The payroll register of Seaside Architecture Company indicates $870 of social security and $217 of medicare...

The payroll register of Seaside Architecture Company indicates $870 of social security and $217 of medicare tax withheld on total salaries of $14,500 for the period. Assume earnings subject to state and federal unemployment compensation taxes are $5,250. at the federal rate of 0.8% and state rate of 5.4%.

Provide the journal entry to record the payroll tax expense for the period. For a compound transaction, if an amount box does not require an entry, leave it blank or enter "0". If required, round your answers to two decimal places.

The payroll register of Seaside Architecture Compa

Expert Solution

Solution-

Account Titles & Explanation	Debit	Credit
Payroll Tax Expense	1,412.50
Social Security Taxes Payable		870.00
Medicare Taxes Payable		217.00
State Unemployment Tax Payable ($5,250*5.4%)		283.50
Federal Unemployment Tax Payable ($5,250*0.8%)		42.00

ekkarill92 answered 2 years ago

The payroll register of Seaside Architecture Company indicates $970 of social security and $257 of Medicare...

The payroll register of Seaside Architecture Company indicates $970 of social security and $257 of Medicare tax withheld on total salaries of $16,500 for the period. Federal withholding for the period totaled $4,235. Required: Prepare the journal entry for the period’s payroll. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS Seaside Architecture Company General Ledger ASSETS 110 Cash 111 Accounts Receivable 112 Interest Receivable 113 Notes Receivable 115 Inventory 116 Supplies...

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...

Journalize Period Payroll The payroll register of Patel Engineering Co. indicates $900 of social security withheld...

Journalize Period Payroll The payroll register of Patel Engineering Co. indicates $900 of social security withheld and $225 of Medicare tax withheld on total salaries of $15,000 for the period. Federal withholding for the period totaled $2,550. Provide the journal entry for the period's payroll. If an amount box does not require an entry, leave it blank. Federal Income Tax Withholding Bob Browning's weekly gross earnings for the present week were $2,690. Browning has two exemptions. Using the wage bracket...

The payroll register of Patel Engineering Co. indicates $1,140 of social security withheld and $285 of...

The payroll register of Patel Engineering Co. indicates $1,140 of social security withheld and $285 of Medicare tax withheld on total salaries of $19,000 for the period. Federal withholding for the period totaled $3,420. Provide the journal entry for the period's payroll. If an amount box does not require an entry, leave it blank.

The payroll register of Chen Engineering Co. indicates $2,256 of social security withheld and $564.00 of...

The payroll register of Chen Engineering Co. indicates $2,256 of social security withheld and $564.00 of Medicare tax withheld on total salaries of $37,600 for the period. Earnings of $11,700 are subject to state and federal unemployment compensation taxes at the federal rate of 0.6% and the state rate of 5.4%. Provide the journal entry to record the payroll tax expense for the period. If an amount box does not require an entry, leave it blank. Round to two decimal...

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.

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...

CPP 4-1 Complete the Payroll Register & Record the Employee Payroll Journal Entry (#1): Calculate Social...

CPP 4-1 Complete the Payroll Register & Record the Employee Payroll Journal Entry (#1): Calculate Social Security and Medicare tax for the below-listed employees of TCLH Industries, a manufacturer of cleaning products. None of the employees files as married filing separately for a year-end tax return. Zachary Fox does not make any voluntary deductions that impact earnings subject to federal income tax withholding or FICA taxes. He is married, claims two withholding allowances for both federal and state, and his...

1. Social Security, Federal & State unemployment taxes, Income Taxes Social Security Medicare Use the terms...

1. Social Security, Federal & State unemployment taxes, Income Taxes Social Security Medicare Use the terms in bold and pair them with the statements below The two parts of FICA Taxes paid by both the employer and employee Applies at an even rate to all wage income In 2015, applied only to the first $118,500 of wage income Paid by the employee only The rate varies depending on the employee's income Paid by the employer only

This problem is make sure you understand Social Security, Medicare, and Additional Medicare Contribution Taxes. Alice...

This problem is make sure you understand Social Security, Medicare, and Additional Medicare Contribution Taxes. Alice is an employee of XYZ Inc. Alice’s annual compensation is $295,000. Alice’s filing status is married filing jointly. Her federal income tax withholding was $60,000. Answer the following questions: 1. What is the total business deduction for XYZ Inc? 2. What is the total amount of taxes paid on behalf of Alice to the federal government for income taxes and payroll taxes? 3. What...

Question