Question

Journalize Period Payroll The payroll register of Wang Heritage Co. indicates $1,140 of social security withheld...

Journalize Period Payroll

The payroll register of Wang Heritage Co. indicates $1,140 of social security withheld and $285 of Medicare tax withheld on total salaries of $19,000 for the period. Federal withholding for the period totaled $3,230. Retirement savings withheld from employee paychecks were $2,550 for the period.

Provide the journal entry for the period's payroll. If an amount box does not require an entry, leave it blank.
Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1
Journal entries
S.no. Accounts title and explanations Debit $ Credit $
a. Salaries and wages expense 19000
    FICA Social security tax payable 1140
    FICA Medicare tax payable 285
    Federal Tax Payable 3230
    Retirement benefits payable 2550
    Salaries and wages payable 11795
(for salaries and wages due)
0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Journalize Period Payroll The payroll register of Wang Heritage Co. indicates $2,280 of social security withheld...
Journalize Period Payroll The payroll register of Wang Heritage Co. indicates $2,280 of social security withheld and $570 of Medicare tax withheld on total salaries of $38,000 for the period. Federal withholding for the period totaled $6,460. Retirement savings withheld from employee paychecks were $2,600 for the period. Provide the journal entry for the period's payroll. If an amount box does not require an entry, leave it blank.
The payroll register of Heritage Co. indicates $13,800 of social security withheld and $3,450 of Medicare...
The payroll register of Heritage Co. indicates $13,800 of social security withheld and $3,450 of Medicare tax withheld on total salaries of $230,000 for the period. Federal withholding for the period totaled $43,520. Retirement savings withheld from employee paychecks were $2,980 for the period. Journalize the entry to record the period’s payroll. Refer to the Chart of Accounts for exact wording of account titles. On December 31, journalize the entry to record the period’s payroll. Refer to the Chart of...
The payroll register of Seaside Architecture Company indicates $870 of social security and $224 of Medicare...
The payroll register of Seaside Architecture Company indicates $870 of social security and $224 of Medicare tax withheld on total salaries of $14,000 for the period. Assume earnings subject to state and federal unemployment compensation taxes are $5,300 at the federal rate of 0.8% and state rate of 5.4%. Prepare the journal entry to record the payroll tax expense for the period. If an amount box does not require an entry, leave it blank. If required, round your answers to...
Payroll Entries The payroll register for D. Salah Company for the week ended May 18 indicated...
Payroll Entries The payroll register for D. Salah Company for the week ended May 18 indicated the following: Salaries $709,000 Federal income tax withheld 141,800 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 $13,000 of salaries. If an amount box does not require an entry, leave it blank. a. Journalize the entry to record...
1. Federal Income Tax Withholding Bob Dunn's weekly gross earnings for the present week were $2,310....
1. Federal Income Tax Withholding Bob Dunn's weekly gross earnings for the present week were $2,310. Dunn has three exemptions. Using the wage bracket withholding table in Exhibit 2 with a $75 standard withholding allowance for each exemption, what is Dunn's federal income tax withholding? Round your answer to two decimal places. $ 2. Employee Net Pay Steven Friedman's weekly gross earnings for the week ended April 22 were $1,906, and his federal income tax withholding was $343.08. Assuming the...
Payroll Taxes Kinsella, Inc., has a gross payroll of $24,000 for the pay period. Kinsella must...
Payroll Taxes Kinsella, Inc., has a gross payroll of $24,000 for the pay period. Kinsella must also withhold $2,900 in federal income taxes from the employees and pay state unemployment taxes of $72. Assume the entire payroll is eligible for Social Security and Medicare at standard rates. Required: Prepare the necessary journal entries for Kinsella to record both the gross pay earned by employees and the employer portion of these payroll taxes. If an amount box does not require an...
Payroll Tax Entries According to a summary of the payroll of Guthrie Co., $624,000 was subject...
Payroll Tax Entries According to a summary of the payroll of Guthrie Co., $624,000 was subject to the 6.0% social security tax and $768,000 was subject to the 1.5% Medicare tax. Also, $21,000 was subject to state and federal unemployment taxes. a. Calculate the employer's payroll taxes, using the following rates: state unemployment, 4.2%; federal unemployment, 0.6%. $ b. Journalize the entry to record the accrual of payroll taxes. If an amount box does not require an entry, leave it...
Payroll Entries Widmer Company had gross wages of $267,000 during the week ended June 17. The...
Payroll Entries Widmer Company had gross wages of $267,000 during the week ended June 17. The amount of wages subject to social security tax was $240,300, while the amount of wages subject to federal and state unemployment taxes was $33,000. Tax rates are as follows: Social security 6.0% Medicare 1.5% State unemployment 5.4% Federal unemployment 0.8% The total amount withheld from employee wages for federal taxes was $53,400. If an amount box does not require an entry, leave it blank....
Townson Company had gross wages of $200,000 during the week ended December 10. The amount of...
Townson Company had gross wages of $200,000 during the week ended December 10. The amount of wages subject to social security tax was $180,000, while the amount of wages subject to federal and state unemployment taxes was $24,000. Tax rates are as follows: Social security 6.0% Medicare 1.5 State unemployment 5.3 Federal unemployment 0.8 The total amount withheld from employee wages for federal income taxes was $32,000. Required: 1. Journalize the entry to record the payroll for the week of...
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 $213,000 Income tax withheld $77,264 Warehouse salaries 117,000 U.S. savings bonds 9,658 Office salaries 109,000 Group insurance 7,902 $439,000 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....
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT