FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Journalize period payroll
The payroll register of Heritage Co. indicates $3,900 of social security withheld and $975 of Medicare tax withheld on total salaries of $65,000 for the period. Federal withholding for the period totaled $14,250. Retirement savings withheld from employee paychecks were $2,600 for the period.
Journalize the entry to record the period’s payroll.
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- Calculating Payroll Taxes Expense and Preparing Journal Entry Selected information from the payroll register of Ebeling's Dairy for the week ended July 7, 20--, is shown below. The SUTA tax rate is 5.4%, and the FUTA tax rate is 0.6%, both on the first $7,000 of earnings. Social Security tax on the employer is 6.2% on the first $128,400 of earnings, and Medicare tax is 1.45% on gross earnings. Taxable Earnings Employee Name Cumulative PayBefore CurrentEarnings CurrentWeekly Earnings UnemploymentCompensation SocialSecurity Click, Katelyn $6,660 $850 Coombs, Michelle 6,380 750 Fauss, Erin 23,010 1,220 Lenihan, Marcus 6,900 980 McMahon, Drew 125,200 5,260 Newell, Marg 25,150 1,110 Stevens, Matt 28,970 1,240arrow_forwardJournalize Period Payroll The payroll register of Wang Engineering Co. indicates $1,860 of social security withheld and $465 of Medicare tax withheld on total salaries of $31,000 for the period. Federal withholding for the period totaled $5,270. Provide the journal entry for the period's payroll. If an amount box does not require an entry, leave it blank. cash/employees federal income tax payable/payroll tax expense/salaries expense/salaries payable/social security tax expense/socail securtiy tax payable/medicare tax expense/medicare tax payable 10 blanks you have to fill out and indiacted which one it is.arrow_forward3arrow_forward
- Payroll Journal Entry 1. Journalize the following data taken from the payroll register of CopyMasters as of April 15, 20—.When required, enter amounts in dollars and cents. If an amount box does not require an entry, leave it blank. Regular earnings $ 5,985 Overtime earnings 890 Deductions: Federal income tax 615 Social Security tax 426.25 Medicare tax 99.69 Pension plan 70 Health insurance premiums 250 United Way contributions 90 General Journal 1. Journalize the following data taken from the payroll register of CopyMasters as of April 15, 20—.When required, enter amounts in dollars and cents. If an amount box does not require an entry, leave it blank. Page: DATE ACCOUNT TITLE DOC.NO. POST.REF. DEBIT CREDIT 1 20-- Apr. 15 fill in the blank ae6550f64073076_2 fill in the blank ae6550f64073076_3 1 2 fill in the blank ae6550f64073076_5 fill in the blank…arrow_forwardThe payroll register of Chen Engineering Co. indicates $1,380 of social security withheld and $345 of Medicare tax withheld on total salaries of $23,000 for the period. Federal withholding for the period totaled $4,140. Provide the journal entry for the period's payroll. If an amount box does not require an entry, leave it blank.arrow_forwardCalculation of Taxable Earnings and Employer Payroll Taxes and Preparation of Journal Entry Selected information from the payroll register of Joanie's Boutique for the week ended September 14, 20--, is as follows: Social Security tax is 6.2% on the first $128,400 of earnings for each employee. Medicare tax is 1.45% of gross earnings. FUTA tax is 0.6% and SUTA tax is 5.4% on the first $7,000 of earnings.arrow_forward
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