Exercise Al-2 Calculating payroll deductions and recording the payroll LO2 The following information as to earnings and deductions for the weekly pay period ended March 9 was taken from a company's pay records Earnings Weekly to End of Health Taxes Ded Pay $ 900 Meek $12,510 $144.55 $37.00 13,440 313.63 24.00 Joseph Lin Die Patelli 870 1,990 1,940 19,140 173.72 16.00 32,628 458.72 24.00 $4,900 $930.62 $121.00 Required: 1. Calculate the employees' El and CPP withholdings and the amounts paid to each employee. (Do not round intermediate calculations. Round the final answers to 2 decimal places) Deductions Income Total Employee Gross Pay Health Insurance Deductions Net Pay $ 14455 $ 37.00 113 63 24.00 17372 36 00 496 72 24000 Hellen Crag Joseph Lim Dino Patel Sharleen McFee S 900 00 870 00 1,000 00 1.960 00 n . CPP

Exercise Al-2 Calculating payroll deductions and recording the payroll LO2 The following information as to earnings and deductions for the weekly pay period ended March 9 was taken from a company's pay records Earnings Weekly to End of Health Taxes Ded Pay $ 900 Meek $12,510 $144.55 $37.00 13,440 313.63 24.00 Joseph Lin Die Patelli 870 1,990 1,940 19,140 173.72 16.00 32,628 458.72 24.00 $4,900 $930.62 $121.00 Required: 1. Calculate the employees' El and CPP withholdings and the amounts paid to each employee. (Do not round intermediate calculations. Round the final answers to 2 decimal places) Deductions Income Total Employee Gross Pay Health Insurance Deductions Net Pay $ 14455 $ 37.00 113 63 24.00 17372 36 00 496 72 24000 Hellen Crag Joseph Lim Dino Patel Sharleen McFee S 900 00 870 00 1,000 00 1.960 00 n . CPP

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter12: Preparing Payroll Records

