Employee Filing Status Allowances Gross Income Federal Income Withholding Sarah Married 4 $10,000 $962 Joe Single 2 $8,000 $1,362 Kevin Single 1 $5,000 $357 Lemur’s payroll deductions include FICA Social Security at 6.2%, FICA Medicare at 1.45%, FUTA at 0.6%, SUTA at 5.4%, federal income tax as previously shown, state income tax at 5% of gross pay, and 401(k) employee contributions at 2% of gross pay. Record the entry for the employee payroll on December 31. If required, round your answers to the nearest whole dollar. If an amount box does not require an entry, leave it blank. Dec. 31 Salaries Expense Salaries Expense FICA Social Security Tax Payable FICA Social Security Tax Payable FICA Medicare Tax Payable FICA Medicare Tax Payable Federal Income Tax Payable Federal Income Tax Payable State Income Tax Payable State Income Tax Payable 401(k) Retirement Plan Payable 401(k) Retirement Plan Payable Salaries Payable Salaries Payable
Employee Filing Status Allowances Gross Income Federal Income Withholding Sarah Married 4 $10,000 $962 Joe Single 2 $8,000 $1,362 Kevin Single 1 $5,000 $357 Lemur’s payroll deductions include FICA Social Security at 6.2%, FICA Medicare at 1.45%, FUTA at 0.6%, SUTA at 5.4%, federal income tax as previously shown, state income tax at 5% of gross pay, and 401(k) employee contributions at 2% of gross pay. Record the entry for the employee payroll on December 31. If required, round your answers to the nearest whole dollar. If an amount box does not require an entry, leave it blank. Dec. 31 Salaries Expense Salaries Expense FICA Social Security Tax Payable FICA Social Security Tax Payable FICA Medicare Tax Payable FICA Medicare Tax Payable Federal Income Tax Payable Federal Income Tax Payable State Income Tax Payable State Income Tax Payable 401(k) Retirement Plan Payable 401(k) Retirement Plan Payable Salaries Payable Salaries Payable
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 4PA
Related questions
Question
| Employee | Filing Status | Allowances | Gross Income |
Federal Income Withholding |
| Sarah | Married | 4 | $10,000 | $962 |
| Joe | Single | 2 | $8,000 | $1,362 |
| Kevin | Single | 1 | $5,000 | $357 |
Lemur’s payroll deductions include FICA Social Security at 6.2%, FICA Medicare at 1.45%, FUTA at 0.6%, SUTA at 5.4%, federal income tax as previously shown, state income tax at 5% of gross pay, and 401(k) employee contributions at 2% of gross pay.
Record the entry for the employee payroll on December 31. If required, round your answers to the nearest whole dollar. If an amount box does not require an entry, leave it blank.
| Dec. 31 |
|
Salaries Expense | Salaries Expense |
|
|
FICA Social Security Tax Payable | FICA Social Security Tax Payable | |
|
|
FICA Medicare Tax Payable | FICA Medicare Tax Payable | |
|
|
Federal Income Tax Payable | Federal Income Tax Payable | |
|
|
State Income Tax Payable | State Income Tax Payable | |
|
|
401(k) Retirement Plan Payable | 401(k) Retirement Plan Payable | |
|
|
Salaries Payable | Salaries Payable |
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