Legends Leadworks is a monthly schedule depositor of payroll taxes. For the month of April 2022, the
Question:
Legends Leadworks is a monthly schedule depositor of payroll taxes. For the month of April 2022, the payroll taxes (employee and employer share) were as follows:
Social Security tax: $5,386.56
Medicare tax: $1,259.76
Employee federal income tax: $4,978.00
Create the General Journal entry for the remittance of the taxes on May 14, 2022. Use check 1320 in the description.
Transcribed Image Text:
1 IN 2 3 45 5 6 7 8 00 Date Description Post Ref. Debit Credit 1 2 496AWN 3 5 7 8
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 44% (9 reviews)
Date May 14 2022 Description Payroll tax remittance f...View the full answer
Answered By
Aketch Cindy Sunday
I am a certified tutor with over two years of experience tutoring . I have a passion for helping students learn and grow, and I firmly believe that every student has the potential to be successful. I have a wide range of experience working with students of all ages and abilities, and I am confident that I can help students succeed in school.
I have experience working with students who have a wide range of abilities. I have also worked with gifted and talented students, and I am familiar with a variety of enrichment and acceleration strategies.
I am a patient and supportive tutor who is dedicated to helping my students reach their full potential. Thank you for your time and consideration.
0.00
0 Reviews
10+ Question Solved
Related Book For
Payroll Accounting 2023
ISBN: 9781264415618
9th Edition
Authors: Jeanette M. Landin, Paulette Schirmer
Question Posted:
Students also viewed these Business questions
-
Legends Lead works is a monthly schedule depositor of payroll taxes. For the month of April, the payroll taxes (employee and employer share) were as follows?
-
KMH Industries is a monthly schedule depositor of payroll taxes. For the month of August, the payroll taxes (employee and employer share) were as follows:
-
The following payroll totals for the month of April are from the payroll register of Myth Corporation: salaries, $446,000; federal income taxes withheld, $62,880; Social Security tax withheld,...
-
1. The standard price per unit of materials is used in the calculation of which of the following variances? Materials price variance Materials quantity variance a NO NO b NO YES c YES NO d YES YES 2...
-
Baxter Company has two processing departments: Assembly and Finishing. A predetermined overhead rate of $10 per DLH is used to assign overhead to production. The company experienced the following...
-
Graeme Brown, chartered accountant, has been the partner in charge of the audit of Merkle Manufacturing Ltd, a client listed on the Australian Stock Exchange, for 13 years. