Journal for (a)recording monthly payroll, (b) liability for liability for accrued salaries and (c) payroll tax expense for the monthly payroll. Given information: Monthly payroll of the company is $2,850,000. Social security taxes for federal 6.2% Income tax for federal is 20%. Tax rate for state and local taxes is 4%. Federal unemployment tax rate is 1.6%. State unemployment tax rate is 4.4% on wage base. Company gets credit of 3.2% for state unemployment tax.

Question

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Answer 1

Question

Chapter 13, Problem 13.14E

To determine

To prepare: Journal for (a)recording monthly payroll, (b) liability for liability for accrued salaries and (c) payroll tax expense for the monthly payroll.

Given information:

Monthly payroll of the company is $2,850,000.

Social security taxes for federal 6.2%

Income tax for federal is 20%.

Tax rate for state and local taxes is 4%.

Federal unemployment tax rate is 1.6%.

State unemployment tax rate is 4.4% on wage base.

Company gets credit of 3.2% for state unemployment tax.

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Answer 2

Question

Chapter 13, Problem 13.14E

To determine

To prepare: Journal for (a)recording monthly payroll, (b) liability for liability for accrued salaries and (c) payroll tax expense for the monthly payroll.

Given information:

Monthly payroll of the company is $2,850,000.

Social security taxes for federal 6.2%

Income tax for federal is 20%.

Tax rate for state and local taxes is 4%.

Federal unemployment tax rate is 1.6%.

State unemployment tax rate is 4.4% on wage base.

Company gets credit of 3.2% for state unemployment tax.

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Answer 3

Question

Chapter 13, Problem 13.14E

To determine

To prepare: Journal for (a)recording monthly payroll, (b) liability for liability for accrued salaries and (c) payroll tax expense for the monthly payroll.

Given information:

Monthly payroll of the company is $2,850,000.

Social security taxes for federal 6.2%

Income tax for federal is 20%.

Tax rate for state and local taxes is 4%.

Federal unemployment tax rate is 1.6%.

State unemployment tax rate is 4.4% on wage base.

Company gets credit of 3.2% for state unemployment tax.

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Answer 4

Question

Chapter 13, Problem 13.14E

To determine

To prepare: Journal for (a)recording monthly payroll, (b) liability for liability for accrued salaries and (c) payroll tax expense for the monthly payroll.

Given information:

Monthly payroll of the company is $2,850,000.

Social security taxes for federal 6.2%

Income tax for federal is 20%.

Tax rate for state and local taxes is 4%.

Federal unemployment tax rate is 1.6%.

State unemployment tax rate is 4.4% on wage base.

Company gets credit of 3.2% for state unemployment tax.

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Answer 5

Chapter 13, Problem 13.14E

To determine

To prepare: Journal for (a)recording monthly payroll, (b) liability for liability for accrued salaries and (c) payroll tax expense for the monthly payroll.

Given information:

Monthly payroll of the company is $2,850,000.

Social security taxes for federal 6.2%

Income tax for federal is 20%.

Tax rate for state and local taxes is 4%.

Federal unemployment tax rate is 1.6%.

State unemployment tax rate is 4.4% on wage base.

Company gets credit of 3.2% for state unemployment tax.

Answer 6

Chapter 13, Problem 13.14E

To determine

To prepare: Journal for (a)recording monthly payroll, (b) liability for liability for accrued salaries and (c) payroll tax expense for the monthly payroll.

Given information:

Monthly payroll of the company is $2,850,000.

Social security taxes for federal 6.2%

Income tax for federal is 20%.

Tax rate for state and local taxes is 4%.

Federal unemployment tax rate is 1.6%.

State unemployment tax rate is 4.4% on wage base.

Company gets credit of 3.2% for state unemployment tax.

Answer 7

Chapter 13, Problem 13.14E

To determine

To prepare: Journal for (a)recording monthly payroll, (b) liability for liability for accrued salaries and (c) payroll tax expense for the monthly payroll.

Given information:

Monthly payroll of the company is $2,850,000.

Social security taxes for federal 6.2%

Income tax for federal is 20%.

Tax rate for state and local taxes is 4%.

Federal unemployment tax rate is 1.6%.

State unemployment tax rate is 4.4% on wage base.

Company gets credit of 3.2% for state unemployment tax.

Answer 8

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Answer 9

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Answer 10

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Answer 11

Ch. 13 - Prob. 13.1Q Ch. 13 - Prob. 13.2Q Ch. 13 - Prob. 13.3Q Ch. 13 - Do sellers recognize sales taxes as expenses on...Ch. 13 - Prob. 13.5Q Ch. 13 - Prob. 13.6Q Ch. 13 - Prob. 13.7Q Ch. 13 - What is a gam contingency? Is It accrued and...Ch. 13 - Do firms always accrue and record loss...Ch. 13 - Prob. 13.10Q

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