3. Quiz: Accounting for Current Liabi... G Saved Help Save & Exit Submit Check my work Required information Knowledge Check 01 As of December 31, Marr, Incorporated, has accrued benefits to its employees for medical insurance (in the amount of $12,000) and a contribution to a retirement program (at 10% of the employees' $200,000 gross salary). Prepare the December 31 entry for Marr by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns. View transaction list Journal entry worksheet As of December 31. Marr Inc. has accrued benefits to its emplovees for medical < Prev 12 13 14 15 of 19 Next > **.. ..... II <> F4 F5 F7 F8 F10 F12 Finder LL DDI 9. 4. 5. H R 2. Saved Help Sa oter 9 Quiz: ACcounting for Current Liabi... A 1 Required information insurance (in the amount of $12,000) and a contribution to a retirement program (at 10% of the employees' $200,000 gross salary). of 4 Note: Enter debits before credits. Date General Journal Debit Credit Book Record entry Clear entry View general journal < Prev 12 13 14 15 of 19 Next > I ...... F3 F4 F5 F8 F12 OLI LL- DDI 23 %24 9. 08.

3. Quiz: Accounting for Current Liabi... G Saved Help Save & Exit Submit Check my work Required information Knowledge Check 01 As of December 31, Marr, Incorporated, has accrued benefits to its employees for medical insurance (in the amount of $12,000) and a contribution to a retirement program (at 10% of the employees' $200,000 gross salary). Prepare the December 31 entry for Marr by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns. View transaction list Journal entry worksheet As of December 31. Marr Inc. has accrued benefits to its emplovees for medical < Prev 12 13 14 15 of 19 Next > **.. ..... II <> F4 F5 F7 F8 F10 F12 Finder LL DDI 9. 4. 5. H R 2. Saved Help Sa oter 9 Quiz: ACcounting for Current Liabi... A 1 Required information insurance (in the amount of $12,000) and a contribution to a retirement program (at 10% of the employees' $200,000 gross salary). of 4 Note: Enter debits before credits. Date General Journal Debit Credit Book Record entry Clear entry View general journal < Prev 12 13 14 15 of 19 Next > I ...... F3 F4 F5 F8 F12 OLI LL- DDI 23 %24 9. 08.

