For the year ended December 31, 2020, Bramble Electrical Repair Company reports the following summary payroll data. Gross earnings:         Administrative salaries   $193,000     Electricians’ wages   365,000 Total   $558,000 Deductions:         FICA taxes   $37,293     Federal income taxes withheld   167,500     State income taxes withheld (3%)   16,740     United Fund contributions payable   27,900     Health insurance premiums   18,000 Total   $267,433 Bramble’s payroll taxes are Social Security tax 6.2%, Medicare tax 1.45%, state unemployment 2.5% (due to a stable employment record), and 0.8% federal unemployment. Gross earnings subject to Social Security taxes of 6.2% total $471,000, and gross earnings subject to unemployment taxes total $127,000. No employee exceeds the $127,200 limit related to FICA taxes. (a)   Prepare a summary journal entry at December 31 for the full year’s payroll. (b)   Journalize the adjusting entry at December 31 to record the employer’s payroll taxes. (Round answers to 0 decimal places, e.g. 125. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (a)                                                       (b)                               (c) The W-2 Wage and Tax Statement requires the following dollar data.Complete the required data for the following employees. (Round answers to 0 decimal places, e.g. 5,275.) Employee   Wages, Tips, Other Compensation   Federal Income Tax Withheld   State Income Tax Withheld   FICA Wages   FICA Tax Withheld Maria Sandoval   $60,000   $29,400   $     $     $   Jennifer Mingenback   30,000   11,700

The payroll register for Automotive Service Center for the pay period ended June 30, 20--, showed the following: Total Earnings $623,000.00 Taxable Earnings:        FUTA 4,500.00      SUTA 4,500.00      Social Security 574,000.00 Deductions:        Federal income tax 91,800.00      Social Security tax 35,588.00      Medicare tax 9,033.50      Pension plan 4,800.00      Health insurance 16,200.00      United Way 12,000.00 The Social Security tax rate is 6.2%, Medicare tax is 1.45%, FUTA tax is 0.8%, and SUTA tax is 5.4%.Required: 1. Prepare a journal entry to record the payroll on June 30, 20--. If required, round your answers to the nearest cent. If an amount box does not require an entry, leave it blank. Page: 1   DATE DESCRIPTION POST.REF. DEBIT CREDIT   1 Jun. 30     fill in the blank 2bc817f5803c03f_2 fill in the blank 2bc817f5803c03f_3 1 2       fill in the blank 2bc817f5803c03f_5 fill in the blank 2bc817f5803c03f_6 2 3       fill in the…

On January 21, the column totals of the payroll register for Great Products Company showed that its sales employees had earned $14,710, its truck driver employees had earned $10,300, and its office employees had earned $8,240. Social Security taxes were withheld at an assumed rate of 6.2 percent, and Medicare taxes were withheld at an assumed rate of 1.45 percent. Other deductions consisted of federal income tax, $3,990; and union dues, $540. Determine the amount of Social Security and Medicare taxes withheld and record the general journal entry for the payroll, crediting Salaries Payable for the net pay. All earnings were taxable. If necessary, round intermediate calculations and the final answer to the nearest cent. If an amount box does not require an entry, leave it blank.

The following summary data for the payroll period ended December 27, 2021, are available for Cayman Coating Company: Gross pay FICA tax withholdings Income tax withholdings Group hospitalization insurance Employee contributions to pension plan Total deductions Net pay $ 93,000 ? 15,480 1,650 ? 25,455 ? Additional information: • For employees, FICA tax rates for 2021 were 7.65% on the first $142,800 of each employee's annual earnings. However, no employees had accumulated earnings for the year in excess of the $142,800 limit. • For employers, FICA tax rates for 2021 were also 7.65% on the first $142,800 of each employee's annual earnings. • The federal and state unemployment compensation tax rates are 0.6% and 5.4%, respectively. These rates are levied against the employer for the first $7,000 of each employee's annual earnings. Only $15,600 of the gross pay amount for the December 27, 2021, pay period was owed to employees who were still under the annual limit. b-2. Assuming that…

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

The following information about the payroll for the week ended December 30 was obtained from the records of Pharrell Co.:     Salaries:    Sales salaries $325,000  Warehouse salaries 196,000  Office salaries 131,000   $652,000     Deductions:    Income tax withheld $119,000  Social security tax withheld 39,120  Medicare tax withheld 9,780  Retirement savings 14,344  Group insurance 11,736   $193,980     Tax rates assumed:   Social security 6% Medicare 1.5% State unemployment (employer only) 5.4% Federal unemployment (employer only) 0.6%     Required: 1. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the following entries (refer to the Chart of Accounts for exact wording of account titles): A. December 30, to record the payroll. B. December 30, to record the employer's payroll taxes on the payroll to be paid on December 31. Of the total payroll for the last week of the year,…

The total payroll of Trolley Company for the month of October, 2020 was $960,000, of which $180,000 represented amounts paid in excess of $128,400 to certain employees. $600,000 represented amounts paid to employees in excess of the $7,000 maximum subject to unemployment taxes. $180,000 of federal income taxes and $18,000 of union dues were withheld. The state unemployment tax is 1%, the federal unemployment tax is .8%, and the current F.I.C.A. tax is 7.65% on an employee's wages to $128,400 and 1.45% in excess of $128,400. What amount should Trolley record as payroll tax expense? $68,760 $73,440 $87,360 $79,560

In January, gross earnings in Sunland Company totaled $100,000. All earnings are subject to 7.65% FICA taxes (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), 5.4% state unemployment taxes, and 0.6% federal unemployment taxes.Prepare the entry to record January payroll tax expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 31

Cullumber Hardware payroll for November 2020 is summarized below.           Amount Subject to Payroll Taxes             Unemployment Tax Payroll   Wages Due   FICA   Federal   State Factory   $126,600   $126,600   $40,500   $40,500 Sales   28,800   28,800   4,200   4,200 Administrative   38,900   38,900            Total   $194,300   $194,300   $44,700   $44,700 At this point in the year, some employees have already received wages in excess of those to which payroll taxes apply. Assume that the state unemployment tax is 2.5%. The FICA rate is 7.65% on an employee’s wages to $128,400 and 1.45% in excess of $128,400. Of the $194,300 wages subject to FICA tax, $21,300 of the sales wages is in excess of $128,400. Federal unemployment tax rate is 0.8% after credits. Income tax withheld amounts to $16,800 for factory, $7,700 for sales, and $6,800 for administrative. (a)   Partially correct answer icon Your answer is partially correct.…

Question 2 With the following data, compute the NET FUTA Tax. $6,750 Gross FUTA Tax DUE Credit against FUTA (assume $3,100 applicable) O $3,650 O $7,000 O $3,100 $6,750 MacBook Air 80 F3 F2 F4 F5 F6 F7 FB F9 3 4. 5 7 8 9. E T Y D G < 6 F.