Waterway Industries's payroll for the pay period ended October 31, 2021 is summarized as follows: Department Payroll Total Wages Federal Income Tax Withheld Amount of Wages Subject to Payroll Taxes F.I.C.A. Unemployment Factory $77000 $9000 $68000 $33000 Sales 23000 3000 17000 3000 Office 18000 3000 9000 - $118000 $15000 $94000 $36000 Assume the following payroll tax rates: F.I.C.A. for employer and employee 7.65% each Unemployment 3% What amount should Waterway accrue as its share of payroll taxes in its October 31, 2021 balance sheet?

Waterway Industries's payroll for the pay period ended October 31, 2021 is summarized as follows: Department Payroll Total Wages Federal Income Tax Withheld Amount of Wages Subject to Payroll Taxes F.I.C.A. Unemployment Factory $77000 $9000 $68000 $33000 Sales 23000 3000 17000 3000 Office 18000 3000 9000 - $118000 $15000 $94000 $36000 Assume the following payroll tax rates: F.I.C.A. for employer and employee 7.65% each Unemployment 3% What amount should Waterway accrue as its share of payroll taxes in its October 31, 2021 balance sheet?

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 1PB

See similar textbooks

Similar questions

Ultimate Accounting Services has the following payroll information for the week ending in December 7. State Income Tax is computed as 20 percent of Federal Income Tax. Name BeginningCumulativeEarnings TotalEarnings Deductions FederalIncome Tax StateIncome Tax Trouble, M. 7,000.00 580.00 50 10 Dainty, D. 6,540.00 470.00 36 7.2 Joyner, T. 25,600.00 680.00 75 15 Madison, W. 45,000.00 900.00 92 18.4 Frank, G. 90,200.00 1,100.00 245 49 Thomas, R. 35,000.00 890.00 46 9.2 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. 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…
6. JYD Corp. Has the following data for the month of March 2021: Gross Payroll Employee's deductions: sss Contribution Philhealth Contribution Pag-ikig Contribution Withelding taxes 1,000,000 20,000 10,000 10,000 100,000 The employer contributions are as follows: sSS contribution Pbilbsalth contribution Pag-ibig contribution 40,000 10,000 10,000 The company distributes its total payroll as follows: 50% to direct labor, 20% to indirect labor, 25% to administrative and 5% to Sales salary. The company also apportions employer's contribution as follows: 70% to factory overhead,25% to administrative and 5% to selling expenses. Required: Prepare the journal entries for: A. Labor Incurrence B. Labor Distribution C. To record employer's contribution D. Payment of accrued payroll
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. NAME BEGINNINGCUMULATIVEEARNINGS TOTAL EARNINGS DEDUCTIONS FEDERALINCOME TAX STATEINCOME TAX Denato, T. 6,820.00 480.00 24.00 4.80 Herrera, M. 6,840.00 470.00 23.00 4.60 Joyner, J. 36,320.00 740.00 58.00 11.60 King, L. 26,200.00 540.00 30.00 6.00 Wilson, M. 116,060.00 2,720.00 456.78 91.36 Yee, N. 28,426.00 605.00 37.00 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. 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. Prepare a general journal entry to record the payroll as of December 7. The…
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. NAME BEGINNINGCUMULATIVEEARNINGS TOTAL EARNINGS DEDUCTIONS FEDERALINCOME TAX STATEINCOME TAX Denato, T. 6,820.00 480.00 24.00 4.80 Herrera, M. 6,840.00 470.00 23.00 4.60 Joyner, J. 36,320.00 740.00 58.00 11.60 King, L. 26,200.00 540.00 30.00 6.00 Wilson, M. 116,060.00 2,720.00 456.78 91.36 Yee, N. 28,426.00 605.00 37.00 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. 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. Required: 1. Complete the payroll register. Payroll checks begin with Ck.…
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. NAME BEGINNINGCUMULATIVEEARNINGS TOTAL EARNINGS DEDUCTIONS FEDERALINCOME TAX STATEINCOME TAX Denato, T. 6,820.00 480.00 24.00 4.80 Herrera, M. 6,840.00 470.00 23.00 4.60 Joyner, J. 36,320.00 740.00 58.00 11.60 King, L. 26,200.00 540.00 30.00 6.00 Wilson, M. 116,060.00 2,720.00 456.78 91.36 Yee, N. 28,426.00 605.00 37.00 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. 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. Required: 1. Complete the payroll register. Payroll checks begin with Ck.…
Go Systems had the following payroll data for wages for the week ended February 5. The state income tax is assumed to be 20% of the federal income tax. TAXABLE EARNINGS DEDUCTIONS TOTALEARNINGS ENDINGCUMULATIVEEARNINGS UNEMPLOYMENT SOCIALSECURITY MEDICARE FEDERALINCOME TAX STATEINCOME TAX SOCIALSECURITYTAX MEDICARETAX 6,770.00 27,850.00 6,770.00 6,770.00 6,770.00 1,015.00 203.00 419.74 98.17 Required: a. Prepare the general journal entry to record the payroll. If an amount box does not require an entry, leave it blank. If required, round your intermediate calculations and final answers to the nearest cent and use the rounded answers in subsequent computations. b. Prepare the general journal entry to record the employer's payroll taxes. Assume rates of 0.6 percent for federal unemployment tax and 5.4 percent for state unemployment tax based on the first $7,000 for each employee. Also assume that no employee has earned more than…
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.
3. Ethel Corp. Has the following data for the month of March 2021: Gross Payroll Employee's deductions: SSS Contribution Pbibsath PAgikis Witholding taxes P1,000,000 P20,000 10,000 10,000 100,000 The employer share of mandatory deductions are as follows: SSS Contribution Pbilbealth Pag-jkig P40,000 10,000 10,000 The company distributes its total payroll as follows: 50% to direct labor; 20% to indirect labor; 25% to administrative and 5% to sales salary. The company also apportions employer's contribution as follows: 70% to factory overhead; 25% to administrative and 5% to selling expenses. Determine the following: A. total accrued payroll. B. the amount charged to Worked in Process account. C. the amount charged to Factory Overhead. D. the employer's share charged to Factory Overhead. E. the employer's share charged to Selling and Administrative Expenses
According to a summary of the payroll of Scotland Company, $450,000 was subject to the 6.0% social security tax and $500,000 was subject to the 1.5% Medicare tax. Federal income tax withheld was $98,000. Also, $15,000 was subject to state (4.2%) and federal (0.8%) unemployment taxes. The journal entry to record accrued payroll taxes would include a A) credit to SUTA Payable of $18,900 B) debit to SUTA Payable of $630 C) debit to SUTA Payable of $18,900 D) credit to SUTA Payable of $630
Gilpin, Inc.'s payroll for November 2020 is summarized as follows: Amount of Wages Subject to Payroll Taxes Total Wages Federal Income Tax Withheld F.I.C.A. Unemployment $653,000 $127,200 $590,000 $74,000 The FICA rate is 7.65% each for the employer and the employee. Gilpin is subject to a total unemployment tax rate of 3.5%. What amount should Gilpin report as its liability for the employer's share of payroll taxes (exclude the employee's share) on its balance sheet as of November 30, 2020?
According to a summary of the payroll of Scotland Company, $450,000 was subject to the 6.0% social security tax and $500,000 was subject to the 1.5% Medicare tax. Federal income tax withheld was $98,000. Also, $15,000 was subject to state (4.2%) and federal (0.8%) unemployment taxes. The journal entry to record the accrued payroll taxes would include a a. debit to SUTA Payable for $18,900 b. debit to SUTA Payable for $630 c. credit to SUTA Payable for $18,900 d. credit to SUTA Payable for $630
Cheyenne Hardware payroll for November 2020 is summarized below. Amount Subject to Payroll Taxes Unemployment Tax Payroll Wages Due FICA Federal State Factory $124,200 $124,200 $36,400 $36,400 Sales 34,700 34,700 3,900 3,900 Administrative 37,700 37,700 Total $196,600 $196,600 $40,300 $40,300 At this point in the year, some employees have already received wages in excess of those to which payroll taxes apply. Assume that the state unemployment tax is 2.5%. The FICA rate is 7.65% on an employee’s wages to $128,400 and 1.45% in excess of $128,400. Of the $196,600 wages subject to FICA tax, $18,000 of the sales wages is in excess of $128,400. Federal unemployment tax rate is 0.8% after credits. Income tax withheld amounts to $17,000 for factory, $7,400 for sales, and $6,400 for administrative. (a) Partially correct answer icon Your answer is partially correct. Prepare…

