Aira Company reported gross payroll of P600,000 for the month of January. The entity paid the payroll net of the following deductions: Income tax P80,000 20,000 sss 6,000 Philhealth Pag-ibig/HDMF 8,500 In addition, the entity recognized its additional contributions for the following in relation to January payroll: SSS Philhealth Pag-ibig/HDMF P25,000 7,000 9,000 The net pay and mandatory deductions and contributions were paid on February. What is the total liability related to payroll for the month of January? (Note: TOTAL amount, include withheld amounts)

Aira Company reported gross payroll of P600,000 for the month of January. The entity paid the payroll net of the following deductions: Income tax P80,000 20,000 sss 6,000 Philhealth Pag-ibig/HDMF 8,500 In addition, the entity recognized its additional contributions for the following in relation to January payroll: SSS Philhealth Pag-ibig/HDMF P25,000 7,000 9,000 The net pay and mandatory deductions and contributions were paid on February. What is the total liability related to payroll for the month of January? (Note: TOTAL amount, include withheld amounts)

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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3) Aira Company reported gross payroll of P600,000 for the month of January. The entity paid the payroll net of the following deductions: Income tax P80,000 20,000 SSS Philhealth 6,000 Pag-ibig/HDMF 8,500 In addition, the entity recognized its additional contributions for the following in relation to January payroll: SSS Philhealth P25,000 7,000 9,000 Pag-ibig/HDMF The net pay and mandatory deductions and contributions were paid on February. What is the total liability related to payroll for the month of January? (Note: TOTAL amount, include withheld amounts)
Sonia Company reported gross payroll of P600,000 for the month of January. The entity paid the payroll net of the following deductions: Income tax - 70,000, SSS - 15,000, Philhealth - 8,000, Pagibig - 7,000, Total = 100,000. In addition, the entity recognized its additional contributions for the following in relation to January payroll: SSS - 20,000, Philhealth - 9,000, Pagibig - 6,000, Total = 35,000. What amount should be reported as total payroll tax liability
An entity reported the following payroll of the employees for the month of January, half of which was paid on the same month:Gross payroll P 500,000Income tax withheld 20,000SSS contribution 4,000Philhealth contribution 2,000Pag-ibig contribution 1,000In relation to the payroll for the month of January, the entity is required to make the following additional contribution:SSS contribution P 6,000Philhealth contribution 3,000Pag-ibig contribution 2,000On the first week of February, the amounts withheld and the additional contributions were remitted to the concerned agencies. 1. As of January 31, 2021, how much of the amount above will be included as part of current liabilities?
Jenny Company reported gross payroll of $800,000 for the month of January. The entity paid the payroll net of the following deductions: Income tax - 70,000, Social Securities tax - 15,000, Health Insurance tax - 8,000, federal unemployment tax - 7,000, Total = 100,000In addition, the entity recognized its additional contributions for the following in relation to January payroll: Social Securities tax -20,000, Health Insurance tax - 9,000, federal unemployment tax - 6,000, Total = 35,000. What amount should be reported as total payroll tax liability? with solution please thank you so much :>
The totals from the first payroll of the year are shown below. TotalEarnings FICAOASDI FICAHI FITW/H StateTax UnionDues NetPay $36,195.10 $2,244.10 $524.83 $6,515.00 $361.95 $500.00 $26,049.22 Journalize the entry to deposit the FICA and FIT taxes. For a compound transaction, if an amount box does not require an entry, leave it blank. Round your answers to two decimal places.
The following are data available for the month of September 2021 of Saint James Corp. Gross Earnings P8,500,000 Deductions: SSS Contribution 425,000 Philhealth 85,000 Pag-ibig 85,000 Witholding taxes 2,125,000 Determine the following: Accrued payroll Amount charged to Worked in Process account
Gamma, Inc., has the following information from the payroll of June 30. Following are the details of federal taxes: Employees' federal income taxes withheld Employees' FICA taxes withheld Employer's share of FICA taxes $2,108.48 1,104.36 1,104.36 Determine the total federal undeposited taxes of Gamma, Inc., for the payroll period ended June 30. a. $2,108.48 b. $3,212.84 c. $2,208.72 d. $4,317.20
Riverside Company completed the following two transactions. The annual accounting period endsDecember 31.a. On December 31, calculated the payroll, which indicates gross earnings for wages ($130,000),payroll deductions for income tax ($13,000), payroll deductions for FICA ($10,000), payrolldeductions for United Way ($2,000), employer contributions for FICA (matching), and stateand federal unemployment taxes ($1,300). Employees were paid in cash, but these paymentsand the corresponding payroll deductions and employer taxes have not yet been recorded.b. Collected rent revenue of $3,600 on December 10 for office space that Riverside rented toanother business. The rent collected was for 30 days from December 11 to January 10 and wascredited in full to Unearned Rent Revenue.Required:1. Give the journal entries to record payroll on December 31.2. Give ( a ) the journal entry for the collection of rent on December 10 and ( b ) the adjusting journal entry on December 31.TIP: Notice that the…
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Fanta Ltd has paid the following PAYG tax installments for the year ended 30 June: September quarter $11,000 December quarter $11,000 March quarter $11,000 June quarter $11,000 Total $44,000 Taxable income for the year ended 30 June, was $168,000. Company tax rate is 30%. Required: Prepare general journal entries to record the company’s income tax instalments and final payment.
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According to a summary of the payroll of Guthrie Co., $600,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax. Also, $56,000 was subject to state and federal unemployment taxes. Required: A. Calculate the employer’s payroll taxes, using the following rates: state unemployment, 5.4%; federal unemployment, 0.6%. B. On December 31, journalize the entry to record the accrual of payroll taxes. Refer to the Chart of Accounts for exact wording of account titles.