After Beam Corporation paid its employees on July 15, 2016, and recorded the corporation’s share of payroll taxes for the payroll paid that date, the firm’s general ledger showed a balance of $20,700 in the Social Security Tax Payable account, a balance of $4,246 in the Medicare Tax Payable account, and a balance of $19,260 in the Employee Income Tax Payable account. On July 16, the business issued a check to deposit the taxes owed in the First Texas Bank. Record this transaction in general journal form. Use 24 as the page number for the general journal
Answer to relevant QuestionsAt the end of the weekly payroll period on June 30, 2016, the payroll register of Cordts Consultants showed employee earnings of $71,900. Determine the firm's payroll taxes for the period. Use a social security rate of 6.2 ...The payroll register of Weekly Car Cleaning Company showed total employee earnings of $4,500 for the payroll period ended July 14, 2016.INSTRUCTIONS1. Compute the employer’s payroll taxes for the period. Use rates of 6.2 ...A payroll summary for Today’s Teen owned by Nikki Davis, for the quarter ending September 30, 2016, appears on shown below. The business made the following electronic deposits of payroll taxes:a. August 15 for July ...For each of the following independent situations, indicate the adjusting entry that must be made on the December 31, 2016, worksheet. Omit descriptions.a. During the year 2016, Johnson Company had net credit sales of ...Healthy Eating Foods Company is a distributor of nutritious snack foods such as granola bars. On December 31, 2016, the firm’s general ledger contained the accounts and balances that follow. ACCOUNTS AND ...
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