College Accounting (Book Only): A Career Approach

12th Edition

ISBN:9781305084087

Author:Cathy J. Scott

Publisher:Cathy J. Scott

Chapter8: Employer Taxes, Payments, And Reports

Section: Chapter Questions

Problem 5E

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if someone could explain this step by step i'd rlly appresiate it thank you! Journalizing Payroll Transactions On December 31, the payroll register of Hamstreet Associates indicated the following information: Wages and Salaries Expense $8,400.00 Employee Federal Income Tax Payable 950.00 United Way Contributions Payable 170.00 Earnings subject to Social Security tax 7,600.00 Use Social Security 6.2% and Medicare 1.45% as specified in the text. 1. Determine the amount of Social Security and Medicare taxes to be withheld. If required, round your answers to the nearest cent.
Workers' Compensation Insurance and Adjustment Specialty Manufacturing estimated that its total payroll for the coming year would be $447,500. The workers' compensation insurance premium rate is 0.2%. Required: 1. Calculate the estimated workers' compensation insurance premium.$ Prepare the journal entry for the payment as of January 2, 20--. Page: DATE ACCOUNT TITLE DOC. NO. POST. REF. DEBIT CREDIT 1 20--Jan. 2 1 2 2 3 3 2. Assume that Specialty Manufacturing's actual payroll for the year is $452,500.00. Calculate the total insurance premium owed.$ Prepare a journal entry as of December 31, 20--, to record the adjustment for the underpayment. The actual payment of the additional premium will take place in January of the next year. Page: DATE ACCOUNT TITLE DOC. NO. POST. REF. DEBIT CREDIT 1 20--Dec. 31 1 2 2 3 3
ournalizing Payroll Transactions On December 31, the payroll register of Hamstreet Associates indicated the following information: Wages and Salaries Expense $8,700.00 Employee Federal Income Tax Payable 920.00 United Way Contributions Payable 200.00 Earnings subject to Social Security tax 8,000.00 Question Content Area Use Social Security 6.2% and Medicare 1.45% as specified in the text. 1. Determine the amount of Social Security and Medicare taxes to be withheld. If required, round your answers to the nearest cent.
Journalizing Payroll Transactions On December 31, the payroll register of Hamstreet Associates indicated the following information: Wages and Salaries Expense $7,100.00 Employee Federal Income Tax Payable 970.00 United Way Contributions Payable 230.00 Earnings subject to Social Security tax 6,600.00 Use Social Security 6.2% and Medicare 1.45% as specified in the text. 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 a35bdffc5ff4017_1 Medicare Tax $fill in the blank a35bdffc5ff4017_2
An employee has a net payroll amount of $5,064.50. What is the correct journal entry to record this payment on payday?
Nix Company had the following balances in its general ledger before the entries for requirement (1) were made: Employee federal income tax payable $2,500 Social Security tax payable 2,008 Medicare tax payable 470 FUTA tax payable 520 SUTA tax payable 4,510 a. Prepare the journal entry for payment of the liabilities for federal income taxes and Social Security and Medicare taxes on April 15, 20--. b. Prepare the journal entry for payment of the liability for FUTA tax on April 30, 20--. c. Prepare the journal entry for payment of the liability for SUTA tax on April 30, 20--.
Specialty Manufacturing estimated that its total payroll for the coming year would be $482,500. The workers' compensation insurance premium rate is 0.2%. Required: 1. Calculate the estimated workers' compensation insurance premium.$ Prepare the journal entry for the payment as of January 2, 20--. If an amount box does not require an entry, leave it blank. Page: DATE ACCOUNT TITLE DOC.NO. POST.REF. DEBIT CREDIT 1 20-- Jan. 2 1 2 2 3 3 2. Assume that Specialty Manufacturing's actual payroll for the year is $487,000. Calculate the total insurance premium owed.$ Prepare a journal entry as of December 31, 20--, to record the adjustment for the underpayment. The actual payment of the additional premium will take place in January of the next year. If an amount box does not require an entry, leave it blank. Page: DATE ACCOUNT TITLE DOC.NO. POST.REF. DEBIT CREDIT 1 20-- Dec. 31 1 2…
Parry Paint LLC started operations on January 1, 2019. It had the following payroll transactions during the year. Jan 15 - Paid an employee B. Vaughn gross pay of $2,000 for January 1-15 salary, calculated as follows: Deductions FICA Medicare Gross Pay Net Pay Income taxes 15% FICA Social Total deductions Security 6.2% 1.45% $2,000 The company matches FICA deductions. Required: a. Calculate B. Vaughn's net pay and journalize the entries to record her payroll. b. Prepare journal entries to record the above transactions. Show necessary calculations.
Payroll Accounting Jet Enterprises has the following data available for its April 30, 2019, payroll: *All subject to Social Security and Medicare matching and withholding of 6.2% and 1.45%, respectively. Federal unemployment taxes of 0.70% and state unemployment taxes of 0.90% are payable on $405,700 of the wages earned. Required: 1. Compute the amounts of taxes payable and the amount of wages that will be paid to employees. Then prepare the journal entries to record the wages earned and the payroll taxes. ( Note: Round to the nearest penny.) 2. CONCEPTUAL CONNECTION Jet would like to hire a new employee at a salary of $65,000. Assuming payroll taxes are as described above (with unemployment taxes paid on the first $9,000) and fringe benefits (e.g., health insurance, retirement, etc.) are 25% of gross pay, what will be the total cost of this employee for Jet?
In EB13, you prepared the journal entries for Janet Evanovich, an employee of Marc Associates. You have now been given the following additional information: June is the first pay period for this employee. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to the employee. FICA Social Security and FICA Medicare match employee deductions. The employer is responsible for 60% of the health insurance premium. The employer matches 50% of employee pension plan contributions. Using the information from EB13 and the additional information provided: A. Record the employer payroll for the month of June, dated June 30, 2017. B. Record the payment in cash of all employer liabilities only on July 1.
The following information about the payroll for the week ended December 30 was obtained from the records of Qualitech Co.: Tax rates assumed: Social security, 6% Medicare, 1.5% State unemployment (employer only), 5.4% Federal unemployment (employer only), 0.8% Instructions 1. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the following entries: a. December 30, to record the payroll. b. December 30, to record the employers payroll taxes on the payroll to be paid on December 31. Of the total payroll for the last week of the year, 35,000 is subject to unemployment compensation taxes. 2. Assuming that the payroll for the last week of the year is to be paid on January 5 of the following fiscal year, journalize the following entries: a. December 30, to record the payroll. b. January 5, to record the employers payroll taxes on the payroll to be paid on January 5. Because it is a new fiscal year, all 675,000 in salaries is subject to unemployment compensation taxes.
Payroll Accounting McLaughlin Manufacturing has the following data available for its March 31, 2019, payroll: *All Subject to Social Security and Medicare matching and withholding at 6.2% and 1.45%, re9eetivety. Federal unemployment taxes of 0.50% and state unemployment taxes of 0.80% are payable on the first $1,000,000. Required: 1. Compute the taxes payable and wages that will be paid to employees. Then prepare the journal entries to record the wages earned and the payroll taxes. ( Note: Round to the nearest penny) 2. CONCEPTUAL CONNECTION McLaughlin Manufacturing would like to hire a new employee at a salary of $80,000. Assuming payroll taxes are as described above (with unemployment taxes paid on the first $7,000) and fringe benefits (e.g., health insurance, retirement, etc.) are 28% of gross pay, what will be the total cost of this employee for McLaughlin?