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CALCULATION OF TAXABLE EARNINGS AND EMPLOYER PAYROLL TAXES AND PREPARATION OF JOURNAL ENTRIES: Selected information from...
CALCULATION OF TAXABLE EARNINGS AND EMPLOYER PAYROLL TAXES AND PREPARATION OF JOURNAL ENTRIES: Selected information from the payroll register of Joanie’s boutique for the week ended September 14, 2013 is as follows. Social Security tax is 6.2% on the first $110,100 of earnings for each employee. Medicare tax is 1.45% of gross earnings. FUTA tax is 0.8% and SUTA tax is 3.2% on the first $7,000 of earnings for each employee.
Taxable Earnings
Cumulative Pay
Before Current Current Unemployment Social
Employee Earnings Gross Pay Compensation Security
Jordahl, S. $ 6,600 $1,190
Keesling, E. 6,150 1,070
Palmer, S. 55,200 2,410
Soltis, R. 54,300 2,280
Stout, H. 29,050 2,030
Xia, X. 108,230 2,850
Calculate the amount of taxable earnings for unemployment, Social Security and Medicare taxes, and prepare the journal entries to record the employer’s payroll taxes as of September 14, 2013.
Solutions
ekkarill92 answered 2 years agoRelated Solutions
Calculation of Taxable Earnings and Employer Payroll Taxes and Preparation of Journal Entry Selected information from...
Calculation of Taxable Earnings and Employer Payroll Taxes and
Preparation of Journal Entry
Selected information from the payroll register of Joanie's
Boutique for the week ended September 14, 20--, is as follows:
Social Security tax is 6.2% on the first $128,400 of earnings for
each employee. Medicare tax is 1.45% of gross earnings. FUTA tax is
0.6% and SUTA tax is 5.4% on the first $7,000 of earnings.
Taxable Earnings
Employee Name
Cumulative Pay
Before Current
Earnings
Current
Gross Pay...
Calculation of Taxable Earnings and Employer Payroll Taxes and Preparation of Journal Entry Selected information from...
Calculation of Taxable Earnings and Employer Payroll Taxes and
Preparation of Journal Entry
Selected information from the payroll register of Joanie's
Boutique for the week ended September 14, 20--, is as follows:
Social Security tax is 6.2% on the first $128,400 of earnings for
each employee. Medicare tax is 1.45% of gross earnings. FUTA tax is
0.6% and SUTA tax is 5.4% on the first $7,000 of earnings.
Taxable Earnings
Employee Name
Cumulative Pay
Before Current
Earnings
Current
Gross Pay...
Calculation and Journal Entry for Employer Payroll Taxes Portions of the payroll register for Barney's Bagels...
Calculation and Journal Entry for Employer Payroll Taxes
Portions of the payroll register for Barney's Bagels for the
week ended July 15 are shown below. The SUTA tax rate is 5.4%, and
the FUTA tax rate is 0.6%, both of which are levied on the first
$7,000 of earnings. The Social Security tax rate is 6.2% on the
first $128,400 of earnings. The Medicare rate is 1.45% on gross
earnings.
Barney's Bagels
Payroll Register
Total Taxable Earnings of All
Employees...
Prepare the necessary journal entries if the wages and salaries paid and the employer payroll taxes are recorded separately.
Exercise 13-06The payroll of YellowCard Company for September 2019 is as follows. Total payroll was $480,000, of which $110,000 is exempt from Social Security tax because it represented amounts paid in excess of $128,400 to certain employees. The amount paid to employees in excess of $7,000 was $400,000. Income taxes in the amount of $80,000 were withheld, as was $9,000 in union dues. The state unemployment tax is 3.5%, but YellowCard Company is allowed a credit of 2.3% by the state...
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....
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 Saine Co.:
Salaries:
Deductions:
Sales salaries
$223,000
Income tax withheld
$80,960
Warehouse salaries
123,000
Social security tax withheld
27,600
Office salaries
114,000
Medicare tax withheld
6,900
$460,000
Retirement savings
10,120
Group insurance
8,280
$133,860
Tax rates assumed:
Social security, 6%
Medicare, 1.5%
State unemployment (employer only), 5.4%
Federal unemployment (employer only), 0.6%
Required:
If an amount...
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
$274,000
Income tax withheld
$99,440
Warehouse salaries
151,000
U.S. savings bonds
12,430
Office salaries
140,000
Group insurance
10,170
$565,000
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....
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 Saine Co.:
Salaries:
Deductions:
Sales salaries
$192,000
Income tax withheld
$69,696
Warehouse salaries
106,000
Social security tax withheld
23,760
Office salaries
98,000
Medicare tax withheld
5,940
$396,000
Retirement savings
8,712
Group insurance
7,128
$115,236
Tax rates assumed:
Social security, 6%
Medicare, 1.5%
State unemployment (employer only), 5.4%
Federal unemployment (employer only), 0.6%
Required:
If an amount...
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
$303,000
Income tax withheld
$110,000
Warehouse salaries
167,000
U.S. savings bonds
13,750
Office salaries
155,000
Group insurance
11,250
$625,000
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....
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 Saine Co.:
Salaries:
Deductions:
Sales salaries
$301,000
Income tax withheld
$109,296
Warehouse salaries
166,000
Social security tax withheld
37,260
Office salaries
154,000
Medicare tax withheld
9,315
$621,000
Retirement savings
13,662
Group insurance
11,178
$180,711
Tax rates assumed:
Social security, 6%
Medicare, 1.5%
State unemployment (employer only), 5.4%
Federal unemployment (employer only), 0.6%
Required:
If an amount...
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