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Logan White is general manager of National Salons. During 2024, White worked for the company all year at a $14,200 monthly salary. He also earned a year-end bonus equal to 5% of his annual salary. White's federal income tax withheld during 2024 was $1,420 per month, plus $2,726 on his bonus check. State income tax withheld came to $90 per month, plus $80 on the bonus. FICA tax was withheld on the annual earnings. White authorized the following payroll deductions: Charity Fund contribution of 3% of total earnings and life insurance of $25 per month. National incurred payroll tax expense on White for FICA lax. The Compan also paid state unemployment tax and federal unemployment tax. (Click the icon to view payroll tax rate information.) Read the requirements CO State Unemployment Taxes Payable 378 Requirement 5. Make the journal entry for the payment of the payroll withholdings and taxes. (Record debits first, then credits. Exclude explanations from joumal entries.) Date Accounts Employee Federal Income Taxes Payable Employee State Income Taxes Payable Debit Credit 19,766 1,160 FICA-Medicare Taxes Payable FICA-OASDI Taxes Payable Charity Fund Payable Life Insurance Payable Federal Unemployment Taxes Payable State Unemployment Taxes Payable Cash 5,368 300 42 378

Logan White is general manager of National Salons. During 2024, White worked for the company all year at a $14,200 monthly salary. He also earned a year-end bonus equal to 5% of his annual salary. White's federal income tax withheld during 2024 was $1,420 per month, plus $2,726 on his bonus check. State income tax withheld came to $90 per month, plus $80 on the bonus. FICA tax was withheld on the annual earnings. White authorized the following payroll deductions: Charity Fund contribution of 3% of total earnings and life insurance of $25 per month. National incurred payroll tax expense on White for FICA lax. The Compan also paid state unemployment tax and federal unemployment tax. (Click the icon to view payroll tax rate information.) Read the requirements CO State Unemployment Taxes Payable 378 Requirement 5. Make the journal entry for the payment of the payroll withholdings and taxes. (Record debits first, then credits. Exclude explanations from joumal entries.) Date Accounts Employee Federal Income Taxes Payable Employee State Income Taxes Payable Debit Credit 19,766 1,160 FICA-Medicare Taxes Payable FICA-OASDI Taxes Payable Charity Fund Payable Life Insurance Payable Federal Unemployment Taxes Payable State Unemployment Taxes Payable Cash 5,368 300 42 378

College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter9: Payroll Accounting: Employer Taxes And Reports
Section: Chapter Questions
Problem 1CP
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More info For all payroll calculations, use the following tax rates and round amounts to the nearest cent: OASDI: 6.2% on first $132,900 earned; Medicare: 1.45% up to $200,000, 2.35% on earnings above $200,000. OASDI: 6.2% on first $132,900 earned; Medicare: 1.45%; FUTA: 0.6% on first $7,000 earned; SUTA: 5.4% on first $7,000 earned. Employee: Employer: es Print Done ble
Transcribed Image Text:More info For all payroll calculations, use the following tax rates and round amounts to the nearest cent: OASDI: 6.2% on first $132,900 earned; Medicare: 1.45% up to $200,000, 2.35% on earnings above $200,000. OASDI: 6.2% on first $132,900 earned; Medicare: 1.45%; FUTA: 0.6% on first $7,000 earned; SUTA: 5.4% on first $7,000 earned. Employee: Employer: es Print Done ble
National incurred payroll tax expense on White for FICA tax. The company also paid state unemployment tax and federal unemployment tax. O (Click the icon to view payroll tax rate information.) Logan White is general manager of National Salons. During 2024, White worked for the company all year at a $14,200 monthly salary. He also earmed a year-end bonus equal to 5% of his annual salary. White's federal income tax withheld during 2024 was $1,420 per month, plus $2,726 on his bonus check. State income tax withheld came to $90 per month, plus $80 on the bonus. FICA tax was withheld on the annual earnings. White authorized the following payroll deductions: Charity Fund contribution of 3% of total earnings and life insurance of $25 per month. Read the reauirermenta. 378 Stato Unemployment Taxos Payablo Requirement 5. Make the journal entry for the payment of the payroll withholdings and taxes. (Record debits first, then credits. Exclude explanations from joumal entries.) Debit Credit Date Accounts Employee Federal Income Taxes Payable 19,766 Employee State Income Taxes Payable 1,160 FICA-Medicare Taxos Payable FICA-OASDI Taxes Payable Charity Fund Payable 5,368 Life Insurance Payable 300 Federal Unemployment Taxes Payable 42 State Unemployment Taxes Payable 378 Cash Help me solve this Demodocs example Get more help- Clear all Check answer
Transcribed Image Text:National incurred payroll tax expense on White for FICA tax. The company also paid state unemployment tax and federal unemployment tax. O (Click the icon to view payroll tax rate information.) Logan White is general manager of National Salons. During 2024, White worked for the company all year at a $14,200 monthly salary. He also earmed a year-end bonus equal to 5% of his annual salary. White's federal income tax withheld during 2024 was $1,420 per month, plus $2,726 on his bonus check. State income tax withheld came to $90 per month, plus $80 on the bonus. FICA tax was withheld on the annual earnings. White authorized the following payroll deductions: Charity Fund contribution of 3% of total earnings and life insurance of $25 per month. Read the reauirermenta. 378 Stato Unemployment Taxos Payablo Requirement 5. Make the journal entry for the payment of the payroll withholdings and taxes. (Record debits first, then credits. Exclude explanations from joumal entries.) Debit Credit Date Accounts Employee Federal Income Taxes Payable 19,766 Employee State Income Taxes Payable 1,160 FICA-Medicare Taxos Payable FICA-OASDI Taxes Payable Charity Fund Payable 5,368 Life Insurance Payable 300 Federal Unemployment Taxes Payable 42 State Unemployment Taxes Payable 378 Cash Help me solve this Demodocs example Get more help- Clear all Check answer
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