You are the accountant for Security
Software. The month just ended 1/31/2002.
Create journal entries for the...
You are the accountant for Security
Software. The month just ended 1/31/2002.
Create journal entries for the following:
11. During the month software sales were
50,000, all on account, and sales tax is 8.5%
in addition to that amount. Describe the
above with a journal entry:
Account
Debit
Credit
12. On Feb 15th you send this sales tax
from number 11 to the state. Make the Journal
Account
Debit
Credit
13. Customers also were invoiced $12,000
for 1 year maintenance contracts. Describe the
transaction. (there is no sales tax...
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 Boltz Co.:
Salaries:
Deductions:
Sales salaries
$303,000
Income tax withheld
$110,000
Warehouse salaries
167,000
U.S. savings bonds
13,750
Office salaries
155,000
Group insurance
11,250
$625,000
Tax rates assumed:
Social security, 6%
Medicare, 1.5%
State unemployment (employer only), 5.4%
Federal unemployment (employer only), 0.8%
Required:
If an amount box does not require an entry, leave it blank....
prepate journal entries for the following AS OF MARCH 2017
1)Paid $5,000 to employees, with withholding...
prepate journal entries for the following AS OF MARCH 2017
1)Paid $5,000 to employees, with withholding of $960 for federal
income taxes, $150 for state income taxes, $310 for social
security, $725 for Medicare tax, and $100 for city income tax. Use
Employee Tax Withheld account for all withholding.
2)Accrue employer tax (related to July 18th payroll) of $1,352.
These taxes include employer portion of FICA and Medicare tax and
state and federal unemployment tax. Use Employer Tax Payable
account....
The following information about the payroll for the week ended
December 30 was obtained from the...
The following information about the payroll for the week ended
December 30 was obtained from the records of Saine Co.:
Salaries:
Sales salaries
$625,000
Warehouse salaries
240,000
Office salaries
320,000
$1,185,000
Deductions:
Income tax withheld
$232,260
Social security tax withheld
71,100
Medicare tax withheld
17,775
U.S. savings bonds
35,500
Group insurance
53,325
$409,960
Tax rates assumed:
Social security
6%
Medicare
1.5%
State unemployment (employer only)
5.4%
Federal unemployment (employer only)
0.8%
Required:
1.
Assuming that the payroll for
the last...
During the month of March, Pharoah Company’s employees earned
wages of $77,000. Withholdings related to these...
During the month of March, Pharoah Company’s employees earned
wages of $77,000. Withholdings related to these wages were $5,891
for Social Security (FICA), $9,023 for federal income tax, $3,730
for state income tax, and $481 for union dues. The company incurred
no cost related to these earnings for federal unemployment tax but
incurred $842 for state unemployment tax.
Part 1
Prepare the necessary March 31 journal entry to record salaries
and wages expense and salaries and wages payable. Assume that...
Electronics Service Co. pays salaries monthly on the last day of
the month. The following information...
Electronics Service Co. pays salaries monthly on the last day of
the month. The following information is available from Electronics
for the month ended December 31, Year 1:
Administrative salaries
$
77,000
Sales salaries
62,000
Office salaries
45,000
Assume the Social Security tax rate is 6.0 percent on the first
$110,000 of salaries and the Medicare tax rate is 1.5 percent on
all salaries. Duke reached the $110,000 amount in September. His
salary in December amounted to $12,000 and is...
The following monthly data are taken from Ramirez Company at
July 31: Sales salaries, $560,000; Office...
The following monthly data are taken from Ramirez Company at
July 31: Sales salaries, $560,000; Office salaries, $112,000;
Federal income taxes withheld, $168,000; State income taxes
withheld, $37,500; Social security taxes withheld, $41,664;
Medicare taxes withheld, $9,744; Medical insurance premiums,
$13,500; Life insurance premiums, $10,500; Union dues deducted,
$7,500; and Salaries subject to unemployment taxes, $63,000. The
employee pays 40% of medical and life insurance premiums. Assume
that FICA taxes are identical to those on employees and that SUTA
taxes...
PLEASE USE CHART I PROVIDED
The payroll register for D. Salah Company for the week ended...
PLEASE USE CHART I PROVIDED
The payroll register for D. Salah Company for the week ended May
18 indicated the following:
Salaries
$561,000
Federal income tax withheld
112,200
The salaries were all subject to the 6.0% social security tax
and the 1.5% Medicare tax. In addition, state and federal
unemployment taxes were calculated at the rate of 5.4% and 0.8%,
respectively, on $10,659 of salaries.
a. Journalize the entry to record the payroll for the week of
May 18.*
b....
The following payroll liability accounts are included in the
ledger of Harmon Company on January 1,...
The following payroll liability accounts are included in the
ledger of Harmon Company on January 1, 2017.
FICA Taxes Payable
$745
Federal Income Taxes Payable
1,220
State Income Taxes Payable
110
Federal Unemployment Taxes Payable
300
State Unemployment Taxes Payable
1,965
Union Dues Payable
830
U.S. Savings Bonds Payable
390
In January, the following transactions occurred.
Jan.
10
Sent check for $830 to union
treasurer for union dues.
12
Remitted check for $1,965.00 to the
Federal Reserve bank for FICA...