Homework Answers
| 1 | |||
| Net pay | 383750 | ||
| 2 | |||
| Wages expense | 500000 | ||
| Federal Income Taxes Withholding Payable | 63000 | ||
| Social Security Taxes payable (Employee) | 31000 | ||
| Medicare Taxes payable (Employee) | 7250 | ||
| Charitable Contributions payable | 5000 | =500000*1% | |
| Union Dues Payable | 10000 | =500000*2% | |
| Cash | 383750 | ||
| 3 | |||
| Federal Unemployment Taxes expense | 27900 | =(500000-50000)*6.2% | |
| Social Security Taxes expense | 31000 | ||
| Medicare Taxes expense | 7250 | ||
| Federal Unemployment Taxes payable | 27900 | ||
| Social Security Taxes payable(Employer) | 31000 | ||
| Medicare Taxes payable(Employer) | 7250 |
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Cornerstone Exercise 8-26 Payroll Taxes Hernandez Builders has a gross payroll for January amounting to $500,000....
Cornerstone Exercise 8-26 (Algorithmic) Payroll Taxes Hernandez Builders has a gross payroll for January amounting to...
Cornerstone Exercise 8-26 (Algorithmic) Payroll Taxes Hernandez Builders has a gross payroll for January amounting to $600,000. The following amounts have been withheld: Federal income taxes $76,000 Social Security 37,200 Medicare 8,700 1% of gross pay Charitable contributions 2% of gross pay Union dues Also, the federal unemployment tax rate is 6.2%, and applies to all but $60,000 of the gross payroll. Required: 1. What is the amount of net pay recorded by Hernandez? Federal Unemployment Taxes Expense Social Security...
Help!!!! Cornerstone Exercise 8-26 (Algorithmic) Payroll Taxes Hernandez Builders has a gross payroll for January amounting...
Help!!!!
Cornerstone Exercise 8-26 (Algorithmic) Payroll Taxes Hernandez Builders has a gross payroll for January amounting to $600,000. The following amounts have been withheld: Federal income taxes $76,000 37,200 Social Security Medicare 8,700 Charitable contributions 1% of gross pay Union dues 2% of gross pay Also, the federal unemployment tax rate is 6.2%, and applies to all but $60,000 of the gross payroll. Required: 1. What is the amount of net pay recorded by Hernandez? $ 2. Prepare the journal...
Cornerstone Exercise 8-26 (Algorithmic) Payroll Taxes Hernandez Builders has a gross payroll for January amounting to...
Cornerstone Exercise 8-26 (Algorithmic) Payroll Taxes Hernandez Builders has a gross payroll for January amounting to $580,000. The following amounts have been withheld: Federal income taxes $73,000 Social Security 35,960 Medicare 8,410 Charitable contributions 1% of gross pay Union dues 2% of gross pay Also, the federal unemployment tax rate is 6.2%, and applies to all but $58,000 of the gross payroll. Required: 1. What is the amount of net pay recorded by Hernandez? 2. Prepare the journal entries to...
I just need to know what number to input into the blank spaces, please!!! Cornerstone Exercise...
I just need to know what number to input into the blank spaces,
please!!!
Cornerstone Exercise 8-26 (Algorithmic) Payroll Taxes Hernandez Builders has a gross payroll for January amounting to $600,000. The following amounts have been withheld: Federal income taxes $76,000 37,200 Social Security Medicare 8,700 Charitable contributions 1% of gross pay Union dues 2% of gross pay Also, the federal unemployment tax rate is 6.2%, and applies to all but $60,000 of the gross payroll. Required: 1. What is...
Brief Exercise 8-49 Payroll Taxes Sid's Grocery Store has 100 employees who earn a wage of $18.75 per hour. Each of Sid...
Brief Exercise 8-49 Payroll Taxes Sid's Grocery Store has 100 employees who earn a wage of $18.75 per hour. Each of Sid's employees has worked a total of 160 hours over the month of July. At the time of recording July's monthly payroll, the following amounts have been withheld: Federal income tax State income tax Social Security $30,000 8,000 18,600 4,350 1% of gross pay 1% of gross pay Medicare Charitable contributions Union dues Also, the unemployment tax rate is...
overstated, understated Assume that the Cole Designs Inc. financial statements Brief Exercise 8-49 Payroll Taxes Sid's...
overstated, understated Assume that the Cole Designs Inc.
financial statements
Brief Exercise 8-49 Payroll Taxes Sid's Grocery Store has 100 employees who eam a wage of $18.75 per hour. Each of Sid's employees has worked a total of 160 hours over the month of July. At the time of recording July's monthly payroll, the following amounts have been withheld: Federal income tax State income tax Social Security Medicare Charitable contributions Union dues $30,000 8,000 18,600 4,350 1% of gross pay...
BMX Company has one employee. FICA Social Security taxes are6.2% of the first $128,400 paid...
BMX Company has one employee. FICA Social Security taxes are
6.2% of the first $128,400 paid to its employee, and FICA Medicare
taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and
SUTA taxes are 5.4% of the first $7,000 paid to its employee.Gross Pay throughAugust 31Gross Pay for Septembera.$5,200$2,400b.2,3502,450c.122,8008,700rev: 05_16_2019_QC_CS-168714Compute BMX’s amounts for each of these four taxes as applied to
the employee’s gross earnings for September under each of three
separate situations (a), (b),...
Payroll Accounting Jet Enterprises has the following data available for its April 30, 2019, payroll: Wages...
