $132,900 limit related to FICA taxes.

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