Section12.3: Preparing Payroll Records

Problem 1OYO

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Payroll Accounting and Discussion of Labor Costs Blitzen Marketing Research paid its weekly and monthly payroll on January 31. The following information is available about the payroll: Blitzen will pay both the employers taxes and the taxes withheld on April 15. Required: 1. Prepare the journal entries to record the payroll payment and the incurrence of the associated expenses and liabilities. ( Note: Round to nearest penny.) 2. What is the employees' gross pay? What amount does Blitzen pay in excess of gross pay as a result of taxes? ( Note: Provide both an absolute dollar amount and as a percentage of gross pay, rounding to two decimal places.) 3. How much is the employees' net pay as a percentage of total payroll related expenses? ( Note: Round answer to two decimal places.) 4. CONCEPTUAL CONNECTION If another employee can be hired for $60,000 per year, what would be the total cost of this employee to Blitzen?
Journalize period payroll The payroll register of Heritage Co. indicates 3,900 of social security withheld and 975 of Medicare tax withheld on total salaries of 65,000 for the period. Federal withholding for the period totaled 14,250. Retirement savings withheld from employee paychecks were 2,600 for the period. Journalize the entry to record the periods payroll.
Payment and distribution of payroll The general ledger of Berskshire Mountain Manufacturing Inc. showed the following credit balances on January 15: Direct labor earnings amounted to 10,500 from January 16 to 31. Indirect labor was 5,700, and sales and administrative salaries for the same period amounted to 3,800. All wages are subject to FICA, FUTA, state unemployment taxes, and 10% income tax withholding. Required: 1. Prepare the journal entries for the following: a. Recording the payroll. b. Paying the payroll. c. Recording the employers payroll tax liability. d. Distributing the payroll costs for January 1631. 2. Prepare the journal entry to record the payment of the amounts due for the month to the government for FICA and income tax withholdings. 3. Calculate the amount of total earnings for the period from January 1 to 15. 4. Should the same person be responsible for computing the payroll, paying the payroll and making the entry to distribute the payroll? Why or why not?
bok int ences W Exercise Al-2 Calculating payroll deductions and recording the payroll LO2 The following information as to earnings and deductions for the weekly pay period ended March 9 was taken from a company's p records: Employees' Names Hellen Craig Joseph Lim Dino Patelli Sharleen McFee Employee Hellen Craig Joseph Lim Dino Patelli Sharleen McFee Totals Weekly Gross Earnings to End of Pay Previous Week $ 720 610 830 1,700 $3,860 $ Required: 1. Calculate the employees' El and CPP withholdings and the amounts paid to each employee. (Do not round intermediate calculations. Round the final answers to 2 decimal places.) Gross Pay $12,510 10,320 15,500 29,500 El Premium Deductions Income Taxes $ Income Taxes $168.10 142.05 194.65 468.65 $973.45 CPP 720.00 $ 11.38 $ 168.10 35.57 $ 24.00 610.00 9.64 142.05 29.58 24.00 830.00 13.11 194.65 41.57 36.00 1,700.00 26.86 468.65 88.98 24.00 $ 3,860.00 $ 60.99 $ 973 45 $ 195.70 $ 108.00 Health Insurance Health Insurance Deductions $24.00 $ 24.00…
Problem Al-3A Journal entries-payroll taxes, and employee fringe benefits LO2, 3, 4 A company showed the following information in its payroll register for the week ended March 16, 2018: Deductions Pay Office Sales Salaries Total Deductions Medical Insurance 52.50 Net Pay EL Premium 23.90 Expense Income Taxes 289.38 CPP 67.95 Union Dues 105.00 538.73 1,440.00 901.27 1,009.81 27.39 381.95 25.00 78.34 127.50 640.19 32.37 480.74 35.00 93.19 78.75 720.05 1,229.95 222.19 47-50 61.02 90.00 442.25 1,300,00 105.24 1,374.26 160.00 300.50 401.25 2,341.25 3,998.75 1,440.00 1,300.00 Required: 1. Prepare a General Journal entry to record the payroll register information. (Round your answers to 2 decimal places.) 2. Prepare a General Journal entry to record the employer's payroll expenses resulting from the payroll. (Round your answers to 2 decimal places.) View transaction list View journal entry worksheet Debit Credit No General Journal Employees' income taxes payable Employees' union dues payable…
