The following information about the payroll for the week ended December 30 was obtained from the records of Boltz Co.: Salaries:   Deductions:   Sales salaries $540,000 Income tax withheld $160,000 Warehouse salaries 155,000 U.S. savings bonds 10,500 Office salaries 85,000 Group insurance 9,000   $780,000               Tax rates assumed: Social security 6% State unemployment (employer only) 5.4% Medicare 1.5% Federal unemployment (employer only) 0.8%     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, $48,000 is subject to unemployment compensation taxes. 2. Assuming that the payroll for the last week of the year is to be paid on January 5 of the following fiscal year, journalize the following entries (refer to the Chart of Accounts for exact wording of account titles):   a. On page 11 of the journal: December 30, to record the payroll.   b. On page 12 of the journal: January 5, to record the employer's payroll taxes on the payroll to be paid on January 5. Since it is a new fiscal year, all $780,000 in salaries is subject to unemployment compensation taxes.

The following information about the payroll for the week ended December 30 was obtained from the records of Pharrell Co.:     Salaries:    Sales salaries $335,000  Warehouse salaries 186,000  Office salaries 144,000   $665,000     Deductions:    Income tax withheld $116,800  Social security tax withheld 39,900  Medicare tax withheld 9,975  Retirement savings 14,630  Group insurance 11,970   $193,275     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,…

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| $19,738 Federal income tax withheld $2,900 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 Oa. $15,614.24 Ob. $19,738.00 Oc. $14,133.89 Od. $15,357.65

CALCULATION AND JOURNAL ENTRY FOR EMPLOYER PAYROLL TAXES Portions of the payroll register for Barney's Bagels for the week ended July 15 are shown below.The SUTA tax rate is 5.4%, and the FUTA tax rate is 0.6%,both of which are levied on the first $7,000 of earnings.The Social Security tax rate is 6.2% on the first $128,400 of earnings. The Medicare rate is 1.45% on gross earnings.     Calculate the employer's payroll taxes expense and prepare thejournal entry to record the employer'spayroll taxes expense for the week ended July 15of the current year.

The payroll register for Gamble Company for the week ended April 29 indicated the following: Salaries $1,440,000 Social security tax withheld 86,400 Medicare tax withheld 21,600 Federal income tax withheld 288,000   In addition, state and federal unemployment taxes were calculated at the rate of 5.4% and 0.6%, respectively, on $244,000 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.

Nov. 30: Journalized the monthly payroll for November, based on the following data. Description entries available are:  Cash, Medicare Tax Payable, No Entry Required, Sales Salaries Expenses, Sales Salaries Payable. Salaries   Deductions Sales salaries $135,000   Federal income tax withheld $39,266 Office salaries 77,250   Social security tax withheld 12,735   $212,250   Medicare tax withheld 3,184 Unemployment tax rates:   State unemployment 5.4% Federal unemployment 0.6% Amount subject to unemployment taxes:   State unemployment $5,000 Federal unemployment 5,000   Nov. 30: Journalized the employer's payroll taxes on the payroll. Description Debit Credit                                       Description Debit Credit                                 Dec. 14: Journalized the payment of the September 15 note at maturity. Description Debit Credit               Dec. 31: The pension cost for…

The payroll register for D. Salah Company for the week ended May 18 indicated the following: Line Item Description Amount Salaries $711,000 Federal income tax withheld 142,200 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 computed at the rate of 5.4% and 0.8%, respectively, on $14,000 of salaries. Assume the company runs all paychecks through Salaries Payable. If an amount box does not require an entry, leave it blank. Question Content Area a.  Journalize the entry to record the payroll for the week of May 18. Date Account Debit Credit May 18                                         Feedback Area   Feedback   Question Content Area b.  Journalize the entry to record the payroll tax expense incurred for the week of May 18. Date Account Debit Credit May 18

The following information about the payroll for the week ended December 30 was obtained from the records of Boltz Co.: Salaries:   Deductions:   Sales salaries $325,000 Income tax withheld $119,000 Warehouse salaries 196,000 U.S. savings bonds 14,344 Office salaries 131,000 Group insurance 11,736   $652,000               Tax rates assumed: Social security 6% State unemployment (employer only) 5.4% Medicare 1.5% Federal unemployment (employer only) 0.8%     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, $44,000 is subject to unemployment compensation taxes. 2. Assuming that the payroll for the last…

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 $16,376 Federal income tax withheld $2,472 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 Oa. $11,660.49 Ob. $12,675.80 Oc. $16,376.00 Od. $12,888.69 ( Previous

The following information about the payroll for the week ended December 30 was obtained from the records of Pharrell Co.: Salaries: Sales salaries $402,000 Warehouse salaries 210,000 Office salaries 165,000 $777,000 Deductions: Income tax withheld $135,975 Social security tax withheld 46,620 Medicare tax withheld 11,655 Retirement savings 17,094 Group insurance 13,986 $225,330 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, $40,000 is subject to unemployment compensation taxes. 2. Assuming that the payroll…