Answered: Using March 31, 2003 as the journal…

Using March 31, 2003 as the journal entiy date, enter the following items in the General Journal. Bank charges and interest Employer's Payroll ..

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter8: Payroll Accounting: Employee Earnings And Deductions

Section: Chapter Questions

Problem 7SEA: PAYROLL JOURNAL ENTRY Journalize the following data taken from the payroll register of Copy Masters...

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JOURNAL ENTRIES FOR PAYMENT OF EMPLOYER PAYROLL TAXES Francis Baker owns a business called Baker Construction Co. She does her banking at the American National Bank in Seattle, Washington. The amounts in her general ledger for payroll taxes and employees withholding of Social Security, Medicare, and federal income tax payable as of July 15 of the current year are as follows: Journalize the quarterly payment of the employee federal income taxes and Social Security and Medicare taxes on July 15, 20--, and the payments of the FUTA and state unemployment taxes on July 31, 20--.
Assume that the employees in Exercise 77 are paid from the companys regular bank account (check numbers 981 and 982). Prepare the entry to record and pay the payroll in general journal form, dated September 30.
The payroll register includes sections for recording: A. gross pay, deductions, and net pay. B. accrued expenses, unearned revenues, and net pay. C. assets, liabilities, equity, revenues, and expenses. D. employee home address and phone number.
Journalizing Payroll Transactions 1. Determine the amount of Social Security and Medicare taxes to be withheld. If required, round your answers to the nearest cent. 2. Record the journal entry for the payroll, crediting Cash for the net pay. When required, enter amounts in dollars and cents. If an amount box does not require an entry, leave it blank. On December 31, the payroll register of Hamstreet Associates indicated the following information: Wages and Salaries Expense $7,700 Employee Federal Income Tax Payable 800 United Way Contributions Payable 190 Earnings subject to Social Security tax 7,200
Journalizing Payroll Transactions 1. Determine the amount of Social Security and Medicare taxes to be withheld. If required, round your answers to the nearest cent. 2. Record the journal entry for the payroll, crediting Cash for the net pay. When required, enter amounts in dollars and cents. If an amount box does not require an entry, leave it blank. On December 31, the payroll register of Hamstreet Associates indicated the following information: Wages and Salaries Expense $7,900 Employee Federal Income Tax Payable 900 United Way Contributions Payable 190 Earnings subject to Social Security tax 7,200 Payroll Withholdings 1. Determine the amount of Social Security and Medicare taxes to be withheld. If required, round your answers to the nearest cent. Social Security Tax $fill in the blank 6752ad03b03cf89_1 Medicare Tax $fill in the blank 6752ad03b03cf89_2 General Journal 2. Record the journal entry for the payroll,…
Payroll Taxes Expense Prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its related liabilities. Note: Round your answers to 2 decimal places. General Journal View transaction list Journal entry worksheet 1 Record the employer's September 30 payroll taxes expense and its related liabilities. Note: Enter debits before credits. Date September 30 Record entry General Journal Clear entry Debit Credit View general journal
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 $128,400 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Gross Pay through Gross Pay for August 31 September a. 6,400 2,000 122,100 800 b. 2,100 8,000 C. Assuming situation (a), prepare the employer's September 30 journal entries to record the employer's payroll taxes expense and its related liabilities. Complete this question by entering your answers in the tabs below. Payroll Taxes Expense General Journal Compute the payroll taxes expense. (Round your answers to 2 decimal places.) Employer Payroll taxes September earnings subject to tax Tax Rate Tax Amount 24 0.00 Payroll Taxes Expense General Journal >
Determine the employer's deposit of withholding, Social Security, and Medicare for the payroll register. \ table[[Employee, \table [[Gross], [earnings]], Withholding, \table [[Employee's], [Social], [Security]], Medicare, Net earnings, \table[[Employer's], [Social], [Security]]], [\table[[Pascel, J.], [Thomas, P.], [Tillman, D. ]], \table[[$ 1,927 K Gross Employee earnings Withholding Determine the employer's deposit of withholding, Social Security, and Medicare for the payroll register. Employer's Social Security Pascel, J. Thomas, P Tillman, D. $1,927 1,595 1,420 $174 140 96 S The employer's deposit is $ (Type an integer or a decimal) C Employee's Social Security Medicare Net earnings $119.47 $27.94 98.89 23.13 88.04 20.59 $1,605.59 1,332.98 1,215.37 $119.47 98.89 88.04
Journalize the February payroll and the payment of the payroll. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Feb. 28 (To record payroll.) (To record payment of payroll.) Feb. 28
Which of the following type of information is not provided on a payroll register? a.regular rate of pay. b.marital status. c.record of time worked. d.vacation benefits.
115.
What is included in the journal entry to record the employer amount of the payroll? Assume gross salary maximum have not been reached.