Cado Co.’s payroll for the month ended January 31 is summarized as follows: Total wages $100,000...
Cado Co.’s payroll for the month ended January 31 is summarized as follows: Total wages $100,000 Amount of wages subject to payroll taxes: FICA 80,000 Unemployment 20,000 Payroll tax rates: FICA for employer and employee 7% each Unemployment 3% In its January 31 balance sheet, what amount should Cado accrue as its share of payroll taxes? $10,000 $17,000 $6,200 $11,800
Homework Answers
Amount Cado should accrue as payroll taxes
= Fica (80,000*7%) + Unemployment (20,000*3%)
= 5600 + 600
= 6,200
Option C is the answer
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Cado Co.’s payroll for the month ended January 31 is summarized
as follows: Total wages $100,000...
The following information about the payroll for the week ended October 4 was obtained from the re...
The following
information about the payroll for the week ended October 4 was
obtained from the records of Simkins Mining Co.:
Please help answer in
excel format, using double underlines etc- I am losing grade points
for not having the correct input in columns. Thank you in advance.
P8-2 Recording payroll and payroll taxes The following information about the payroll for the week ended October 4 was obtained from the records of Simkins Mining Co Salaries: Deductions: Sales salaries Employee...
Use the following information to answer the next__2_questions. Lemon Company payroll for the month ended January...
Use the following information to answer the next__2_questions. Lemon Company payroll for the month ended January 31, 2019 is summarized below. Total wages $12,000 Federal income tax withheld 3,000 ALL wages are subject to FICA at 7% each for employee and company. All wages are subject to unemployment tax at 5.8% (FUTA and SUTA combined). 1. How much payroll tax expense will the company show on its income statement? a. S4,152 b. $5,376 c. $1,536 d. $4,536 2. How much...
Entries for Payroll and Payroll Taxes The following information about the payroll for the week ended...
Entries for Payroll and Payroll Taxes The following information about the payroll for the week ended December 30 was obtained from the records of Baltz Co.: Salaries: Sales salaries Deductions: Income tax withheld U.S. savings bonds Group insurance $197,000 108,000 100,000 $405,000 Warehouse salaries $71,280 8,910 7,290 Office salaries Tax rates assured: Social security, 6% Medicare, 1.5% State unemployment (employer only), 5.4% Federal unemployment (employer only), 0.0% Required: If an amount box does not require an entry, leave it blank....
Rand Company's payroll on December 31 of the current year is as follows: • total payroll,...
Rand Company's payroll on December 31 of the current year is as follows: • total payroll, $500,000 • payroll in excess of $128,400 to each employee, $350,000 . payroll in excess of $7,000 to each employee, $400,000 • income taxes withheld, $85,000 • union dues withheld, $10,000 • tax rates: state unemployment tax, 5.4%; FICA tax, 8% for employees and 8% for employers for any amounts over $117,000; federal unemployment tax, 0.6% Required: Prepare the journal entries for Rand's payroll...
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...
EX 11-13 Payroll entries Widmer Company had gross wages of $240,000 during the weck ended June...
EX 11-13 Payroll entries Widmer Company had gross wages of $240,000 during the weck ended June 17. The amount of wages subject to social security tax was $240,000, while the amount of wages subject to federal and state unemployment taxes was $35,000. Tax rates are as follows OBJ.3 Social security Medicate State unemployment Federal unemployment 60% 15% 08% The total amount withhekd from employee wages for federal taxes was $48,000. a. Journalize the entry to record the payroll for the...
22. The payroll for the week ended November 21 is $15,000 with 15 percent withheld for...
22. The payroll for the week ended November 21 is $15,000 with 15 percent withheld for employee income taxes and 8 percent for FICA taxes. The total amount of taxes to be remitted by the employer for this payroll will be: a. $2,250 b. $1,200 c. $3,450 d. $4,650 23. Of the following taxes, the only that the employer pays in entirety is: a. State income tax b. State unemployment tax c. FICA tax d. Federal income tax 24. The...
Payroll Entries Widmer Company had gross wages of $240,000 during the week ended June 17. The...
Payroll Entries Widmer Company had gross wages of $240,000 during the week ended June 17. The amount of wages subject to social security tax was $216,000, while the amount of wages subject to federal and state unemployment taxes was $30,000. Tax rates are as follows: Social security 6.0% Medicare 1.5% State unemployment 5.4% Federal unemployment 0.8% The total amount withheld from employee wages for federal taxes was $48,000. If an amount box does not require an entry, leave it blank....
E13-7 (L01) (Payroll Tax Entries) Green Day Hardware Company's payroll for November 2017 is summarized below...
