Homework Answers
| Journal Entry | ||
| Account Tittle | Debit | Credit |
| Salaries and Wages Expense | $1,850,000 | |
| Withholding Income Taxes Payable | $431,000 | |
| FICA
Taxes Payable (1850000-300000)*7.65%+(300000*1.45%) |
$122,925 | |
| Cash | $1,296,075 | |
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Send Gradebook Question 2 Current Attempt in Progress Total payroll of Walnut Cows $1.650.000, of which...
total payroll of walnut 2. Payroll entries. Total payroll of Walnut Co. was $2,760,000, of which...
total payroll of walnut
2. Payroll entries. Total payroll of Walnut Co. was $2,760,000, of which $760,000 represented amounts paid in excess of $118,500(FICA & Medicare) to certain employees. The amount paid to employees in excess of $7,000 was $2,160,000. Income taxes withheld were $875,000. The state unemployment tax is 2.2%, the federal unemployment tax is 1.8%, and the F.I.C.A. tax is 7.65% (6.2% FICA and 1.45% Medicare) on an employee's salaries and wages up to $118,500 and 1.45% in...
Total payroll of Royal Cruizze Co. was $2,760.000, of which $480,000 represented amounts paid in excess...
Total payroll of Royal Cruizze Co. was $2,760.000, of which $480,000 represented amounts paid in excess of $118,500 to certain employees. The amount paid to employees in excess of $7,000 was $2,160,000. Income taxes withheld were $675,000. The state unemployment tax is 1.2%, the federal unemployment tax is .8%, and the F.I.C.A. tax is 7.65% on an employee's salaries and wages to $118.500 and 1.45% in excess of $118.500. STATE & FEDERAL Unemployment Tax is charged only on the first...
Total payroll of Blossom Co. was $1,890,000, of which $330,000 represented amounts paid in excess of...
Total payroll of Blossom Co. was $1,890,000, of which $330,000 represented amounts paid in excess of $128,400 to certain employees. The amount paid to employees in excess of $7,000 was $1,390,000. Income taxes withheld were $450,000. The state unemployment tax is 1.2%, the federal unemployment tax is .8%, and the F.I.C.A. tax is 7.65% on an employee's salaries and wages to $128,400 and 1.45% in excess of $128,400. Prepare the journal entry for the salaries and wages paid. (Credit account...
The payroll of Windsor Company for September 2016 is as follows. al payroll was $492,000, of...
The payroll of Windsor Company for September 2016 is as follows. al payroll was $492,000, of which $120,000 is exempt from Social Security tax because it represented amounts paid in excess of $118,500 to certain employees. The amount paid to employee excess of 7,000 was $436,000. Income taxes in the amount of $73,800 were withheld, as was $8,700 in union dues. The state unemployment tax is 3.5%, but Windsor Company is allowed a credit of 2.3% by the state for...
The payroll of Sarasota Company for September 2019 is as follows. Total payroll was $446,000, of...
The payroll of Sarasota Company for September 2019 is as follows. Total payroll was $446,000, of which $106,000 is exempt from Social Security tax because it represented amounts paid in excess of $128,400 to certain employees. The amount paid to employees in excess of $7,000 (the maximum for both federal and state unemployment tax) was $400,000. Income taxes in the amount of $78,700 were withheld, as was $8,900 in union dues. The state unemployment tax is 3.5%, but Sarasota Company...
The payroll of Tamarisk Company for September 2019 is as follows. Total payroll was $454,000, of...
The payroll of Tamarisk Company for September 2019 is as follows. Total payroll was $454,000, of which $122,000 is exempt from Social Security tax because it represented amounts paid in excess of $128,400 to certain employees. The amount paid to employees in excess of $7,000 was $399,000. Income taxes in the amount of $73,400 were withheld, as was $9,800 in union dues. The state unemployment tax is 3.5%, but Tamarisk Company is allowed a credit of 2.3 % by the...
Exercise 13-8 The payroll of Delaney Company for September 2012 is as follows. Total payroll was...
Exercise 13-8 The payroll of Delaney Company for September 2012 is as follows. Total payroll was $467,600, of which $159,100 is exempt from Social Security tax because it represented amounts paid in excess of $106,800 to certain employees. The amount paid to employees in excess of $7,000 was $397,100. Income taxes in the amount of $88,920 were withheld, as was $8,160 in union dues. The state unemployment tax is 3.5%, but Delaney Company is allowed a credit of 2.3% by...
The payroll of Swifty Company for September 2019 is as follows. Total payroll was $434,000, of...
