lightning electronics is A midsize manufacturer of lithium batteries.The company's payroll records for November 1 thru...
lightning electronics is A midsize manufacturer of
lithium batteries.The company's payroll records for November 1 thru
14 pay period show that employees earned wages totalling 67,000 but
that employee income taxes totaling 8,700 and FICA taxes totaling
3,475 were withheld from this amount this amount. the net pay was
directly deposited into the employees bank accounts.
1. what was the amount of net pay?
2. assuming lightning electronics must pay 420 of unemployment
taxes what amount would be reported as the total payroll costs
?
Homework Answers
| Req 1. | ||||
| Gross pay | 67000 | |||
| Less: Income tax withheld | 8700 | |||
| Less: FICA taxes withheld | 3475 | |||
| Net Pay | 54825 | |||
| Req 2. | ||||
| Gross pay | 67000 | |||
| Add: Payroll taxes | ||||
| FICA taxes | 3475 | |||
| Unemployent tax | 420 | |||
| Total Payroll cost | 70895 | |||
Add Answer to:
lightning electronics is A midsize manufacturer of
lithium batteries.The company's payroll records for November 1 thru...
Lightning Electronics is a midsize manufacturer of lithium batteries. The company’s payroll records for the November...
Lightning Electronics is a midsize manufacturer of lithium batteries. The company’s payroll records for the November 1–14 pay period show that employees earned wages totaling $59,000 but that employee income taxes totaling $7,900 and FICA taxes totaling $3,075 were withheld from this amount. The net pay was directly deposited into the employees’ bank accounts. Required: What was the amount of net pay? Assuming Lightning Electronics also must pay $340 of unemployment taxes for this pay period, what amount would be...
Lightning Electronics is a midsize manufacturer of lithium batteries. The company's payroll records for the November...
Lightning Electronics is a midsize manufacturer of lithium batteries. The company's payroll records for the November 1-14 pay period show that employees earned wages totaling $50,000 but that employee income taxes totaling $7.000 and FICA taxes totaling $2,625 were withheld from this amount. The net pay was directly deposited into the employees bank accounts, Assume Lightning Electronics also must pay $250 of unemployment taxes for this pay period. Prepare the journal entry or entries that Lightning would use to record...
You received partial credit in the previous attempt. Lightning Electronics is a midsize manufacturer of lithium...
You received partial credit in the previous attempt. Lightning Electronics is a midsize manufacturer of lithium batteries. The company's payroll records for the November 1-14 pay period show that employees earned wages totaling $52,000 but that employee income taxes totaling $7,200 and FICA taxes totaling $2,725 were withheld from this amount. The net pay was directly deposited into the employees' bank accounts. Required: 1. What was the amount of net pay? 2. Assuming Lightning Electronics also must pay $270 of...
1. Your company sells $53,000 of one-year, 12% bonds for an issue price of $45,500. The journal entry to record this tra...
1. Your company sells $53,000 of one-year, 12% bonds for an issue price of $45,500. The journal entry to record this transaction will include a credit to Bonds Payable in the amount of: 2. During one pay period, Star Valley Company distributes $132,000 to employees as net pay. The income tax withholdings were $19,300 and the FICA withholdings were $8,945. Total payroll costs to the company for this pay period, excluding any unemployment taxes, was: 3. Lightning Electronics is a...
Crane Hardware Company's payroll for November 2017 is summarized below. Amount Subject to Payroll Taxes Unemployment...
Crane Hardware Company's payroll for November 2017 is summarized below. Amount Subject to Payroll Taxes Unemployment Tax Wages Due Federal Payroll Factory Sales Administrative FICA State $36,900 3,900 $124,400 $124,400 31,100 31,100 37,200 37,200 $192,700 $192,700 $36,900 3,900 Total $40,800 $40,800 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 tax is 2.5%. The FICA rate is 7.65% on an employee's wages to...
Problem: The following payroll liability accounts are included in the ledger of Armitage Company on January...
Problem: The following payroll liability accounts are included in the ledger of Armitage Company on January 1. FICA-SS Taxes Payable FICA-Medicare Payable Federal Income Taxes Payable State Income Taxes Payable Federal Unemployment Taxes Payable State Unemployment Taxes Payable Union Dues Payable U.S. Savings Bonds Payable $ 615.60 144.40 1,204.60 108.95 288.95 1,954.40 870.00 360.00 In January, the following transactions occurred. Jan. 10 Sent check for $870.00 to union treasurer for union dues. Deposited check for $1,964.60 in Federal Reserve bank...
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...
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...
Recording Payroll and Payroll Taxes Beamon Corporation had the following payroll for April: Officers' salaries Sales...
Recording Payroll and Payroll Taxes Beamon Corporation had the following payroll for April: Officers' salaries Sales salaries Federal income taxes withheld FICA taxes withheld Health insurance premiums withheld Union dues withheld Salarles (Included above) subject to federal unemployment taxes Salaries (included above) subject to state unemployment taxes $34,000 67,000 19,000 7.500 1.800 1.200 55.000 58.000 Required Prepare journal entries on April 30 to record: a. Accrual of the monthly payroll. b. Payment of the net payroll. c. Accrual of employer's...
