Prepare a journal entry on April 30 to accrue Culver's employer payroll costs. Assume that Culver is assessed workers' compensation premiums at a rate of 1% per month and accrues for vacation pay at a rate of 4% per month. (Credit account tit automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account and enter O for the amounts. List all debit entries before credit entries Round answers to decimal places eg 5276)

Prepare a journal entry on April 30 to accrue Culver's employer payroll costs. Assume that Culver is assessed workers' compensation premiums at a rate of 1% per month and accrues for vacation pay at a rate of 4% per month. (Credit account tit automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account and enter O for the amounts. List all debit entries before credit entries Round answers to decimal places eg 5276)

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)

22nd Edition

ISBN:9781305666160

Author:James A. Heintz, Robert W. Parry

Publisher:James A. Heintz, Robert W. Parry

Chapter9: Payroll Accounting: Employer Taxes And Reports

Section: Chapter Questions

Problem 1MP: The totals line from Nix Companys payroll register for the week ended March 31, 20--, is as follows:...

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CALCULATING PAYROLL TAXES EXPENSE AND PREPARING JOURNAL ENTRY Selected information from the payroll register of Wrays Drug Store for the week ended July 14,20--, is shown below. The SUTA tax rate is 5.4%, and the FUTA tax rate is 0.6%, both on the first 7,000 of earnings. Social Security tax on the employer is 6.2% on the first 118,500 of earnings, and Medicare tax is 1.45% on gross earnings. REQUIRED 1. Calculate the total employer payroll taxes for these employees. 2. Prepare the journal entry to record the employer payroll taxes as of July 14,20--.
The totals line from Nix Companys payroll register for the week ended March 31, 20--, is as follows: Payroll taxes are imposed as follows: Social Security tax, 6.2%; Medicare tax, 1.45%; FUTA tax, 0.6%; and SUTA tax, 5.4%. REQUIRED 1. a. Prepare the journal entry for payment of this payroll on March 31, 20--. b. Prepare the journal entry for the employers payroll taxes for the period ended March 31, 20--. 2. Nix Company had the following balances in its general ledger before the entries for requirement ( 1 ) were made: a. Prepare the journal entry for payment of the liabilities for federal income taxes and Social Security and Medicare taxes on April 15, 20--. b. Prepare the journal entry for payment of the liability for FUTA tax on April 30, 20--. c. Prepare the journal entry for payment of the liability for SUTA tax on April 30, 20--.
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