The payroll of Swifty Company for September 2019 is as follows. Total payroll was $434,000, of which $104,000 is exempt from Social Security tax because it represented amounts paid in excess of $128,400 to certain employees. The amount paid to employees in excess of $7,000 was $363,000. Income taxes in the amount of $72,400 were withheld, as was $9,500 in union dues. The state unemployment tax is 3.5%, but Swifty Company is allowed a credit of 2.3% by the state...
xercise 13-6 The payroll of Swifty Company for September 2016 is as follows. Total payroll was...
xercise 13-6 The payroll of Swifty Company
for September 2016 is as follows. Total payroll was $446,000, of
which $106,000 is exempt from Social Security tax because it
represented amounts paid in excess of $118,500 to certain
employees. The amount paid to employees in excess of $7,000 was
$400,000. Income taxes in the amount of $78,700 were withheld, as
was $8,900 in union dues. The state unemployment tax is 3.5%, but
Swifty Company is allowed a credit of 2.3% by...
The payroll of Swifty Company for September 2016 is as follows. Total payroll was $446,000, of...
The payroll of Swifty Company for September 2016 is as follows. Total payroll was $446,000, of which $106,000 is exempt from Social Security tax because it represented amounts paid in excess of $118,500 to certain employees. The amount paid to employees in excess of $7,000 was $400,000. Income taxes in the amount of $78,700 were withheld, as was $8,900 in union dues. The state unemployment tax is 3.5%, but Swifty Company is allowed a credit of 2.3% by the state...
total payroll of walnut
2. Payroll entries. Total payroll of Walnut Co. was $2,760,000, of which $760,000 represented amounts paid in excess of $118,500(FICA & Medicare) to certain employees. The amount paid to employees in excess of $7,000 was $2,160,000. Income taxes withheld were $875,000. The state unemployment tax is 2.2%, the federal unemployment tax is 1.8%, and the F.I.C.A. tax is 7.65% (6.2% FICA and 1.45% Medicare) on an employee's salaries and wages up to $118,500 and 1.45% in...
The payroll of Windsor Company for September 2016 is as follows. al payroll was $492,000, of which $120,000 is exempt from Social Security tax because it represented amounts paid in excess of $118,500 to certain employees. The amount paid to employee excess of 7,000 was $436,000. Income taxes in the amount of $73,800 were withheld, as was $8,700 in union dues. The state unemployment tax is 3.5%, but Windsor Company is allowed a credit of 2.3% by the state for...
The payroll of Sarasota Company for September 2019 is as follows. Total payroll was $446,000, of which $106,000 is exempt from Social Security tax because it represented amounts paid in excess of $128,400 to certain employees. The amount paid to employees in excess of $7,000 (the maximum for both federal and state unemployment tax) was $400,000. Income taxes in the amount of $78,700 were withheld, as was $8,900 in union dues. The state unemployment tax is 3.5%, but Sarasota Company...
The payroll of Tamarisk Company for September 2019 is as follows. Total payroll was $454,000, of which $122,000 is exempt from Social Security tax because it represented amounts paid in excess of $128,400 to certain employees. The amount paid to employees in excess of $7,000 was $399,000. Income taxes in the amount of $73,400 were withheld, as was $9,800 in union dues. The state unemployment tax is 3.5%, but Tamarisk Company is allowed a credit of 2.3 % by the...
Exercise 13-8 The payroll of Delaney Company for September 2012 is as follows. Total payroll was $467,600, of which $159,100 is exempt from Social Security tax because it represented amounts paid in excess of $106,800 to certain employees. The amount paid to employees in excess of $7,000 was $397,100. Income taxes in the amount of $88,920 were withheld, as was $8,160 in union dues. The state unemployment tax is 3.5%, but Delaney Company is allowed a credit of 2.3% by...
The payroll of Swifty Company for September 2019 is as follows. Total payroll was $434,000, of which $104,000 is exempt from Social Security tax because it represented amounts paid in excess of $128,400 to certain employees. The amount paid to employees in excess of $7,000 was $363,000. Income taxes in the amount of $72,400 were withheld, as was $9,500 in union dues. The state unemployment tax is 3.5%, but Swifty Company is allowed a credit of 2.3% by the state...
xercise 13-6 The payroll of Swifty Company
for September 2016 is as follows. Total payroll was $446,000, of
which $106,000 is exempt from Social Security tax because it
represented amounts paid in excess of $118,500 to certain
employees. The amount paid to employees in excess of $7,000 was
$400,000. Income taxes in the amount of $78,700 were withheld, as
was $8,900 in union dues. The state unemployment tax is 3.5%, but
Swifty Company is allowed a credit of 2.3% by...
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