E3-6Journal entries for payroll
A partial summary of the payroll data for Long Industries for
each...
E3-6Journal entries for payroll
A partial summary of the payroll data for Long Industries for
each
week of June is as follows:
June 7June 14June 21June 28
Gross earnings. . . . . . . . . .$ 36,500$ 34,200$ 37,300$
38,400
Deductions:
FICA tax, 8% . . . . . . . . . .$?$?$?$?
Income tax . . . . . . . . . . .4,2154,1204,3204,410
Health insurance. . . . . . .600600600600
Tax-sheltered annuity ....
Recording Payroll and Payroll Taxes
Beamon Corporation had the following payroll for April:
Officers' salaries
$320,000...
Recording Payroll and Payroll Taxes
Beamon Corporation had the following payroll for April:
Officers' salaries
$320,000
Sales salaries
670,000
Federal income taxes withheld
190,000
FICA taxes withheld
75,000
Health insurance premiums withheld
16,000
Union dues withheld
12,000
Salaries (included above) subject to federal unemployment
taxes
550,000
Salaries (included above) subject to state unemployment
taxes
600,000
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...
The summary of the payroll for the monthly pay period ending
July 15 indicated the following:...
The summary of the payroll for the monthly pay period ending
July 15 indicated the following:
Sales salaries $125,000
Office salaries 35,000
Federal Income tax withheld 32,300
Medicate tax withheld 2,550
Social security tax withheld 10,200
Medical insurance withheld 7,370
Journalize the entries (2 entries) to record (a) the payroll and
(b) the employer's payroll tax expense for the month. The state
unemployment rate is 5.4% and the federal unemployment rate is
0.8%. Only $55,000 of total salaries are subject...
Takei Company's payroll for the week ending January 15 amounted
to $367,000 for salaries and wages....
Takei Company's payroll for the week ending January 15 amounted
to $367,000 for salaries and wages. None of the employees has
reached the earnings limits specified for federal or state employer
payroll taxes. The following deductions were withheld from
employees' salaries and wages:
Federal Income Tax
$75,000
State Income Tax
13,500
FICA Taxes
28,075
Union Dues
4,100
United Fund Contributions
2,700
Federal unemployment tax (FUTA) rate is 6.2% less a credit equal
to the rate paid for state unemployment taxes....
McLoyd Company completed the salaries and wages payroll for
March. The payroll provided the following details:...
McLoyd Company completed the salaries and wages payroll for
March. The payroll provided the following details:
Salaries and wages earned
$
510,000
Employee income taxes withheld
47,175
FICA taxes withheld
36,465
Unemployment taxes
3,545
Required:
1. Considering both employee and employer
payroll taxes, use the preceding information to calculate the total
labor cost for the company for March.
2, & 3. Prepare the journal entry to record
the payroll for March, including employee deductions (but excluding
employer payroll taxes) and...
The following summary data for the payroll period ended December
27, 2015, are available for Cayman...
The following summary data for the payroll period ended December
27, 2015, are available for Cayman Coating
Co.:
Gross pay
$
95,000
FICA tax withholdings
?
Income tax withholdings
14,710
Group hospitalization insurance
1,930
Employee contributions to pension plan
?
Total deductions
27,177
Net pay
?
Additional information:
For employees, FICA tax rates for 2015 were 7.65% on the first
$118,500 of each employee’s annual earnings. However, no employees
had accumulated earnings for the year in excess of the $118,500...
McLoyd Company completed the salaries and wages payroll for
March. The payroll provided the following details:...
McLoyd Company completed the salaries and wages payroll for
March. The payroll provided the following details:
Salaries and wages earned $ 420,000
Employee income taxes withheld 38,850
FICA taxes withheld 30,030
Unemployment taxes 2,920
Required: 1. Considering both employee and employer payroll
taxes, use the preceding information to calculate the total labor
cost for the company for March.
2, & 3. Prepare the journal entry to record the payroll for
March, including employee deductions (but excluding employer
payroll taxes) and...
PAYROLL JOURNAL ENTRY: Journalize the following data
taken from the payroll register of Himes Bakery as...
PAYROLL JOURNAL ENTRY: Journalize the following data
taken from the payroll register of Himes Bakery as of June 12,
2013:
Regular
earnings
$6,520.00
Overtime
earnings
950.00
Deductions:
Federal income
tax
782.00
State income
tax
150.00
Social Security
Tax
463.14
Medicare
Tax
108.32
Pension
Plan
80.00
Health insurance
premiums
190.00
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...
The payroll of Flint Company for September 2016 is as follows.
Total payroll was $484,000, of...
The payroll of Flint Company for September 2016 is as follows.
Total payroll was $484,000, of which $100,000 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 $373,000. Income taxes in the amount of
$86,700 were withheld, as was $8,700 in union dues. The state
unemployment tax is 3.5%, but Flint Company is allowed a credit of
2.3% by the state...