b. Prior to posting the November 29 payroll transaction, FICA Taxes Payable-OASDI, FICA Taxes Payable-HI, and Employees FIT Payable had zero balances. Pandel must pay the FICA taxes and income taxes withheld on the November 29 payroll. Journalize the electronic transfer of the payroll taxes on December 16. If an amount bo Cash ry, leave it blank. Round your answers to the nearest cent. Date Employees FIT Payable Debit Credit Dec. 16 FICA Taxes Payable-HI Payroll Taxes Wage and Salary Expense

XYZ Company had gross wages of $355,000 during the week ended November 30. The amount of wages subject to social security tax was $285,000, while the amount of wages subject to federal and state unemployment taxes was $18,000. Tax rates are as follows. Social security 6.0% Medicare 1.5% State unemployment 5.4% Federal unemployment 0.8%   The total amount withheld from employee wages for federal taxes was $66,900. The full amount of gross wages is subject to Medicare tax. a.    Journalize the entry to record the payroll for the week of November 30. DATE   Debit Credit X/X                                         b.     Using the information from the question above, journalize the entry to record the payroll tax expense incurred for the week of November 30. DATE   Debit Credit X/X

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During January, Luxury Cruise Lines Incurs employee salaries of $1.7 million. Withholdings in January are $130,050 for the employee portion of FICA, $255,000 for federal income tax, $106,250 for state income tax, and $17,000 for the employee portion of health insurance (payable to Blue Cross Blue Shield). The company incurs an additional $105,400 for federal and state unemployment tax and $51,000 for the employer portion of health insurance. Required: 1.-3. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not in millions (i.e. 5 should be entered as 5,000,000).) View transaction list View journal entry worksheet Record the employee salary expense, withholdings, and salaries payable. Record the employer provided fringe benefits. Record the employer payroll taxes. Nate journal entry has been entered EXI Debit…

Wages paid for the second quarter for Ivanhoe Law Firm were $59,000.00. All wages were subject to FICA taxes (the 7.65% FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and wages up to $128,400 and the Medicare tax rate of 1.45% on all salaries and wages). Federal income taxes withheld were $6,820.00. When Ivanhoe files Form 941, what amount should be reported on the following lines of the form? (Round answers to 2 decimal places, e.g. 52.75.) Line 3: Federal income tax withheld.   $        Columns 1   Columns 2 Line 5a: Taxable social security wages   $    $  Line 5c: Taxable medicare wages and tips   $    $

Tea Tree Therapeutics is an Arizona company with a SUTA tax of 5.2% and a SUTA wage base of $7,000. The employee earnings for the past year are: Theresa, $25,340; Gregori, $7,400; Alain, $20,860; and Katlyn, $5,730. Arizona employers pay a State Unemployment Insurance Tax (SUI) of 2.0% on all wages up to the first $7,000 annually. What is the total of Tea Tree Therapeutic’ employer-share taxes for FUTA, SUTA, SUI, and FICA for the year? (Round your intermediate calculations to 2 decimal places.)  Multiple Choice $6,840.79  $6,682.39 $6,623.69 $6,463.31

Kip Bowman is owner and sole employee of KB Corporation. He pays himself a salary of $1,500 each week. Additional tax information includes:     FICA tax—OASDI 6.2% on first $132,900   FICA tax—HI 1.45% on total pay   Federal income tax $232.00 per pay   State income tax 22% of the federal income tax withholding   Federal unemployment tax 0.6% on first $7,000   State unemployment tax 0.05% on first $14,000 Additional payroll deductions include:     401(k) plan 3% per pay   Child support garnishment $100 per pay   Health insurance premium $95 per pay

Vulcra, Inc., has a semimonthly payroll of $67,000 on September 15, 20--. The total payroll is taxable under FICA Taxes-HI; $63,850 is taxable under FICA Taxes-OASDI; and $10,300 is taxable under FUTA and SUTA. The state contribution rate for the company is 4.1%. The amount withheld for federal income taxes is $9,911. The amount withheld for state income taxes is $1,410. b.  Assume that the employees of Vulcra, Inc., must also pay state contributions (disability insurance) of 1% on the taxable payroll of $62,100 and that the employees' contributions are to be deducted by the employer. Journalize the September 15 payment of wages, assuming that the state contributions of the employees are kept in a separate account.

The payroll register of heritage co. Indicates $3900 of social security withheld and $975 of Medicare tax withheld on total salaries of $65,000 for the period. Earnings of $10,000 are subject to state and federal unemployment compensation taxes at the federal rate of .8% and the state rate of 5.4%

BMX Company has one employee. FICA Social Security taxes are withheld in the amount of $316.20. FICA Medicare taxes are withheld in the amount of $73.95. Federal unemployment taxes are $30.60 and State unemployment taxes are $275.40 for this pay period. Medical Insurance of $242.25 is withheld as requested by the employee and federal income taxes are $607.05. Use this information to record below the journal entry for the employer's payroll tax expense for this first pay period of the year in January. Note: Round your answers to 2 decimal places. View transaction list View journal entry worksheet No 1 Date January 31 General Journal Payroll taxes expense FICA-Social security taxes payable FICA-Medicare taxes payable Federal unemployment taxes payable State unemployment taxes payable Debit 696.15 Credit 316.20 73.95 30.60 275.40