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 titles are automatically indented when
the amount is entered. Do not indent
manually.)
|
Account Titles and Explanation |
Debit |
Credit |
please show me the procedure
Homework Answers
| Account Titles and Explanation | Debit | Credit | |
| Salaries and Wages Expense | 1890000 | ||
| Withholding Taxes Payable | 450000 | ||
| FICA Taxes Payable | 124125 | =(1890000-330000)*7.65%+(330000*1.45%) | |
| Cash | 1315875 | =1890000-450000-124125 | |
| To record the salaries and wages paid |
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Exercise 13-06
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The payroll of Skysong Company for September 2019 is as
follows.
Total payroll was $450,000, of which $118,000 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 $439,000. Income taxes in the amount of
$77,200 were withheld, as was $9,600 in union dues. The state
unemployment tax is 3.5%, but Skysong Company is allowed a credit
of 2.3% by...
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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
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