What are the payroll entries for the employee. (Explain) What are the payroll entries for the...

What are the payroll entries for the employee. (Explain)

What are the payroll entries for the employer? (Explain)

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ekkarill92 answered 1 year ago

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Payroll Entries Widmer Company had The total earnings of an employee for a payroll period.gross wages of $269,000 during the week ended June 17. The amount of wages subject to social security tax was $242,100, while the amount of wages subject to federal and state unemployment taxes was $34,000. 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 taxes was $53,800. If an amount...

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Entries for payroll and payroll taxesThe following information about the payroll for the week ended...

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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....

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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...

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Ch.11 Current Liabilities Explain the two basic entries for payroll.

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