Question
In: Accounting
The following totals for the month of April were taken from the payroll register of Magnum...
The following totals for the month of April were taken from the payroll register of Magnum Company.
| Salaries | $12,000 |
| FICA taxes withheld | 900 |
| Income taxes withheld | 2,500 |
| Medical insurance deductions | 450 |
| Federal unemployment taxes | 32 |
| State unemployment taxes | 216 |
The entry to record accrual of employer's payroll taxes would include a
a.debit to Payroll Tax Expense for $248
b.debit to FICA Taxes Payable for $1,800
c.debit to Payroll Tax Expense for $1,148
d.credit to Payroll Tax Expense for $248
Solutions
ekkarill92 answered 3 years agoRelated Solutions
The following totals for the month of April were taken from the payroll register of Magnum...
The following totals for the month of April were taken from the
payroll register of Magnum Company.: salaries $12,000, Federal
$2500, FICA Rate 7.5%, FUTA .8%, SUTA 5.4%. Net Pay would be.
Please include all steps. Thanks.
The following totals for the month of April were taken from the payroll records of Sage...
The following totals for the month of April were taken from the payroll records of Sage Hill Company. Salaries $98400FICA taxes withheld 7530Income taxes withheld 20500Medical insurance deductions 3700Federal unemployment taxes 260State unemployment taxes ...
1. The following totals for the month of April were taken from the payroll records of...
1. The following totals for the month of April were taken from
the payroll records of Splish Brothers Inc..
Salaries
$108000
FICA taxes withheld
8260
Income taxes withheld
23800
Medical insurance deductions
4300
Federal unemployment taxes
860
State unemployment taxes
5400
The entry to record the payment of net payroll would include
a
a. debit to Salaries and Wages Payable for $71640.
b. debit to Salaries and Wages Payable for $66240.
c. credit to Cash for $66240.
d. debit to...
The following totals for the month of April were taken from the payroll records of Oriole Company.
The following totals for the month of April were taken from the payroll records of Oriole Company. Salaries $134400FICA taxes withheld 10280Income taxes withheld 28000Medical insurance deductions 5000Federal unemployment taxes 360 State unemployment taxes 2420 The entry to record the accrual of federal unemployment tax would include a credit to Federal Unemployment Taxes...
The following totals come from a payroll register for May 3: Gross Pay $213,093.00 Soc
The following totals come from a payroll register for May
3:
Gross
Pay
$213,093.00
Social Security
Withheld
13,211.77
Medicare
Withheld
3,089.85
Federal Income
Tax
23,440.00
State Income
Tax
5,860.00
Medical
Insurance
20,000.00
Net
Pay
$ 147,491.38
The payroll is for a two-week period. Give the accrual for
payroll at April 30.
The payroll register for Molly’s Greenhouse is as follows: MOLLY'S GREENHOUSE Payroll Register Month Ending June...
The payroll register for Molly’s Greenhouse is as
follows:
MOLLY'S GREENHOUSE
Payroll Register
Month Ending June 30, 2017
Employee
Gross Pay
Claim Code
CPP
EI
Income Tax
Total Deductions
Net Pay
Cheque #
Karine
4,640.00
5
212.93
87.20
541.16
841.29
3,798.71
40
Kelsey
2,550.00
4
109.57
47.98
130.22
287.77
2,262.23
41
Dani
3,940.00
1
178.48
74.15
518.47
771.10
3,168.90
42
Brooke
3,130.00
4
138.28
58.88
253.47
450.63
2,679.37
43
Total
14,260.00
639.26
268.21
1,443.32
2,350.79
11,909.21
Assume Molly issued the...
At the end of April, the first month of operations, the following selected data were taken...
At the end of April, the first month of operations, the
following selected data were taken from the financial statements of
Shelby Crawford, an attorney:
Net income for April
$120,000
Total assets at April 30
750,000
Total liabilities at April 30
300,000
Total owner’s equity at April
30
450,000
In preparing the financial statements, adjustments for the
following data were overlooked:
•
Supplies used during April,
$2,750.
•
Unbilled fees earned at April 30,
$23,700.
•
Depreciation of equipment for...
The payroll register for Schmidt Company for the week ended April 29 indicated the following: Salaries...
The payroll register for Schmidt Company for the week ended
April 29 indicated the following:
Salaries
$1,440,000
Social security tax withheld
86,400
Medicare tax withheld
21,600
Federal income tax withheld
288,000
In addition, state and federal unemployment taxes were computed
at the rate of 5.4% and 0.6%, respectively, on $244,000 of
salaries.
Required:
a.
Journalize the entry to record the payroll for the week of
April 29.*
b.
Journalize the entry to record the payroll tax expense incurred
for the...
he payroll register for Gamble Company for the week ended April 29 indicated the following: Salaries...
he payroll register for Gamble Company for the week ended April
29 indicated the following:
Salaries
$1,440,000
Social security tax withheld
86,400
Medicare tax withheld
21,600
Federal income tax withheld
288,000
In addition, state and federal unemployment taxes were
calculated at the rate of 5.4% and 0.6%, respectively, on $244,000
of salaries.
Required:
A.
Journalize the entry to record the payroll for the week of
April 29.*
B.
Journalize the entry to record the payroll tax expense incurred
for the...
7. Complete a payroll register. Complete the following payroll register for Thorndike Manufacturing Company. All workers...
7.
Complete a payroll register.
Complete the following payroll register for Thorndike
Manufacturing Company. All workers receive time and one-half for
hours worked in excess of 40 hours per week. Compute Social
Security using 6.2% and Medicare using 1.45%. Medical insurance and
union dues deductions are shown in the payroll register. Use the
wage bracket method to determine federal income tax. Total each
column and verify the total net pay amount.
Register
Earnings
Deductions
Employee Name
Allow.
Status
Hours Worked...
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