According to a summary of the payroll of Bailik Co., $880,000 was subject to the 6.0% social

Question:

According to a summary of the payroll of Bailik Co., $880,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax. Also, $40,000 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.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Corporate Financial Accounting

ISBN: 978-1133952411

12th edition

Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac

See More Books

Question Posted: Feb 28, 2014 08:42 AM

See More Questions

According to a summary of the payroll of Glitz Publishing Co., $350,000 was subject to the 6.0% social security tax and $420,000 was subject to the 1.5% Medicare tax. Also, $14,000 was subject to...
According to a summary of the payroll of Pendant Publishing Co., $800,000 of payroll was subject to the 7.5% FICA tax. Also, $17,500 was subject to state and federal unemployment taxes. a. Calculate...
According to a summary of the payroll of Scofield Industries Co., $600,000 was subject to the 6.0% social security tax and $740,000 was subject to the 1.5% Medicare tax. Also, $20,000 was subject to...
What are due process and stare decisis, and why are they important?
The "Chemistry Put to Work" box on pipelines in Section 10.5 mentions that the total deliverability of natural gas (methane, CH4) to the various regions of the United States is on the order 2.7 x...
Describe the basic quality control practices used in manufacturing. In what service contexts can they be applied?
Give examples of information systems and automated information systems. How do they differ from each other?
In February, a restaurant had a beginning inventory of $85,000, made purchases of $235,000 and had an ending inventory of $70,000. Employee meal costs for the month were $12,000. Food revenue for the...
On the day you were born, your parents opened a college savings account with an initial deposit of $1,900. On every one of your birthdays since, your parents have made an additional deposit that is...
Recently, Ashland MultiComm Services has been criticized for its inadequate customer service in responding to questions and problems about its telephone, cable television, and Internet services....
In the following summary of data for a payroll period, some amounts have been intentionally omitted: Earnings: 1. At regular rate......... ? 2. At overtime rate....... $80,000 3. Total...
The payroll register for Jaffrey Company for the week ended May 16 indicated the following: Salaries.............. $1,250,000 Social security tax withheld..... 58,750 Medicare tax withheld..........
In each of the following exercises, give an expression for the answer using permutation notation, combination notation, factorial notation, or other operations. Then evaluate. Of the first 10...
Encryption Mode-ECB vs. CBC The file pic original. bmp can be downloaded from course Blackboard, and it contains a simple picture. We would like to encrypt this picture, so people without the...
At a temperature of 500K and a pressure of 600kPa, the air enters a completely insulated container against heat transfer at a speed of 45 m/s and It leaves at a temperature of 450K and a pressure of...
1. Write a program using MIPS assembly instructions, LI, SW to store array A[10] of 10 integers in a Data Segment. You can use Fibonacci program as a template. You can use first 10 Fibonacci numbers...
ARYA Company Handout Acctg 1 ( Chap 1 ) The following table show the effects of several transactions on the assets, liabilities, and equity for Arya Company. Cash Accounts Receivable Store Supplies...
Cell Phone Survey Data Cell Phone Service Gender Provider M M M M M M M F F M M M M F F M F M F M M M F F M Verizon Verizon AT&T AT&T AT&T AT&T M AT&T F AT&T M F F M F M F M F M AT&T AT&T AT&T M AT&T...
Verify the following identities using a calculator. a. log(12) = log(6) + log(2) = log(3) + log(4) b. ln(10) = ln(20) ln(2) = ln(15) ln(1.5) c. ln(100) = 2 ln(10)
How does Kant answer Humes bundle theory of self? Do you think he is successful?
Identify and briefly explain the major current liabilities.
Solar Industries develops and produces high-efficiency solar panels. The company has an outstanding $10,000,000, 30-year, 10% bond issue dated July 1, 2011. The bond issue is due June 30, 2040. Some...
The following financial data (in thousands) were taken from recent financial statements of Staples, Inc.: 1. What is the number of times interest charges are earned for Staples in Year 3, Year 2, and...
The following financial data (in thousands) were taken from recent financial statements of Staples, Inc.: 1. What is the number of times interest charges are earned for Staples in Year 3, Year 2, and...
Determine your monthly payment if you buy a $300,000 house at 6% with 15% down and pay it off over 30 years.
Revenue Recognition at a Point in Time versus Revenue Recognition Over Time. The market company won a contract to build a shopping center at a price of $300 million. The following schedule details...
Calculate the flat monthly instalment for the car loan amount of $450,000 over two years at 5% compounded semiannualy. You can use either geometric progression or an optimizer (Goal seek or Solver)...

According to a summary of the payroll of Bailik Co., $880,000 was subject to the 6.0% social

Question:

Step by Step Answer:

a Social security tax 6 880000 52800 Medicare tax 15 880000 1320...View the full answer

Corporate Financial Accounting

Students also viewed these Accounting questions