Great has an annual payroll of $170.000. In addition, the company incurs payroll tax expense of 7% of the annual payrol. At December 31, Great owes salaries of $7,900 and FICA and other payroll tax of $750. The company will pay these amounts early next year. Requirement 1. Show what Great will report for the foregoing on its income statement fo label or enter a zero) Start with the income statement Income Statement Account Amount year-end balance sheet, ( tfield is not used in the table leave the field empty; do not select a

A company's payroll for the month ended January 31 is summarized as follows: Total wages Federal income tax withheld FICA taxes (employee portion withheld) FICA taxes (employer portion) $10,000 $1,200 $700 $700 The company remits payroll taxes on the 15th of the following month. In its financial statements for the month ended January 31, what amounts should the company report as total payroll tax liability and as payroll tax expense? O Payroll tax liability: $1,400; Payroll tax expense: $700 O Payroll tax liability: $1,900; Payroll tax expense: $1,400 O Payroll tax liability: $2,600; Payroll tax expense: $700 O Payroll tax liability: $1,900; Payroll tax expense: $700 O Payroll tax liability: $1,200; Payroll tax expense: $1,400

The following totals for the month of April were taken from the payroll register of Concord Company. Salaries and wages FICA taxes withheld Income taxes withheld Medical insurance deductions Federal unemployment taxes State unemployment taxes $72500 5514 15400 2610 194 1301 The entry to record the Payroll Tax Expense would include a O credit to Salaries and Wages Payable. O debit to Federal Unemployment Payable. credit to FICA Taxes Payable. O credit to Payroll Tax Expense. 99+

The payroll register for Gamble Company for the week ended April 29 indicated the following: Salaries$1,560,000Social security tax withheld93,600Medicare tax withheld23,400Federal income tax withheld312,000 In addition, state and federal unemployment taxes were calculated at the rate of 5.4% and 0.6%, respectively, on $260,000 of salaries. Required:A. Journalize the entry to record the payroll for the week of April 29.*B. Journalize the entry to record the payroll tax expense incurred for the week of April 29.* *Refer to the Chart of Accounts for exact wording of account titles.

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Assuming no employees are subject to ceilings for their earnings, Harris Company has the following information for the pay period of January 15–31. Gross payroll $18,729   Federal income tax withheld $3,167 Social security rate 6%   Federal unemployment tax rate 0.8% Medicare rate 1.5%   State unemployment tax rate 5.4% Salaries Payable would be recorded in the amount of a.$12,996.13 b.$14,400.80 c.$14,157.33 d.$18,729.00

using the earnings data developed in e3-1 and assuming that thus was the first week of employment for R. Herbert with crestview Manufacturing Co, prepare the journal entries for the following: a. the week's payroll

XYZ Company is processing payroll for the week ending January 9th. Employee earnings total $5,000.  Federal income tax withheld from employee paychecks totaled $1,100. The social security tax rate is 6%, the Medicare tax rate is 1.5%, the state unemployment tax rate is 5.4% and the federal unemployment tax rate is .8%. a) Journalize the payroll entry for the week. DATE   Debit Credit X/X                                         b) Journalize the payroll tax entry for the week. DATE   Debit Credit X/X

2. Below is the payroll register for Akai company's September 30, 2024, weekly payroll: Deductions Gross Employee Federal Income Marital Tax Status Earnings Withheld Social State Tax Withheld Security Medicare Tax Withheld Tax Medical Insurance Withheld Dental Insurance Withheld Withheld Net Pay a. Akai, J. Single $1,200.00 $168.00 $96.00 $74.40 $17.40 $80.00 $20.00 $744.20 b. Green, W. Single 840.00 117.60 67.20 52.08 12.18 80.00 20.00 490.94 c. Hernandez, L. Married 1,280.00 128.00 102.40 79.36 18.56 125.00 30.00 796.68 d. Vang, G. Married 1,100.00 110.00 88.00 68.20 15.95 125.00 30.00 662.85 e. Hurst, A. Married 680.00 68.00 54.40 42.16 9.86 125.00 30.00 350.58 Totals $5,100.00 $591.60 $408.00 $316.20 $73.95 $535.00 $130.00 $3,045.25 A. Based on the information in the September 30, 2024, payroll register, and the list of general ledger accounts below, record the payroll journal entry below DATE 20-- Sept. 30 GENERAL JOURNAL PAGE DESCRIPTION DOC. NO. POST. REF. DEBIT CREDIT General…

The invoice date for a bill is September 15 with the terms 2/15, n/40. The discount date and due date are A.September 30 and October 25   b.September 30 and December 9   c.September 17 and October 25   d. October 2 and October 25