Required information[The following information applies to the questions displayed below]BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $127,200 paid to its employee, andMedicare taxes are 145% of gross pay. For BMX, its FUTA taxes are 3.1% and SUTA taxes are 2.9% of the first $7,000to its employee.Gross Pay throughAugust 316,400Gross Pay forSeptember800a.b.2,000120,9002,1008,000C.suming situation a, prepare the employer's September 30 journal entries to record the employer's payroll taxes expenseated liabilities.Complete this question by entering your answers in the tabs below.GeneralEmployerayroll TaxesJournalssuming situation a, calculate the employer's payroll taxes expense. (Round your answers to 2 decimal places.)September earningssubject to taxmployer Payroll taxesTax RateTax AmountGeneral JournalEmployer Payroll Taxes

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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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Recording Employee Payroll On January 15, the end of the first biweekly pay period of the year, Chen Company's payroll register showed that its employees earned $35,000 of sales salaries. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $6,500 of federal income taxes, $772.50 of medical insurance deductions, and $120 of union dues. No employee earned more than $7,000 in this first period. Prepare the journal entry to record Chen Company's January 15 (employee) payroll expenses and liabilities. (Round amounts to cents.)
Calculate Payroll An employee earns $16 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. If the employee worked 60 hours during the week. Assume that the social security tax rate is 6.0%, the Medicare tax rate is 1.5%, and the employee's federal income tax withheld is $258. a. Determine the gross pay for the week. 1120 If applicable, round your final answer to two decimal places. b. Determine the net pay for the week.
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Calculate Payroll An employee earns $44 per hour and 1.75 times that rate for all hours in excess of 40 hours per week. Assume that the employee worked 50 hours during the week. Assume that the social security tax rate was 6.0%, the Medicare tax rate was 1.5%, and federal income tax to be withheld was $581.90. a. Determine the gross pay for the week. $ If applicable, round your final answer to two decimal places. b. Determine the net pay for the week. $
Calculate Payroll An employee earns $44 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. If the employee worked 50 hours during the week. Assume that the social security tax rate is 6.0%, the Medicare tax rate is 1.5%, and the employee's federal income tax withheld is $557. a. Determine the gross pay for the week. 2,750 x If applicable, round your final answer to two decimal places. b. Determine the net pay for the week. 1,911 X Feedback Check My Work Gross pay represents the total earnings of an employee for a specific pay period, prior to taxes and deductions. Net pay is also known as take-home pay.
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The payroll register for D. Salah Company for the week ended May 18 indicated the following: Salaries $520,000 Federal income tax withheld 104,000 The salaries were all subject to the 6.0% social security tax and the 1.5% Medicare tax. In addition, state and federal unemployment taxes were calculated at the rate of 5.4% and 0.8%, respectively, on $9,880 of salaries. Required: a. Journalize the entry to record the payroll for the week of May 18.* b. Journalize the entry to record the payroll tax expense incurred for the week of May 18.* *Refer to the Chart of Accounts for exact wording of account titles. Round your answers to the nearest whole dollar.
Select all that apply Jenco Company's gross pay for employees at the end of the pay period is $100,000. Jenco withholds the following amounts: Federal withholding tax $20,000 FICA Withholding -- employee portion $5,000 Health insurance premiums $2,000 Which of the following are included in the journal entry required for employee payroll? Credit health insurance payable $2,000 Credit FICA payable $5,000 Credit wages payable $73,000 Credit wages payable $100,000 Debit payroll expense $73,000 Debit payroll expense $100,000

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