SEE MORE QUESTIONS

Recommended textbooks for you

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

Accounting

ISBN:

9781305084087

Author:

Cathy J. Scott

Publisher:

Cengage Learning

Century 21 Accounting Multicolumn Journal

Accounting

ISBN:

9781337679503

Author:

Gilbertson

Publisher:

Cengage

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

Accounting

ISBN:

9781305084087

Author:

Cathy J. Scott

Publisher:

Cengage Learning

Century 21 Accounting Multicolumn Journal

Accounting

ISBN:

9781337679503

Author:

Gilbertson

Publisher:

Cengage

SEE MORE TEXTBOOKS

GET THE APP

About FAQ Academic Integrity Sitemap Document Sitemap

Contact Bartleby Contact Research (Essays)High School Textbooks Literature Guides Concept Explainers by Subject Essay Help Mobile App

GET THE APP

Privacy

Your CA Privacy Rights

Your NV Privacy Rights

About Ads

Manage My Data

bartleby, a Learneo, Inc. business

Department Payroll	Total Wages		Federal Income Tax Withheld	Amount of Wages Subject to Payroll Taxes
F.I.C.A.	Unemployment
Factory		$77000		$9000	$68000	$33000
Sales		23000		3000	17000	3000
Office		18000		3000	9000	-
		$118000		$15000	$94000	$36000