Homework Help is Here – Start Your Trial Now!
Business
Accounting
PROBLEM 8-2A Complete Accounting Services has the following payroll information for the week ended December 7. State income tax is computed as 20 percent of federal income tax. K DEDUCTIONS 1 BEGINNING CUMULATIVE STATE FEDERAL INCOME TAX 24.00 23.00 58.00 3 INCOME TAX TOTAL EARNINGS 480.00 470.00 740.00 540.00 4. NAME EARNINGS 6,820.00 6,840.00 36,320.00 26,200.00 116,060.00 28,426.00 4.80 4.60 11.60 6.00 Denato, T. 6 5. Herrera, M. Joyner, J. 8. 30.00 King, L. 9 Wilson, M. 10 Yee, N. 2,720.00 605.00 456.78 37.00 91.36 7.40 11 Assumed tax rates are as follows: FICA: Social Security, (employer) 6.2 percent (0.062) and (employee) 6.2 percent (0.062) on the first $118,500 for each employee, and Medicare, 1.45 percent (0.0145) on all earnings for each employee. b. State unemployment tax, 5.4 percent (0.054) on the first $7,000 for each employee. Federal unemployment tax, 0.6 percent (0.006) on the first $7,000 for each employee. a. C. Required 1. Complete the payroll register. Payroll checks begin with Ck. No. 5714 in the payroll register. 2. Prepare a general journal entry to record the payroll as of December 7. The company's general ledger contains a Salary Expense account and a Salaries Payable account. 3. Prepare a general journal entry to record the payroll taxes as of December 7.

PROBLEM 8-2A Complete Accounting Services has the following payroll information for the week ended December 7. State income tax is computed as 20 percent of federal income tax. K DEDUCTIONS 1 BEGINNING CUMULATIVE STATE FEDERAL INCOME TAX 24.00 23.00 58.00 3 INCOME TAX TOTAL EARNINGS 480.00 470.00 740.00 540.00 4. NAME EARNINGS 6,820.00 6,840.00 36,320.00 26,200.00 116,060.00 28,426.00 4.80 4.60 11.60 6.00 Denato, T. 6 5. Herrera, M. Joyner, J. 8. 30.00 King, L. 9 Wilson, M. 10 Yee, N. 2,720.00 605.00 456.78 37.00 91.36 7.40 11 Assumed tax rates are as follows: FICA: Social Security, (employer) 6.2 percent (0.062) and (employee) 6.2 percent (0.062) on the first $118,500 for each employee, and Medicare, 1.45 percent (0.0145) on all earnings for each employee. b. State unemployment tax, 5.4 percent (0.054) on the first $7,000 for each employee. Federal unemployment tax, 0.6 percent (0.006) on the first $7,000 for each employee. a. C. Required 1. Complete the payroll register. Payroll checks begin with Ck. No. 5714 in the payroll register. 2. Prepare a general journal entry to record the payroll as of December 7. The company's general ledger contains a Salary Expense account and a Salaries Payable account. 3. Prepare a general journal entry to record the payroll taxes as of December 7.

College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter8: Employer Taxes, Payments, And Reports
Section: Chapter Questions
Problem 2PA
See similar textbooks
icon
Related questions
Question
100%

Needing some help.

PROBLEM 8-2A Complete Accounting Services has the following payroll information for the week ended December 7. State income tax is computed as 20 percent of federal income tax. CLGL A C K DEDUCTIONS BEGINNING STATE FEDERAL CUMULATIVE INCOME TAX INCOME TAX NAME EARNINGS TOTAL EARNINGS Denato, T. 6 480.00 470.00 740.00 24.00 23.00 58.00 4.80 4.60 11.60 6,820.00 6,840.00 36,320.00 26,200.00 116,060.00 28,426.00 Herrera, M. 7 Joyner, J. King, L. 9. 30.00 6.00 540.00 Wilson, M. 10 Yee, N. 11 2,720.00 605.00 456.78 37.00 91.36 7.40 Assumed tax rates are as follows: FICA: Social Security, (employer) 6.2 percent (0.062) and (employee) 6.2 percent (0.062) on the first $118,500 for each employee, and Medicare, 1.45 percent (0.0145) on all earnings for each employee. b. State unemployment tax, 5.4 percent (0.054) on the first $7,000 for each employee. Federal unemployment tax, 0.6 percent (0.006) on the first $7,000 for each employee. a. С. Check Figure Payroll Tax Expense, $428.00 Required 1. Complete the payroll register. Payroll checks begin with Ck. No. 5714 in the payroll register. 2. Prepare a general journal entry to record the payroll as of December 7. The company's general ledger contains a Salary Expense account and a Salaries Payable account. 3. Prepare a general journal entry to record the payroll taxes as of December 7. 4. Journalize the entry to pay the payroll on December 9. (Assume that the company has transferred cash to the Cash-Payroll Bank Account for this payroll.) 1234
Transcribed Image Text:PROBLEM 8-2A Complete Accounting Services has the following payroll information for the week ended December 7. State income tax is computed as 20 percent of federal income tax. CLGL A C K DEDUCTIONS BEGINNING STATE FEDERAL CUMULATIVE INCOME TAX INCOME TAX NAME EARNINGS TOTAL EARNINGS Denato, T. 6 480.00 470.00 740.00 24.00 23.00 58.00 4.80 4.60 11.60 6,820.00 6,840.00 36,320.00 26,200.00 116,060.00 28,426.00 Herrera, M. 7 Joyner, J. King, L. 9. 30.00 6.00 540.00 Wilson, M. 10 Yee, N. 11 2,720.00 605.00 456.78 37.00 91.36 7.40 Assumed tax rates are as follows: FICA: Social Security, (employer) 6.2 percent (0.062) and (employee) 6.2 percent (0.062) on the first $118,500 for each employee, and Medicare, 1.45 percent (0.0145) on all earnings for each employee. b. State unemployment tax, 5.4 percent (0.054) on the first $7,000 for each employee. Federal unemployment tax, 0.6 percent (0.006) on the first $7,000 for each employee. a. С. Check Figure Payroll Tax Expense, $428.00 Required 1. Complete the payroll register. Payroll checks begin with Ck. No. 5714 in the payroll register. 2. Prepare a general journal entry to record the payroll as of December 7. The company's general ledger contains a Salary Expense account and a Salaries Payable account. 3. Prepare a general journal entry to record the payroll taxes as of December 7. 4. Journalize the entry to pay the payroll on December 9. (Assume that the company has transferred cash to the Cash-Payroll Bank Account for this payroll.) 1234
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 4 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Managing Debt
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781305084087
Author:
Cathy J. Scott
Publisher:
Cengage Learning
Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Century 21 Accounting Multicolumn Journal
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
Corporate Financial Accounting
Corporate Financial Accounting
Accounting
ISBN:
9781305653535
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS