Homework Answers
| Income tax withheld | 875000 | ||
| FICA tax: | |||
| upto limit | 153000 | 2000000*7.65% | |
| above limit | 11020 | 760000*1.45% | |
| Total FICA tax | 164020 | ||
| Unemployment tax: | |||
| SUTA | 13200 | (2760000-2160000)*2.2% | |
| FUTA | 10800 | (2760000-2160000)*1.8% | |
| Total Unempl. Taxes | 24000 | ||
| Journal entries: | |||
| date | acc. Titles | Debit $ | Credit $ |
| a | Salaries & Wages exp. | 2760000 | |
| Fed tax withheld & payable | 875000 | ||
| FICA Taxes withheld & payable | 164020 | ||
| Cash | 1720980 | ||
| (being net salaries and wages paid after holding taxes) | |||
| b | Employer's Tax expenses | 188020 | |
| FICA taxes payable | 164020 | ||
| SUTA payable | 13200 | ||
| FUTA payable | 10800 | ||
| (being employer's taxes made payable towards salaries & wages) | |||
| c | Fed tax withheld & payable | 875000 | |
| FICA Taxes withheld & payable | 164020 | ||
| FICA taxes payable | 164020 | ||
| SUTA payable | 13200 | ||
| FUTA payable | 10800 | ||
| Cash | 1227040 | ||
| (being payment of all withheld & payable taxes) | |||
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total payroll of walnut
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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...
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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...
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The payroll of Swifty Company for September 2016 is as follows. Total payroll was $446,000, of...
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Can you help me with (b)
E13-7 (L01) (Payroll Tax Entries) Green Day Hardware Company's payroll for November 2017 is summarized below. Payroll Factory Sales Administrative Total Wages Due $120,000 32,000 36,000 $188,000 Amount Subject to Payroll Taxes Unemployment Tax FICA Federal State $120,000 $40,000 $40,000 32,000 4,000 36,000 $188,000 $44,000 $44,000 4,000 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 tax...
The payroll of Lionshead Co for July 2014 is as follows: 1. Total payroll was $620,000 of which $120,000 is exempt from FICA tax because it represents amounts paid in excess of $102,000 to certain employees. 2. The amount paid to employees in excess of $7,000 was $540,000. The state unemployment tax is 5.7% on the first $7,000. Lionshead is allowed a credit of 2.5%. 3. The current FICA tax is 6.2% on an employee's wages up to $102,000. Medicare...
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...
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 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 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...
Can you help me with (b)
E13-7 (L01) (Payroll Tax Entries) Green Day Hardware Company's payroll for November 2017 is summarized below. Payroll Factory Sales Administrative Total Wages Due $120,000 32,000 36,000 $188,000 Amount Subject to Payroll Taxes Unemployment Tax FICA Federal State $120,000 $40,000 $40,000 32,000 4,000 36,000 $188,000 $44,000 $44,000 4,000 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 tax...
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