Complete Form 940 form the information given.

Question

Want to see the full answer?

Answer 1

Question

Chapter 11, Problem 5PB

1.

To determine

Complete Form 940 form the information given.

2.

To determine

Journalize the entry to record the balance of federal unemployment tax due on January 27, 2020.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

he following is a payroll sheet for Teal Imports for the month of September 2020. The company is allowed a 1% unemployment compensation rate by the state; the federal unemployment tax rate is 0.8% and the maximum for both is $7,000. Assume a 10% federal income tax rate for all employees and a 7.65% FICA tax on employee and employer on a maximum of $128,400. In addition, 1.45% is charged both employer and employee for an employee’s wages in excess of $128,400 per employee. Unemployment Tax Name Earnings Aug. 31 September Earnings B. D. Williams $6,800 $900 D. Raye 6,300 800 K. Baker 7,400 1,200 F. Lopez 14,700 1,800 A. Daniels 116,600 12,900 B. Kingston 121,300 16,400 (a) Complete the payroll sheet. (Round answers to 2 decimal places Income Tax Withholding FICA State Federal

The following is a payroll sheet for Otis Imports for the month of September 2020. The company is allowed a 1% unemployment compensation rate by the state; the federal unemployment tax rate is 0.8% and the maximum for both is $7,000. Assume a 10% federal income tax rate for all employees and a 7.65% FICA tax on employee and employer on a maximum of $128,400. In addition, 1.45% is charged both employer and employee for an employee’s wages in excess of $128,400 per employee.Name Earningsto Aug. 31 SeptemberEarnings IncomeTaxWithholding FICA Unemployment TaxStateFederalB.D. Williams$ 6,800$ 800D. Raye6,500700K. Baker7,6001,100F. Lopez13,6001,900A. Daniels116,90013,000B. Kingston121,90016,000Instructionsa. Complete the payroll sheet and make the necessary entry to record the payment of the payroll.b. Make the entry to record the payroll tax expenses of Otis Imports.c. Make the entry to record the payment of the payroll liabilities created. Assume that the company pays all payroll…

Recording payroll and payroll taxes. Assume that the company is subject to a 2% state unemployment tax and 0.6% federal unemployment tax. REQUIRED: Record the following in general journal entry form on May 31. A. Accrual of monthly payroll B. Payment of the net payroll C. Accrual of employers payroll taxes(assume that the FICA matches the amount withhold) D. Payment of these payroll related liabilities. (assume that all are settled at the same time) The options for the shaded drop boxes are : Administrative salaries expense, cash, custodial salaries expense, federal income tax withholding payable, federal unemployment tax payable, FICA tax payable, payroll payable, payroll tax expense, sales salaries expense, state unemployment tax payable.