College Accounting (Book Only): A Career Approach
13th Edition
ISBN: 9781337280570
Author: Scott, Cathy J.
Publisher: South-Western College Pub
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Chapter 8, Problem 3PB
To determine
Complete Construction B’s Part 1 of Form 941 for the third quarter.
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Francisco Company has 10 employees, each of whom earns $2,700 per month and is paid on the last day of each month. All 10 have been employed continuously at this amount since January 1. On March 1, the following accounts and balances exist in its general ledger.
FICA—Social Security Taxes Payable, $3,348; FICA—Medicare Taxes Payable, $784. (The balances of these accounts represent total liabilities for both the employer's and employees' FICA taxes for the February payroll only.)
Employees' Federal Income Taxes Payable, $6,750 (liability for February only).
Federal Unemployment Taxes Payable, $324 (liability for January and February together).
State Unemployment Taxes Payable, $2,916 (liability for January and February together).
The company had the following payroll transactions.
Mar.
15
Issued check payable to Swift Bank, a federal depository bank authorized to accept employers' payments of FICA taxes and employee income tax withholdings. The $10,882 check is in payment of…
Francisco Company has 10 employees, each of whom earns $2,500 per month and is paid on the last day of each month. All 10 have been employed continuously at this amount since January 1. On March 1, the following accounts and balances exist in its general ledger.
FICA—Social Security Taxes Payable, $3,100; FICA—Medicare Taxes Payable, $726. (The balances of these accounts represent total liabilities for both the employer's and employees' FICA taxes for the February payroll only.)
Employees' Federal Income Taxes Payable, $6,250 (liability for February only).
Federal Unemployment Taxes Payable, $300 (liability for January and February together).
State Unemployment Taxes Payable, $2,700 (liability for January and February together).
The company had the following payroll transactions.
Mar.
15
Issued check payable to Swift Bank, a federal depository bank authorized to accept employers' payments of FICA taxes and employee income tax withholdings. The $10,076 check is in payment of…
The names of the employees of Hogan Thrift Shop are listed on the following payroll register. Employees are paid weekly. The marital status and the number of allowances claimed are shown on the payroll register, along with each employee’s weekly salary, which has remained the same all year. Complete the payroll register for the payroll period ending December 20, the 51st weekly payday. The state income tax rate is 2% of total earnings, the city income tax rate is 1.5% of the total gross earnings, and the wage-bracket method is used for federal income taxes.
Chapter 8 Solutions
College Accounting (Book Only): A Career Approach
Ch. 8 - Prob. 1QYCh. 8 - Prob. 2QYCh. 8 - Prob. 3QYCh. 8 - Prob. 4QYCh. 8 - Prob. 5QYCh. 8 - Prob. 6QYCh. 8 - Prob. 7QYCh. 8 - Prob. 8QYCh. 8 - Prob. 9QYCh. 8 - Prob. 1DQ
Ch. 8 - Prob. 2DQCh. 8 - Prob. 3DQCh. 8 - Prob. 4DQCh. 8 - Prob. 5DQCh. 8 - Prob. 6DQCh. 8 - Prob. 7DQCh. 8 - Prob. 8DQCh. 8 - Prob. 9DQCh. 8 - Prob. 1ECh. 8 - Prob. 2ECh. 8 - Prob. 3ECh. 8 - Prob. 4ECh. 8 - Prob. 5ECh. 8 - On September 30, Cody Companys selected account...Ch. 8 - On September 30, Hilltop Companys selected payroll...Ch. 8 - Prob. 8ECh. 8 - Prob. 1PACh. 8 - Prob. 2PACh. 8 - Prob. 3PACh. 8 - Prob. 4PACh. 8 - Prob. 5PACh. 8 - Prob. 1PBCh. 8 - Prob. 2PBCh. 8 - Prob. 3PBCh. 8 - Prob. 4PBCh. 8 - Prob. 5PBCh. 8 - TruGreen is the worlds largest lawn and landscape...Ch. 8 - Between the end of one month and the 15th day of...
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- Precision Labs has two employees. The following information was taken from its individual earnings records for the month of September. Determine the missing amounts assuming that the Social Security tax is 6.2 percent, the Medicare tax is 1.45 percent, and the state income tax is 20 percent of the federal income tax. Assume that the employees are married and have one withholding allowance. All earnings are subject to Social Security and Medicare taxes. If required, round your answers to the nearest cent and use the rounded answers in subsequent computations. Enter all amounts as positive values. BROWN RINGNESS TOTAL Regular earnings $3,520.00 $ $ Overtime earnings 124.00 Total earnings $3,675.00 $ $ Federal income tax withheld $320.00 $ $ State income tax withheld 36.80 Social Security tax withheld 227.85 170.00 Medicare tax withheld 53.29 39.76 Charity withheld 34.00 96.00 Total deductions $699.14 $526.56 $ Net pay $ $2,215.44 $arrow_forwardLakeview Company completed the following two transactions. The annual accounting period endsDecember 31.a. On December 31, calculated the payroll, which indicates gross earnings for wages ($80,000),payroll deductions for income tax ($8,000), payroll deductions for FICA ($6,000), payrolldeductions for American Cancer Society ($3,000), employer contributions for FICA (matching), and state and federal unemployment taxes ($600). Employees were paid in cash, but payments for the corresponding payroll deductions have not yet been made and employer taxeshave not yet been recorded.b. Collected rent revenue of $6,000 on December 10 for office space that Lakeview rented toanother business. The rent collected was for 30 days from December 11 to January 10 and wascredited in full to Unearned Revenue.Required:1. Give the journal entries to record payroll on December 31.2. Give ( a ) the journal entry for the collection of rent on December 10 and ( b ) the adjusting journal entry on December 31.3.…arrow_forwardA paving company has 24 employees, 15 with gross earnings of $355 per week and nine with gross earnings of $395 per week. What is the total social security and Medicare tax (in $) the company must send to the Internal Revenue Service for the first quarter of the year?arrow_forward
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