Wildhorse Hardware payroll for November 2020 is summarized below. Amount Subject to Payroll Taxes Unemployment Tax...
Wildhorse Hardware payroll for November 2020 is summarized
below.
Amount Subject to Payroll Taxes
Unemployment Tax
Payroll
Wages Due
FICA
Federal
State
Factory
$121,300
$121,300
$36,400
$36,400
Sales
34,200
34,200
3,800
3,800
Administrative
32,700
32,700
Total
$188,200
$188,200
$40,200
$40,200
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 tax is 2.5%. The FICA rate is 7.65% on an
employee’s wages to $128,400...
Lightning Electronics is a midsize manufacturer of lithium batteries. The company's payroll records for the November 1-14 pay period show that employees earned wages totaling $50,000 but that employee income taxes totaling $7.000 and FICA taxes totaling $2,625 were withheld from this amount. The net pay was directly deposited into the employees bank accounts, Assume Lightning Electronics also must pay $250 of unemployment taxes for this pay period. Prepare the journal entry or entries that Lightning would use to record...
You received partial credit in the previous attempt. Lightning Electronics is a midsize manufacturer of lithium batteries. The company's payroll records for the November 1-14 pay period show that employees earned wages totaling $52,000 but that employee income taxes totaling $7,200 and FICA taxes totaling $2,725 were withheld from this amount. The net pay was directly deposited into the employees' bank accounts. Required: 1. What was the amount of net pay? 2. Assuming Lightning Electronics also must pay $270 of...
Crane Hardware Company's payroll for November 2017 is summarized below. Amount Subject to Payroll Taxes Unemployment Tax Wages Due Federal Payroll Factory Sales Administrative FICA State $36,900 3,900 $124,400 $124,400 31,100 31,100 37,200 37,200 $192,700 $192,700 $36,900 3,900 Total $40,800 $40,800 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 tax is 2.5%. The FICA rate is 7.65% on an employee's wages to...
Problem: The following payroll liability accounts are included in the ledger of Armitage Company on January 1. FICA-SS Taxes Payable FICA-Medicare Payable Federal Income Taxes Payable State Income Taxes Payable Federal Unemployment Taxes Payable State Unemployment Taxes Payable Union Dues Payable U.S. Savings Bonds Payable $ 615.60 144.40 1,204.60 108.95 288.95 1,954.40 870.00 360.00 In January, the following transactions occurred. Jan. 10 Sent check for $870.00 to union treasurer for union dues. Deposited check for $1,964.60 in Federal Reserve bank...
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...
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...
Recording Payroll and Payroll Taxes Beamon Corporation had the following payroll for April: Officers' salaries Sales salaries Federal income taxes withheld FICA taxes withheld Health insurance premiums withheld Union dues withheld Salarles (Included above) subject to federal unemployment taxes Salaries (included above) subject to state unemployment taxes $34,000 67,000 19,000 7.500 1.800 1.200 55.000 58.000 Required Prepare journal entries on April 30 to record: a. Accrual of the monthly payroll. b. Payment of the net payroll. c. Accrual of employer's...
Wildhorse Hardware payroll for November 2020 is summarized
below.
Amount Subject to Payroll Taxes
Unemployment Tax
Payroll
Wages Due
FICA
Federal
State
Factory
$121,300
$121,300
$36,400
$36,400
Sales
34,200
34,200
3,800
3,800
Administrative
32,700
32,700
Total
$188,200
$188,200
$40,200
$40,200
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 tax is 2.5%. The FICA rate is 7.65% on an
employee’s wages to $128,400...
Most questions answered within 3 hours.
-
Where is the error in this code sequence?
String s1 = "Hello";
String s2 = "ello";...
asked 10 months ago -
Financial data for Joel de Paris, Inc., for last year
follow:
Joel de Paris, Inc.
Balance...
asked 10 months ago -
Consider this reaction:
Al2(SO4)3 (aq)+ BaCl3
(aq) Al2Cl6 (aq)- +
3BaSO4(s) . What is the...
asked 10 months ago -
Suppose that Savneet is considering increasing her
recent random sample from 20 car rentals to 40...
asked 10 months ago -
Trucks arrive at an unloading terminal at an average rate of 120
per hour.
Trucks arrive...
asked 10 months ago -
Why are methanol and ethanol completely soluble in water while
octanol is not very little soluble....
asked 10 months ago -
A facilities manager at a university reads in a research report
that the mean amount of...
asked 10 months ago -
When the CuSO4 is rehydrated by adding water to the anhydrous
compound, is this an endothermic...
asked 10 months ago -
A ray of sunlight is passing from diamond into crown glass; the
angle of incidence is...
asked 10 months ago -
A block of mass 0.249 kg is placed on top of a light, vertical
spring of...
asked 10 months ago -
how do the kidneys compensate in the presences of acidosis
a) trigger hyperventilate
b) reserve acid...
asked 10 months ago -
Question 501 pts
The rental rate of capital to the firm increases. Which of the
following...
asked 10 months ago