Question

In: Accounting

Lee Company has the following information for the pay period of December 15–31: Gross payroll $18,387...

Lee Company has the following information for the pay period of December 15–31:

Gross payroll $18,387 Federal income tax withheld $3,127
Social security rate 6% Federal unemployment tax rate 0.8%
Medicare rate 1.5% State unemployment tax rate 5.4%

Assuming no employees are subject to ceilings for taxes on their earnings, Salaries Payable would be recorded for

a.$14,120.01

b.$18,387.00

c.$13,880.97

d.$12,740.98

Solutions

Expert Solution

c.$13,880.97

General Journal Debit Credit
Salaries Expense $18,387.00
Social Security Tax Payable $1,103.22 ($18,387 x 6%)
Medicare Tax Payable $275.81 ($18,387 x 1.5%)
Federal Income Taxes Payable $3,127.00
Salaries Payable $13,880.97

ekkarill92 answered 2 years ago
Next > < Previous

Related Solutions

Lee Company has the following information for the pay period of December 15–31: Gross payroll $15,189...
Lee Company has the following information for the pay period of December 15–31: Gross payroll $15,189 Federal income tax withheld $2,227 Social security rate 6% Federal unemployment tax rate 0.8% Medicare rate 1.5% State unemployment tax rate 5.4% Assuming no employees are subject to ceilings for taxes on their earnings, Salaries Payable would be recorded for a.$11,822.83 b.$10,881.11 c.$12,020.28 d.$15,189.00
Perez Company has the following information for the pay period of January 15–31. Gross payroll $20,000...
Perez Company has the following information for the pay period of January 15–31. Gross payroll $20,000     Federal income tax withheld $2,500 Social security rate 6%     Federal unemployment tax rate 0.8% Medicare rate 1.5%     State unemployment tax rate 5.4% Assuming no employees are subject to ceilings for their earnings, calculate Salaries Payable and Payroll Tax Expense. Salaries Payable $ Payroll Tax Expense $
The summary of the payroll for the monthly pay period ending December 15 indicated the following...
The summary of the payroll for the monthly pay period ending December 15 indicated the following Sales salaries $165,000 Federal income tax withheld 32,300 Office salaries 34,000 Medical insurance withheld 14,370 Social security tax withheld 12,200 Medicare tax withheld 4,550 Journalize the entries to record (a) the payroll and (b) the employer's payroll tax expense for the month. The state unemployment tax rate is 3.1%, and the federal unemployment tax rate is 0.8%. Only $30,000 of salaries are subject to...
The summary of the payroll for the monthly pay period ending December 15 indicated the following:...
The summary of the payroll for the monthly pay period ending December 15 indicated the following: Sales salaries $165,000 Federal income tax withheld 32,300 Office salaries 34,000 Medical insurance withheld 14,370 Social security tax withheld 12,200 Medicare tax withheld 4,550 Journalize the entries to record (a) the payroll and (b) the employer's payroll tax expense for the month. The state unemployment tax rate is 3.1%, and the federal unemployment tax rate is 0.8%. Only $30,000 of salaries are subject to...
Rubos Inc had the following payroll information for the pay period ending 10/31/2012. Total payroll was...
Rubos Inc had the following payroll information for the pay period ending 10/31/2012. Total payroll was $640,000. Unemployment taxes rates were 4.5% for State unemployment and .8 % for federal unemployment. . Income taxes withheld were $130,00. Union dues withheld were $36,000. Insurance premiums withheld were $24,000. Rubos also has an employee retirement plan which had contributions from employees of $14,000. Rubos matches all employee contributions with employer contributions of 50%. Prepare all necessary journal entries to record the payroll...
For payroll period ending May 31, 2019, gross pay was $600,000 and the following taxes and withholdings were deducted:
For payroll period ending May 31, 2019, gross pay was $600,000 and the following taxes and withholdings were deducted:FICA tax 7.65%Federal tax 20%State tax 3%Health insurance premiums $50,000401(k) retirement contribution 5%Charitable contribution $15,000Wage garnishment for IRS debt $1,100a.   Calculate the total payroll taxes and withholdings liability (total amount withheld) on May 31, 2019.b.   Calculate the net wages payable to employees on May 31, 2019.
For the payroll period ended on June 25, 2013, gross pay was $20,750, net pay was...
For the payroll period ended on June 25, 2013, gross pay was $20,750, net pay was $12,000, FICA tax withholdings were $3,500, income tax withholdings were $4,200, and medical insurance contributions were $1,050.
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 Federal income tax withheld 32,300 Office salaries 35,000 Medical insurance withheld 7,370 Social security tax withheld 10,200 Medicare tax withheld 2,550 a. Journalize the entry to record the payroll. If an amount box does not require an entry, leave it blank or enter 0. b. Journalize the entry to record the employer's payroll tax expense for the month. The state unemployment...
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 $135,000 Federal income tax withheld 32,300 Office salaries 30,000 Medical insurance withheld 7,370 Social security tax withheld 10,200 Medicare tax withheld 2,550 Journalize the entries to record (a) the payroll and (b) the employer's payroll tax expense for the month. The state unemployment tax rate is 3.1%, and the federal unemployment tax rate is 0.8%. Only $30,000 of salaries are subject to...
Grady Company has the following data available for its March 31, 2013 payroll: Gross wages: $180,000...
Grady Company has the following data available for its March 31, 2013 payroll: Gross wages: $180,000 Federal Income Taxes Withheld: $43,200 The entire amount of gross wages is subject to FICA withholdings and FICA matching, each at 7.65% (Social Security of 6.2% and Medicare of 1.45%). The federal unemployment tax rate is 3.5%. All wages are subject to the federal unemployment tax (FUTA). There is no state unemployment tax. 1. Calculate the FICA withholdings. Please show your calculations. 2. Calculate...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT