According to a payroll register summary of Ruiz Company, the amount of employees gross pay in December
Question:
According to a payroll register summary of Ruiz Company, the amount of employees’ gross pay in December was $850,000, of which $90,000 was not subject to FICA tax and $750,000 was not subject to state and federal unemployment taxes.
Instructions
(a) Determine the employer’s payroll tax expense for the month, using the following rates: FICA 8%, state unemployment 5.4%, federal unemployment 0.8%.
(b) Prepare the journal entry to record December payroll tax expense.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 85% (14 reviews)
a FICA tax 760000 8 60800 SUTA tax 100000 54 5400 ...View the full answer
Answered By
Somshukla Chakraborty
I have a teaching experience of more than 4 years by now in diverse subjects like History,Geography,Political Science,Sociology,Business Enterprise,Economics,Environmental Management etc.I teach students from classes 9-12 and undergraduate students.I boards I handle are IB,IGCSE, state boards,ICSE, CBSE.I am passionate about teaching.Full satisfaction of the students is my main goal.
I have completed my graduation and master's in history from Jadavpur University Kolkata,India in 2012 and I have completed my B.Ed from the same University in 2013. I have taught in a reputed school of Kolkata (subjects-History,Geography,Civics,Political Science) from 2014-2016.I worked as a guest lecturer of history in a college of Kolkata for 2 years teaching students of 1st ,2nd and 3rd year. I taught Ancient and Modern Indian history there.I have taught in another school in Mohali,Punjab teaching students from classes 9-12.Presently I am working as an online tutor with concept tutors,Bangalore,India(Carve Niche Pvt.Ltd.) for the last 1year and also have been appointed as an online history tutor by Course Hero(California,U.S) and Vidyalai.com(Chennai,India).
4.00+
2+ Reviews
10+ Question Solved
Related Book For
Accounting Principles
ISBN: 978-0470533475
9th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Question Posted:
Students also viewed these Accounting questions
-
You plan to retire 33 years from now. You expect that you will live 27 years after retiring. You want to have enough money upon reaching retirement age to withdraw $180,000 from the account at the...
-
According to a payroll register summary of Pierfrancesco Company, the amount of employees gross pay in December was $850,000, of which $90,000 was not subject to FICA tax and $750,000 was not subject...
-
According to a payroll register summary of Cruz Company, the amount of employees gross pay in December was $850,000, of which $70,000 was not subject to FICA tax and $760,000 was not subject to state...
-
B. Giulia runs at 4.5 m/s (1 m/s is 2.2 mi/h ... just think "about 2 mi/h"). She is running eastward into the sunrise and along a straight-line path. Show a complete sketch from when you start...
-
The document "American Attitudes about Genocide" provided highlights of a nationwide poll with 1000 participants. The survey, conducted by Penn Schoen Berland between June 30 and July 10, 2012,...
-
1) What are the two sublayers of the Data Link Layer? Describe the function of each and their position relative to one another.
-
Consider the regression models described in Example 8.4. Example 8.4 a. Graph the response function associated with Eq. (8.10). Equation (8.10) b. Graph the response function associated with Eq....
-
Your firm has been engaged to do the current years audit of Dawood Ltd., a medium sized business involved in manufacturing television screens and monitors. Dawood is privately owned and its two...
-
Using this information listed on the table please help me findTotal debits or credits from the unadjusted trial balanceTotal debits or credits from the adjusted trial balanceTotal revenue which is 2...
-
Reep Construction recently won a contract for the excavation and site preparation of a new rest area on the Pennsylvania Turnpike. In preparing his bid for the job, Bob Reep, founder and president of...
-
Selected data from a February payroll register for Gerfield Company are presented below. Some amounts are intentionally omitted FICA taxes are 8%. State income taxes are 3% of gross...
-
Cerner Company has two fringe benefit plans for its employees: 1. It grants employees 2 days vacation for each month worked. Ten employees worked the entire month of March at an average daily wage of...
-
Determine the voltage across each element in Figure 1254. FIGURE 12-54 R www 220 V 25 V f = 100 kHz L 1.0 mH R 1500
-
Recently, equity returns have been lower than the returns available from short-term government securities. Clearly, in such a period, the capital asset pricing model doesnt work because equity...
-
Mile Long Merchants (MLM) Limited runs two small supermarkets. MLMs equity is owned entirely by members of the Long family. The directors are keen to open an additional supermarket. The cost of doing...
-
Assume that stocks are sorted into a 23 matrix of size and value (BM). How did Fama and French (1993) use this matrix to create their size and value factors?
-
Given only the original problem parameters, would you recommend upgrading to either RAID 0 or RAID 1 assuming individual disk parameters remain the same in the previous table? For disks in the table...
-
Arthur Graham plc (AG) is a Stock Exchange listed business that owns a chain of builders merchants throughout the south of England. AG is currently financed principally by equity, as a result of...
-
Differentiate between design patterns and frameworks.
-
(a) What do data breach notification laws require? (b) Why has this caused companies to think more about security?
-
Use a graphing utility to locate the points of intersection of y = x 2 and y = cos x, and find the area between the two curves (approximately).
-
One-half of the adjusting entry is given below. Indicate the account title for the other half of the entry. (a) Salaries Expense is debited. (b) Depreciation Expense is debited. (c) Interest Payable...
-
Why is it possible to prepare financial statements directly from an adjusted trial balance?
-
On numerous occasions, proposals have surfaced to put the federal government on the accrual basis of accounting. This is no small issue. If this basis were used, it would mean that billions in...
-
3. Use the math handbook page, located in the Appendix (~p89), to determine the first five frequencies of the series and their amplitude coefficients for the two waveforms shown below. Modify the...
-
4. Consider a mass-spring system where M = 2 and k = 8. (a) Express the general solution for this system. (You may have to refer to your ME 391 textbook.) (b) Say that M = 2 kg and k = 8 N/m,...
-
To measure the in-plane deformation of a thin sheet of metal during a forming process, three small hardness indentations are placed on the sheet. Using a travelling microscope, the initial lengths of...
Study smarter with the SolutionInn App