Question
In: Accounting
E13-6 (L01) (Payroll Tax Entries) The payroll of YellowCard Company for September 2016 is as follows....
E13-6 (L01) (Payroll Tax Entries) The payroll of YellowCard
Company for September 2016 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
$118,500 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 for its unemployment experience. Also,
assume that the current FICA tax is 7.65% on an employee’s wages to
$118,500 and 1.45% in excess of $118,500. No employee for
YellowCard makes more than $125,000. The
federal unemployment tax rate is 0.8% after state credit.
Instructions Please show work
Calculate the amounts for a liability for 2016 and 2017 fro compensated absences.
Solutions
ekkarill92 answered 2 years agoRelated Solutions
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(Payroll Tax Entries) The payroll of Grich Company for September
2014 is as follows. Total payroll was $486,000, of which $122,000
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 $414,000. Income taxes in the
amount of $85,000 were withheld, as was $8,800 in union dues. The
state unemployment tax is 3.5%, but Grich Company is allowed a
credit of 2.3%...
The payroll of Teal Company for September 2016 is as follows. Total payroll was $446000 of...
The
payroll of Teal Company for September 2016 is as follows.
Total payroll was $446000 of which $106000 is exempt from
social security tax because is represented amounts paid in excess
of $118500 to certain employees. The amount paid to employees in
excess of $7000 was $400000. Income taxes in the amount of $78700
were withheld as was $8900 in union dues. The state unemployement
tax is 3.5% but Teal Company is allowed a credit of 2.3% by the
state...
The payroll of Oriole Company for September 2019 is as follows. Total payroll was $506,000, of...
The payroll of Oriole Company for September 2019 is as
follows.
Total payroll was $506,000, of which $112,000 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 (the maximum for both federal and state
unemployment tax) was $434,000. Income taxes in the amount of
$76,700 were withheld, as was $9,100 in union dues. The state
unemployment tax is 3.5%, but Oriole Company...
The payroll of Bonita Company for September 2019 is as follows. Total payroll was $492,000, of...
The payroll of Bonita Company for September 2019 is as
follows.
Total payroll was $492,000, of which $102,000 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 (the maximum for both federal and state
unemployment tax) was $400,000. Income taxes in the amount of
$80,000 were withheld, as was $8,200 in union dues. The state
unemployment tax is 3.5%, but Bonita Company...
The payroll of Bramble Corp. for September 2020 is as follows. Total payroll was $540,000. Pensionable...
The payroll of Bramble Corp. for September 2020 is as follows.
Total payroll was $540,000. Pensionable (CPP) and insurable (EI)
earnings were $380,000. Income taxes in the amount of $83,000 were
withheld, as were $7,408 in union dues. The Employment Insurance
tax rate was 1.66% for employees and 2.324% for employers, and the
CPP rate was 4.95% for employees and 4.95% for employers.
QUESTIONS:
A) Prepare the necessary journal entries to record the
payroll if the salaries and wages paid...
The payroll of Culver Corp. for September 2020 is as follows. Total payroll was $475,000. Pensionable...
The payroll of Culver Corp. for September 2020 is as follows.
Total payroll was $475,000. Pensionable (CPP) and insurable (EI)
earnings were $335,000. Income taxes in the amount of $86,000 were
withheld, as were $6,861 in union dues. The Employment Insurance
tax rate was 1.66% for employees and 2.324% for employers, and the
CPP rate was 4.95% for employees and 4.95% for employers.
Prepare the necessary journal entries to record the payroll if
the salaries and wages paid and the...
Payroll Tax Entries According to a summary of the payroll of Guthrie Co., $496,000 was subject...
Payroll Tax Entries
According to a summary of the payroll of Guthrie Co., $496,000
was subject to the 6.0% social security tax and $610,000 was
subject to the 1.5% Medicare tax. Also, $16,000 was subject to
state and federal unemployment taxes.
a. Calculate the employer's payroll taxes,
using the following rates: state unemployment, 4.2%; federal
unemployment, 0.6%.
$
b. Journalize the entry to record the accrual
of payroll taxes. If an amount box does not require an entry, leave
it...
Selected balance sheet accounts for Tibbetts Company on September 30, 2016, are as follows: Cash $...
Selected balance sheet accounts for Tibbetts Company on
September 30, 2016, are as follows:
Cash
$
44,800
Marketable securities
126,000
Accounts receivable, net
154,000
Inventory
175,000
Prepaid expenses
19,600
Total current assets
$
519,400
Accounts payable
$
99,000
Other accrued liabilities
24,200
Short-term debt
44,000
Total current liabilities
$
167,200
a. Calculate the working capital, current
ratio, and acid-test ratio for Tibbetts Company as of September 30,
2016. (Round "Ratio" answers to 2 decimal
places.)
b. Summarized here are the...
Selected balance sheet accounts for Tibbetts Company on September 30, 2016, are as follows: Cash $...
Selected balance sheet accounts for Tibbetts Company on
September 30, 2016, are as follows:
Cash $ 44,800
Marketable securities 126,000
Accounts receivable, net 154,000
Inventory 175,000
Prepaid expenses 19,600
Total current assets $ 519,400
Accounts payable $ 108,000
Other accrued liabilities 26,400
Short-term debt 48,000
Total current liabilities $ 182,400
Required:
a. Calculate the working capital, current ratio, and acid-test
ratio for Tibbetts Company as of September 30, 2016. (Round "Ratio"
answers to 2 decimal places.)
b. Summarized here are...
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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