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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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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...
Prepare journal entries to record: (1) accrued payroll, including employee deductions, for July
Question: The following monthly data are taken from Ramirez Company at July 31: sales salaries, $200,000; officesalaries, $160,000; federal income taxes withheld, $90,000; state income taxes withheld, $20,000; SocialSecurity taxes withheld, $22,320; Medicare taxes withheld, $5,220; medical insurance premiums, $7,000;life insurance premiums, $4,000; union dues deducted, $1,000; and salaries subject to unemploymenttaxes, $50,000. The employee pays 40% of medical and life insurance premiums.Prepare journal entries to record: (1) accrued payroll, including employee deductions, for July;(2) cash payment of the net...
Entries for payroll and payroll taxesThe following information about the payroll for the week ended...
Entries for payroll and payroll taxesThe following information about the payroll for the week ended December 30 was obtained from the records of Saine Co.:Calculate Saine's gross pay, net pay, and payroll taxes. Show work.
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...
Ch.11 Current Liabilities Explain the two basic entries for payroll.
Ch.11 Current Liabilities Explain the two basic entries for payroll.
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