Payment and distribution of payroll similar to Self-Study Problem 1 P3-6 The general ledger of Smokey Mountain Mfg., Inc., showed the following credit balances on January 15: FICA Tax Payable 3,100.00 ... Employees Income Tax Payable 1,937.50 FUTA Tax Payable 193.75 State Unemployment Tax Payable 775.00 Direct labor earnings amounted to $10,500 from January 16 to 31. Indirect labor was $5,700, and sales and administrative salaries for the same period amounted to $3,800. All wages are subject to FICA, FUTA, state unemployment taxes, and 10% income tax withholding. Required: 1. Prepare the journal entries for the following: a. Recording the payroll. b. Paying the payroll. c. Recording the employer's payroll tax liability. d. Distributing the payroll costs for January 16 to 31. 2. Prepare the journal entry to record the payment of the amounts due for the month for FICA and income tax withholdings. 3. Calculate the amount of total earnings for the period from January 1 to 15.
Example 6-5 The journal entry to record the payroll from Figure 6.1, on pages 6-2 and 6-3, would be: Debit Credit Wages Expense 24,762.70 FICA Taxes Payable—OASDI 1,535.29 FICA Taxes Payable—HI 359.06 FIT Payable 3,714.00 SIT Payable 55.25 Group Insurance Payments W/H 54.70 Cash 19,044.40 Example 6-7 The journal entry to record the payroll tax entry from Figure 6.1 on pages 6-2 and 6-3 would be (assume a SUTA tax rate of 3.0%): Debit Credit Payroll Taxes 2,785.81 FICA Taxes Payable—OASDI 1,535.29 FICA Taxes Payable—HI 359.06 FUTA Taxes Payable 148.58 SUTA Taxes Payable 742.88 The employees of Donnelly Music Company earn total wages of $4,690 during January. The total amount is taxable under FICA, FUTA, and SUTA. The state contribution rate for the company is 3.6%. The amount withheld for federal income taxes is $685. Journalize the payment of the monthly wages, and record the payroll taxes. If an amount box does not…
Example 6-5 The journal entry to record the payroll from Figure 6.1, on pages 6-2 and 6-3, would be: Debit Credit Wages Expense 24,762.70 FICA Taxes Payable—OASDI 1,535.29 FICA Taxes Payable—HI 359.06 FIT Payable 3,714.00 SIT Payable 55.25 Group Insurance Payments W/H 54.70 Cash 19,044.40 Example 6-7 The journal entry to record the payroll tax entry from Figure 6.1 on pages 6-2 and 6-3 would be (assume a SUTA tax rate of 3.0%): Debit Credit Payroll Taxes 2,785.81 FICA Taxes Payable—OASDI 1,535.29 FICA Taxes Payable—HI 359.06 FUTA Taxes Payable 148.58 SUTA Taxes Payable 742.88 The employees of Donnelly Music Company earn total wages of $4,690 during January. The total amount is taxable under FICA, FUTA, and SUTA. The state contribution rate for the company is 3.6%. The amount withheld for federal income taxes is $685.
Exercise 10.7 (Static) Journalizing payroll transactions. LO 10-7 On July 31, the payroll register for Red Company showed the following totals for the month: gross earnings, $38,950; social security tax, $2,414.90; Medicare tax, $564.78; income tax, $5,842.00; and net amount due, $30,128.32. Of the total earnings, $30,500.00 was for sales salaries and $8,450.00 was for office salaries. Prepare a general journal entry to record the monthly payroll of the firm on July 31. (Round your final answers to 2 decimal places.) View transaction list Journal entry worksheet 1 Record the payroll expense and related taxes payable. Note: Enter debits before credits. Date General Journal Debit Credit July 31, 20X1 Mc Graw Hill 6.586 APE 6 23 MacBook Pro
Example 6-5 The journal entry to record the payroll from Figure 6.1, on pages 6-2 and 6-3, would be: Debit Credit Wages Expense 24,762.70 FICA Taxes Payable—OASDI 1,535.29 FICA Taxes Payable—HI 359.06 FIT Payable 3,714.00 SIT Payable 55.25 Group Insurance Payments W/H 54.70 Cash 19,044.40 Example 6-7 The journal entry to record the payroll tax entry from Figure 6.1 on pages 6-2 and 6-3 would be (assume a SUTA tax rate of 3.0%): Debit Credit Payroll Taxes 2,785.81 FICA Taxes Payable—OASDI 1,535.29 FICA Taxes Payable—HI 359.06 FUTA Taxes Payable 148.58 SUTA Taxes Payable 742.88 a. Cal Ruther, an employer, is subject to FICA taxes but exempt from FUTA and SUTA taxes. During the last quarter of the year, his employees earned monthly wages of $8,500, all of which is taxable. The amount of federal income taxes withheld each month is $1,040. Journalize the payment of wages, and record the payroll tax on November 29. For a…
Example 6-5 The journal entry to record the payroll from Figure 6.1, on pages 6-2 and 6-3, would be: Debit Credit Wages Expense 24,762.70 FICA Taxes Payable—OASDI 1,535.29 FICA Taxes Payable—HI 359.06 FIT Payable 3,714.00 SIT Payable 55.25 Group Insurance Payments W/H 54.70 Cash 19,044.40 Example 6-7 The journal entry to record the payroll tax entry from Figure 6.1 on pages 6-2 and 6-3 would be (assume a SUTA tax rate of 3.0%): Debit Credit Payroll Taxes 2,785.81 FICA Taxes Payable—OASDI 1,535.29 FICA Taxes Payable—HI 359.06 FUTA Taxes Payable 148.58 SUTA Taxes Payable 742.88 Kip Bowman is owner and sole employee of KB Corporation. He pays himself a salary of $1,500 each week. Additional tax information includes: FICA tax—OASDI 6.2% on first $132,900 FICA tax—HI 1.45% on total pay Federal income tax $232.00 per pay State income tax 22% of the federal income tax withholding Federal unemployment…