Question

How to post to Journal: December 31: Summer employs 6 salesperson, each of whom earn 4,250...

How to post to Journal: December 31: Summer employs 6 salesperson, each of whom earn 4,250 per month and have been employed since January 1st. FICA Social Security taxes are 6.2% for the first 118,500 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. Prepare the employer's entry to record December employee payroll expenses, including federal income tax withheld of 3,375 and union dues of $125.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1
31-Dec Salaries and wages expense 25500 =4250*6
         Federal income tax payable 3375
        FICA Social Security taxes payable 1581 =25500*6.2%
        FICA Medicare taxes payable 370 =25500*1.45%
        Union dues payable 125
       Salaries and wages payable 20049
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
Metro Express has 5 sales employees, whom earn a total of $25,000 per month and is...
Metro Express has 5 sales employees, whom earn a total of $25,000 per month and is paid on the last working day of the month. Each employee’s wages are subject to FICA Social Security taxes of 6.2% and Medicare taxes of 1.45% on all wages. Withholding for each employee also includes federal income tax of 16% and monthly medical insurance premiums of $700 for the employees. The employer payroll taxes for Metro Express include FICA taxes, federal unemployment taxes of...
Metro Express has 5 sales employees, whom earn a total of $25,000 per month and is...
Metro Express has 5 sales employees, whom earn a total of $25,000 per month and is paid on the last working day of the month. Each employee’s wages are subject to FICA Social Security taxes of 6.2% and Medicare taxes of 1.45% on all wages. Withholding for each employee also includes federal income tax of 16% and monthly medical insurance premiums of $700 for the employees. The employer payroll taxes for Metro Express include FICA taxes, federal unemployment taxes of...
Compute the following for the week ended August 25. (Round your intermediate calculations and final answers...
Compute the following for the week ended August 25. (Round your intermediate calculations and final answers to 2 decimal places.): Paloma Co. has four employees. FICA Social Security taxes are 6.2% of the first $118,500 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. Also, for the first $7,000 paid to each employee, the company’s FUTA taxes are 0.6% and SUTA taxes are 2.15%. The company is preparing its payroll calculations for the week ended August...
1. A company that reports segment information had average total assets of $1,558,450 and total net...
1. A company that reports segment information had average total assets of $1,558,450 and total net income of $644,700. Segment A had average total assets of $945,800 and segment operating income of $325,300. Segment B had average assets of $612,650 and segment operating income of $319,400. The segment return on assets for Segment B is:? 41.4% 52.1% 34.4% 60.7% 50.5% 2. During the first week of January, an employee works 47 hours. For this company, workers earn 150% of their...
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...
50. A company had inventory on November 1 of 5 units at a cost of $19...
50. A company had inventory on November 1 of 5 units at a cost of $19 each. On November 2, they purchased 10 units at $21 each. On November 6 they purchased 6 units at $24 each. On November 8, 10 units were sold for $54 each. Using the LIFO perpetual inventory method, what was the value of the inventory on November 8 after the sale?? $230 $291 $240 $220 $221 41. An employee earns $5,550 per month working for...
41. An employee earns $5,550 per month working for an employer. The FICA tax rate for...
41. An employee earns $5,550 per month working for an employer. The FICA tax rate for Social Security is 6.2% of the first $118,500 earned each calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee's pay. The employee has $184 in federal income taxes withheld. The employee has voluntary...
In preparing for next year, on December 1 Tony Freedman hired two hourly employees to assist...
In preparing for next year, on December 1 Tony Freedman hired two hourly employees to assist with some troubleshooting and repair work. a. Prepare a payroll register for the three pay periods. b. Record the following transactions in the general journal and post them to the general ledger. Assume the following transactions: Dec. 7 Paid employee wages: Lance Kumm, 38 hours, and Anthony Hall, 42 hours. Dec. 14 Paid employee wages: Lance Kumm, 25 hours, and Anthony Hall, 36 hours....
Part 1 Lynbrook, Inc. has decided to begin processing monthly payroll transactions “in house”, rather than...
Part 1 Lynbrook, Inc. has decided to begin processing monthly payroll transactions “in house”, rather than using a Payroll Service Company, like ADP. On January 31, 2020, the end of the first monthly pay period of the year, Lynbrook’s payroll register showed that employees earned $20,000 of office salaries and $50,000 of sales salaries. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $14,000 of federal...
Answer the following questions: 41.- Kathryn Holmes cumulative earnings are $45,000 and her gross pay for...
Answer the following questions: 41.- Kathryn Holmes cumulative earnings are $45,000 and her gross pay for the week is $500 if the FICA rates are Social Security 6.2% on a limit Security and FICA-Medicare taxes for the week? a) $31.00 $7.25 b) $310.00 $72.50 c) $3.10 $0.73 d) $25.50   $8.00 42.- The balance in the Salaries and Wages Payable account is equal to net pay True False 43.- The Federal Unemployment Tax is a) paid by the employer b) paid...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT