Question
In: Accounting
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.
Solutions
ekkarill92 answered 2 years agoRelated Solutions
According to a summary of the payroll of Mountain Streaming Co., $643,000 was subject to the...
According to a summary of the payroll of Mountain Streaming Co.,
$643,000 was subject to the 6.0% social security tax and the 1.5%
Medicare tax. Also, $21,000 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, 0.8%.
$fill in the blank 262f0002cffe034_1
b. Journalize the entry to record the accrual
of payroll taxes. If an amount box does not require an entry, leave
it blank.
fill...
According to a summary of the payroll of Guthrie Co., $600,000 was subject to the 6.0%...
According to a summary of the payroll of Guthrie Co., $600,000
was subject to the 6.0% social security tax and the 1.5% Medicare
tax. Also, $56,000 was subject to state and federal unemployment
taxes.
Required:
a.
Compute the employer’s payroll taxes, using the following
rates: state unemployment, 5.4%; federal unemployment, 0.6%.
b.
On December 31, journalize the entry to record the accrual of
payroll taxes. Refer to the chart of accounts for the exact wording
of the account titles. CNOW...
According to a summary of the payroll of Guthrie Co., $720,000 was subject to the 6.0%...
According to a summary of the payroll of Guthrie Co., $720,000
was subject to the 6.0% social security tax and the 1.5% Medicare
tax. Also, $60,000 was subject to state and federal unemployment
taxes.
Required:
A.
Calculate the employer’s
payroll taxes, using the following rates: state unemployment, 5.4%;
federal unemployment, 0.6%.
B.
On December 31, journalize the
entry to record the accrual of payroll taxes. Refer to the Chart of
Accounts for exact wording of account titles.
According to records, Borges Distributors, $1,110,000 was subject to 6.0% SS tax and the 1.5% Medicare...
According to records, Borges Distributors, $1,110,000 was
subject to 6.0% SS tax and the 1.5% Medicare tax. Also, $50,000 was
subject to state and federal unemployment taxes.
a. Calculate the employer’s payroll taxes, using 4.2% for SUTA,
and .8% for FUTA.
____________________________________________________________
_____________________________________________________________
_____________________________________________________________
______________________________________________________________
______________________________________________________________
b Journalize the entry to record the payroll taxes
______________________________________________________________
______________________________________________________________
_______________________________________________________________
_______________________________________________________________
_______________________________________________________________
According to records, Borges Distributors, $1,110,000 was subject to 6.0% SS tax and the 1.5% Medicare...
According to records, Borges Distributors, $1,110,000 was
subject to 6.0% SS tax and the 1.5% Medicare tax. Also, $50,000 was
subject to state and federal unemployment taxes. (10 points)
Calculate the employer’s payroll taxes, using 4.2% for SUTA,
and .8% for FUTA.
____________________________________________________________
_____________________________________________________________
_____________________________________________________________
______________________________________________________________
______________________________________________________________
b Journalize
the entry to record the payroll taxes
______________________________________________________________
______________________________________________________________
_______________________________________________________________
_______________________________________________________________
_______________________________________________________________
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...
Assume that the social security tax rate is 6% and the Medicare tax rate is 1.5%....
Assume that the social security tax rate is 6% and the Medicare
tax rate is 1.5%. In the following summary of data for a payroll
period, some amounts have been intentionally omitted:
Earnings:
1. At regular rate
?
2. At overtime rate
$60,000
3. Total earnings
?
Deductions:
4. Social security tax
31,200
5. Medicare tax
7,800
6. Federal income tax withheld
130,000
7. Medical insurance
18,200
8. Union dues
?
9. Total deductions
194,700
10. Net amount paid
325,300...
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...
Recording Payroll Taxes According to a summary of the payroll of Kirby Co., $180,000 in earnings...
Recording Payroll Taxes
According to a summary of the payroll of Kirby Co., $180,000
in earnings were subject to the 7.5% FICA tax. Also, $60,000 in
earnings were subject to state and federal unemployment
taxes.
a. Calculate the employer's payroll taxes, using the following
rates: state unemployment, 4.3%; federal unemployment, 0.8%.
$
b. Illustrate the effects on the accounts and financial
statements of recording the accrual of payroll taxes. If no account
or activity is affected, select "No effect" from...
Recording Payroll Taxes According to a summary of the payroll of Kirby Co., $180,000 in earnings...
Recording Payroll Taxes
According to a summary of the payroll of Kirby Co., $180,000
in earnings were subject to the 7.5% FICA tax. Also, $60,000 in
earnings were subject to state and federal unemployment
taxes.
a. Calculate the employer's payroll taxes, using the following
rates: state unemployment, 4.3%; federal unemployment, 0.8%.
$
b. Illustrate the effects on the accounts and financial
statements of recording the accrual of payroll taxes. If no account
or activity is affected, select "No effect" from...
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