Payroll Accounting Jet Enterprises has the following data available for its April 30, 2019, payroll: Wages earned $485,000 * Federal income taxes withheld 92,300 * 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: If required, round your answers to the nearest cent. 1. Compute the amounts of taxes payable and the amount of...
Problem 11-24 Entries for payroll transactions LO P2, P3 On January 8, the end of the...
Problem 11-24 Entries for payroll transactions LO P2, P3 On January 8, the end of the first weekly pay period of the year, Regis Company's payroll register showed that its employees earned $26,760 of office salaries and $60,840 of sales salaries. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 6.20%, FICA Medicare taxes at the rate of 1.45%, $12,860 of federal income taxes, $1,440 of medical insurance deductions, and $800 of union dues. No...
Problem 11-2A Entries for payroll transactions P2 P3 On January 8, the end of the first...
Problem 11-2A Entries for payroll transactions P2 P3 On January 8, the end of the first weekly pay period of the year, Regis Company's employees earned $22,760 of office salaries and $65,840 of sales salaries. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, S12.860 of federal income taxes, $1,340 of medical insurance deductions, and $840 of union dues. No employee earned more than $7,000 in...
Cornerstone Exercise 8-26 (Algorithmic) Payroll Taxes Hernandez Builders has a gross payroll for January amounting to $600,000. The following amounts have been withheld: Federal income taxes $76,000 Social Security 37,200 Medicare 8,700 1% of gross pay Charitable contributions 2% of gross pay Union dues Also, the federal unemployment tax rate is 6.2%, and applies to all but $60,000 of the gross payroll. Required: 1. What is the amount of net pay recorded by Hernandez? Federal Unemployment Taxes Expense Social Security...
Help!!!!
Cornerstone Exercise 8-26 (Algorithmic) Payroll Taxes Hernandez Builders has a gross payroll for January amounting to $600,000. The following amounts have been withheld: Federal income taxes $76,000 37,200 Social Security Medicare 8,700 Charitable contributions 1% of gross pay Union dues 2% of gross pay Also, the federal unemployment tax rate is 6.2%, and applies to all but $60,000 of the gross payroll. Required: 1. What is the amount of net pay recorded by Hernandez? $ 2. Prepare the journal...
Cornerstone Exercise 8-26 (Algorithmic) Payroll Taxes Hernandez Builders has a gross payroll for January amounting to $580,000. The following amounts have been withheld: Federal income taxes $73,000 Social Security 35,960 Medicare 8,410 Charitable contributions 1% of gross pay Union dues 2% of gross pay Also, the federal unemployment tax rate is 6.2%, and applies to all but $58,000 of the gross payroll. Required: 1. What is the amount of net pay recorded by Hernandez? 2. Prepare the journal entries to...
I just need to know what number to input into the blank spaces,
please!!!
Cornerstone Exercise 8-26 (Algorithmic) Payroll Taxes Hernandez Builders has a gross payroll for January amounting to $600,000. The following amounts have been withheld: Federal income taxes $76,000 37,200 Social Security Medicare 8,700 Charitable contributions 1% of gross pay Union dues 2% of gross pay Also, the federal unemployment tax rate is 6.2%, and applies to all but $60,000 of the gross payroll. Required: 1. What is...
Brief Exercise 8-49 Payroll Taxes Sid's Grocery Store has 100 employees who earn a wage of $18.75 per hour. Each of Sid's employees has worked a total of 160 hours over the month of July. At the time of recording July's monthly payroll, the following amounts have been withheld: Federal income tax State income tax Social Security $30,000 8,000 18,600 4,350 1% of gross pay 1% of gross pay Medicare Charitable contributions Union dues Also, the unemployment tax rate is...
overstated, understated Assume that the Cole Designs Inc.
financial statements
Brief Exercise 8-49 Payroll Taxes Sid's Grocery Store has 100 employees who eam a wage of $18.75 per hour. Each of Sid's employees has worked a total of 160 hours over the month of July. At the time of recording July's monthly payroll, the following amounts have been withheld: Federal income tax State income tax Social Security Medicare Charitable contributions Union dues $30,000 8,000 18,600 4,350 1% of gross pay...
BMX Company has one employee. FICA Social Security taxes are
6.2% of the first $128,400 paid to its employee, and FICA Medicare
taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and
SUTA taxes are 5.4% of the first $7,000 paid to its employee.Gross Pay throughAugust 31Gross Pay for Septembera.$5,200$2,400b.2,3502,450c.122,8008,700rev: 05_16_2019_QC_CS-168714Compute BMX’s amounts for each of these four taxes as applied to
the employee’s gross earnings for September under each of three
separate situations (a), (b),...
Problem 11-24 Entries for payroll transactions LO P2, P3 On January 8, the end of the first weekly pay period of the year, Regis Company's payroll register showed that its employees earned $26,760 of office salaries and $60,840 of sales salaries. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 6.20%, FICA Medicare taxes at the rate of 1.45%, $12,860 of federal income taxes, $1,440 of medical insurance deductions, and $800 of union dues. No...
Problem 11-2A Entries for payroll transactions P2 P3 On January 8, the end of the first weekly pay period of the year, Regis Company's employees earned $22,760 of office salaries and $65,840 of sales salaries. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, S12.860 of federal income taxes, $1,340 of medical insurance deductions, and $840 of union dues. No employee earned more than $7,000 in...
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