The payroll register of Patel Engineering Co. indicates $1,140 of social security withheld and $285 of...

The payroll register of Patel Engineering 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 $3,420.

Provide the journal entry for the period's payroll. If an amount box does not require an entry, leave it blank.

Expert Solution

Solution:
	Total Salaries =	$ 19,000
	Less: Withheld and federal taxation
	Social Security	$ 1,140
	Medical Tax	$ 285
	Federal	$ 3,420
	Net Payable	$ 14,155


Journal Entries
Date	Account Title and explanation	Debit	Credit


----------	Salary Expenses	$ 19,000
	Social Security Payable		$ 1,140
	Medical Tax Payable		$ 285
	Federal Tax Payable		$ 3,420
	Cash		$ 14,155
	(To Record the salary Expenses)

ekkarill92 answered 3 years ago

Journalize Period Payroll The payroll register of Patel Engineering Co. indicates $900 of social security withheld...

Journalize Period Payroll The payroll register of Patel Engineering Co. indicates $900 of social security withheld and $225 of Medicare tax withheld on total salaries of $15,000 for the period. Federal withholding for the period totaled $2,550. Provide the journal entry for the period's payroll. If an amount box does not require an entry, leave it blank. Federal Income Tax Withholding Bob Browning's weekly gross earnings for the present week were $2,690. Browning has two exemptions. Using the wage bracket...

The payroll register of Chen Engineering Co. indicates $2,256 of social security withheld and $564.00 of...

The payroll register of Chen Engineering Co. indicates $2,256 of social security withheld and $564.00 of Medicare tax withheld on total salaries of $37,600 for the period. Earnings of $11,700 are subject to state and federal unemployment compensation taxes at the federal rate of 0.6% and the state rate of 5.4%. Provide the journal entry to record the payroll tax expense for the period. If an amount box does not require an entry, leave it blank. Round to two decimal...

The payroll register of Ruggerio Co. indicates $13,320 of social security withheld and $3,330 of Medicare...

The payroll register of Ruggerio Co. indicates $13,320 of social security withheld and $3,330 of Medicare tax withheld on total salaries of $222,000 for the period. Earnings of $33,000 are subject to state and federal unemployment compensation taxes at the federal rate of 0.60% and the state rate of 5.40%. On December 31, provide the journal entry to record the payroll tax expense for the period. Refer to the Chart of Accounts for exact wording of account titles. CHART OF...

The payroll register of Seaside Architecture Company indicates $870 of social security and $217 of medicare...

The payroll register of Seaside Architecture Company indicates $870 of social security and $217 of medicare tax withheld on total salaries of $14,500 for the period. Assume earnings subject to state and federal unemployment compensation taxes are $5,250. at the federal rate of 0.8% and state rate of 5.4%. Provide the journal entry to record the payroll tax expense for the period. For a compound transaction, if an amount box does not require an entry, leave it blank or enter...

The payroll register of Seaside Architecture Company indicates $970 of social security and $257 of Medicare...

The payroll register of Seaside Architecture Company indicates $970 of social security and $257 of Medicare tax withheld on total salaries of $16,500 for the period. Federal withholding for the period totaled $4,235. Required: Prepare the journal entry for the period’s payroll. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS Seaside Architecture Company General Ledger ASSETS 110 Cash 111 Accounts Receivable 112 Interest Receivable 113 Notes Receivable 115 Inventory 116 Supplies...

CPP 4-1 Complete the Payroll Register & Record the Employee Payroll Journal Entry (#1): Calculate Social...

CPP 4-1 Complete the Payroll Register & Record the Employee Payroll Journal Entry (#1): Calculate Social Security and Medicare tax for the below-listed employees of TCLH Industries, a manufacturer of cleaning products. None of the employees files as married filing separately for a year-end tax return. Zachary Fox does not make any voluntary deductions that impact earnings subject to federal income tax withholding or FICA taxes. He is married, claims two withholding allowances for both federal and state, and his...

An employee who has had Social Security tax withheld in an amount greater than the maximum...

An employee who has had Social Security tax withheld in an amount greater than the maximum for a particular year, may claim a. Such excess as either a credit or an itemized deduction, at the election of the employee, if that excess resulted from correct withholding by two or more employers. b. Reimbursement of such excess from his employers, if that excess resulted from correct withholding by two or more employers. c. The excess as a credit against income tax,...

According to a summary of the payroll of Mountain Streaming Co., $110,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax.

Payroll Tax Entries According to a summary of the payroll of Mountain Streaming Co., $110,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax. Also, $25,000 was subject to state and federal unemployment taxes. a. Calculate the employer's payroll taxes, using the following rates: state unemployment, 5.4%; federal unemployment, 0.8%. b. Journalize the entry to record the accrual of payroll taxes. If an amount box does not require an entry, leave it blank.

uppose the Social Security payroll tax was increased today to 16.4% to solve the 75-year fiscal...

uppose the Social Security payroll tax was increased today to 16.4% to solve the 75-year fiscal imbalance in the program. Explain the effect of this change on the value of the Social Security program for a) young vs. old people; b) men vs. women.

Social Security (SS) within two decades will need to increasethe payroll tax revenues or reduce...

Social Security (SS) within two decades will need to increase the payroll tax revenues or reduce the benefits paid to retirees, if the Social Security program is to remain financially viable. Proposed policies to address the program’s viability include: increasing the full-benefit retirement age; reducing the rate at which current retirees’ benefits are indexed for inflation; taxing current benefits received by high-income elderly; and increasing the payroll tax wage ceiling. Which two of the four proposals will reduce the social...

Question