E13-7 (L01) (Payroll Tax Entries) Green Day Hardware Company's payroll for November 2017 is summarized below Amount Subject to Payroll Taxes Unemployment Tax Wages Due $120,000 32,000 36,000 $188,000 FICA Federal $40,000 4,000 State Factory Sales Administrative $120,000 32,000 36,000 $188,000 $40,000 4,000 Total $44,000 $44,000 At this point in the year, some employees have already received wages in excess of those to which payroll taxes apply. Assume that the state unemployment taxis 2.5%. The FICA rate is 7.65% on...
The payroll of Ivanhoe Company for September 2016 is as follows. Total payroll was $444,000, of...
The payroll of Ivanhoe Company for September 2016 is as follows. Total payroll was $444,000, of which $108,000 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 $394,000. Income taxes in the amount of $79,200 were withheld, as was $9,600 in union dues. The state unemployment tax is 3.5%, but Ivanhoe Company is allowed a credit of 2.3% by the state...
The following
information about the payroll for the week ended October 4 was
obtained from the records of Simkins Mining Co.:
Please help answer in
excel format, using double underlines etc- I am losing grade points
for not having the correct input in columns. Thank you in advance.
P8-2 Recording payroll and payroll taxes The following information about the payroll for the week ended October 4 was obtained from the records of Simkins Mining Co Salaries: Deductions: Sales salaries Employee...
Use the following information to answer the next__2_questions. Lemon Company payroll for the month ended January 31, 2019 is summarized below. Total wages $12,000 Federal income tax withheld 3,000 ALL wages are subject to FICA at 7% each for employee and company. All wages are subject to unemployment tax at 5.8% (FUTA and SUTA combined). 1. How much payroll tax expense will the company show on its income statement? a. S4,152 b. $5,376 c. $1,536 d. $4,536 2. How much...
Entries for Payroll and Payroll Taxes The following information about the payroll for the week ended December 30 was obtained from the records of Baltz Co.: Salaries: Sales salaries Deductions: Income tax withheld U.S. savings bonds Group insurance $197,000 108,000 100,000 $405,000 Warehouse salaries $71,280 8,910 7,290 Office salaries Tax rates assured: Social security, 6% Medicare, 1.5% State unemployment (employer only), 5.4% Federal unemployment (employer only), 0.0% Required: If an amount box does not require an entry, leave it blank....
Rand Company's payroll on December 31 of the current year is as follows: • total payroll, $500,000 • payroll in excess of $128,400 to each employee, $350,000 . payroll in excess of $7,000 to each employee, $400,000 • income taxes withheld, $85,000 • union dues withheld, $10,000 • tax rates: state unemployment tax, 5.4%; FICA tax, 8% for employees and 8% for employers for any amounts over $117,000; federal unemployment tax, 0.6% Required: Prepare the journal entries for Rand's payroll...
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...
EX 11-13 Payroll entries Widmer Company had gross wages of $240,000 during the weck ended June 17. The amount of wages subject to social security tax was $240,000, while the amount of wages subject to federal and state unemployment taxes was $35,000. Tax rates are as follows OBJ.3 Social security Medicate State unemployment Federal unemployment 60% 15% 08% The total amount withhekd from employee wages for federal taxes was $48,000. a. Journalize the entry to record the payroll for the...
22. The payroll for the week ended November 21 is $15,000 with 15 percent withheld for employee income taxes and 8 percent for FICA taxes. The total amount of taxes to be remitted by the employer for this payroll will be: a. $2,250 b. $1,200 c. $3,450 d. $4,650 23. Of the following taxes, the only that the employer pays in entirety is: a. State income tax b. State unemployment tax c. FICA tax d. Federal income tax 24. The...
Payroll Entries Widmer Company had gross wages of $240,000 during the week ended June 17. The amount of wages subject to social security tax was $216,000, while the amount of wages subject to federal and state unemployment taxes was $30,000. Tax rates are as follows: Social security 6.0% Medicare 1.5% State unemployment 5.4% Federal unemployment 0.8% The total amount withheld from employee wages for federal taxes was $48,000. If an amount box does not require an entry, leave it blank....
E13-7 (L01) (Payroll Tax Entries) Green Day Hardware Company's payroll for November 2017 is summarized below Amount Subject to Payroll Taxes Unemployment Tax Wages Due $120,000 32,000 36,000 $188,000 FICA Federal $40,000 4,000 State Factory Sales Administrative $120,000 32,000 36,000 $188,000 $40,000 4,000 Total $44,000 $44,000 At this point in the year, some employees have already received wages in excess of those to which payroll taxes apply. Assume that the state unemployment taxis 2.5%. The FICA rate is 7.65% on...
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