XYZ Ltd employs its staff on a five-day work week, with employees being paid on Fridays. The weekly salaries expense is $12,000, and employees are paid in arrears. When the employees are paid, the salaries paid are for work performed in the preceding week. Thruster Ltd retains $3,500 per week to pay the Australian Taxation Office for PAYG tax on behalf of the employees. This is paid on the following Monday of each week. It also retains $700 per week to pay staff premiums to the Oceanic Medical Benefits Fund.   Required: If we assume that the reporting date falls on a Thursday, what would the accounting entry at reporting date be to recognise four days' salary and wages expense? What would be the journal entry on when the wages are ultimately paid? What would be journal entry when the tax and medical benefits are paid to respective organisations?

William Corp. pays its employees every two weeks. Employee wages earned over a two-week period is $250,000. All wages are subject to social security and Medicare taxes, while $50,000 of wages are subject to federal and state unemployment taxes. Tax rates are the following: • Social security tax 6.0%• Medicare tax 1.5%• State unemployment compensation tax 5.4%• Federal unemployment compensation tax 0.8% Additionally, the total amount withheld from wages for federal income taxes is $75,000 and the total amount withheld for state income taxes is $12,500. ________________________________________ When William Corp. records the journal entry to recognize payroll every two weeks, Employees’ State Income Tax Payable will be:   Question 24 options:   Debited for $12,500   Credited for $75,000   Debited for $75,000   Neither debited nor credited   Credited for $12,500

b. How much SUTA and FUTA tax did Universal pay in the second quarter of the year? Amount under wage limit subject to FUTA and SUTA Abner Clark Corbin Total = SUTA tax, second quarter = FUTA tax, second quarter =

Wolfpack Inc., a calendar year-end company, pays its employees on the last day of the month for work performed during the month. Gross salaries for the month of April are $20,000. Wolfpack withholds the following amounts from its employees’ paychecks for this pay period:   federal income tax of $4,000 state income tax of $2,500 FICA tax of $1,530 Tax withholding are not remitted to the proper tax agencies until the 10th of the following month.   Required: Answer the following two questions. Note: Do not include decimals or cents in your response.   Question #1: The entry to record the payment of salaries on April 30 should include a debit to the "Salaries Expense" account for how much? Answer:  Question #2: The entry to record the payment of salaries on April 30 should include a credit to the "Cash" account for how much? Answer:

Wolfpack Inc., a calendar year-end company, pays its employees on the last day of the month for work performed during the month. Gross salaries for the month of April are $20,000. Wolfpack withholds the following amounts from its employees’ paychecks for this pay period:   federal income tax of $4,000 state income tax of $2,500 FICA tax of $1,530 Tax withholding are not remitted to the proper tax agencies until the 10th of the following month.   Required: Answer the following two questions. Note: Do not include decimals or cents in your response.   Question #1: The entry to record the payment of salaries on April 30 should include a debit to the "Salaries Expense" account for how much? Answer: $Answer. Question #2: The entry to record the payment of salaries on April 30 should include a credit to the "Cash" account for how much? Answer: $Answer

Win-Win company’s first weekly pay period of the year ends on January 8. On that date, the column totals in its payroll register show that sales employees earned $30,000 and office employees earned $20,000 in salaries.             The employees are to have withheld from their salaries FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $9,000 of federal income taxes, $2,000 of medical insurance deductions, and $1,000 of pension contributions.                     No employee earned more than $7,000 in the first pay period.                       Required:              Part 1a.  Compute FICA--Social Security taxes payable and FICA--Medicare taxes                 payable.   Part 1b.  Prepare the journal entry to record Win-Win's January 8 (employee) payroll                 expenses and liabilities. (Round amounts to cents.)  Part 2.  Prepare the journal entry to record Win-Win's (employer) payroll taxes resulting              from the January 8…

Dixon Sales has six employees that receive weekly paychecks. Each employee earns $14.00 per hour and has worked 40 hours in the pay period. Total federal income tax withholdings are $403.20. Each employee pays 3.0% in state income tax, 6.0%% in Social Security tax, 1.5% in Medicare tax, and 0.5% toward retirement savings. Journalize the recognition of the pay period ending January 19 that will be paid to the employees on January 26 using the chart of accounts below. Medicare Tax Payable Payroll Tax Expense Payroll Tax Payable Sales Wages Expense Sales Wages Payable Social Security Tax Expense Cash Employees Federal Income Tax Expense Employees Federal Income Tax Payable Social Security Tax Payable mployees State Income Tax Expense Prepaid Payroll Taxes Unearned Sales Wages nployees State Income Tax Payable edicare Tax Expense Retirement Savings Payable Sales er your answers into the table below. the account names carefully (exactly as shown above) and follow formatting instructions…

Dixon Sales has six sales employees that receive weekly paychecks. Each employee earns $18.00 per hour and has worked 40 hours in the pay period. Total federal income tax withholdings are $518.40. Each employee pays 3.0% in state income tax, 6.0% in Social Security tax, 1.5% in Medicare tax, and 0.5% toward retirement savings. Journalize the recognition of the pay period ending January 19 that will be paid to the employees on January 26. If an amount box does not require an entry, leave it blank. If required, round your answers to two decimal places. Jan. 19

Zolnick Enterprises has two hourly employees-Kelly and Jon. Both employees earn overtime at the rate of 1.5 times the hourly rate for hours worked in excess of 40 per week. Assume the Social Security tax rate is 6 percent on the first $110,000 of wages, and the Medicare tax rate is 1.5 percent on all earnings. Federal income tax withheld for Kelly and Jon was $245 and $228, respectively, for the first week of January. The following information is for the first week in January Year 1. Wage Rate per Hour Employee Kelly Hours Worked $ 22 $ 27 50 Jon 45 Required a. Calculate the gross pay for each employee for the week. b. Calculate the net pay for each employee for the week. c. Prepare the general journal entry to record payment of the wages. Complete this question by entering your answers in the tabs below. Reg A and B Req C Calculate the gross pay for each employee for the week. Calculate the net pay for each employee for the week. (Round intermediate calculations and your final answers…

Zolnick Enterprises has two hourly employees-Kelly and Jon. Both employees earn overtime at the rate of 1.5 times the hourly rate for hours worked in excess of 40 per week. Assume the Social Security tax rate is 6 percent on the first $110,000 of wages, and the Medicare tax rate is 1.5 percent on all earnings. Federal income tax withheld for Kelly and Jon was $270 and $233, respectively, for the first week of January. The following information is for the first week in January Year 1. Employee Kelly Jon Required a. Calculate the gross pay for each employee for the week. b. Calculate the net pay for each employee for the week. c. Prepare the general journal entry to record payment of the wages. Req A and B a. b. Hours Worked 54 49 Complete this question by entering your answers in the tabs below. Wage Rate per Hour $ 22 $ 27 Gross pay Net pay Req C Calculate the gross pay for each employee for the week. Calculate the net pay for each employee for the week. (Round intermediate…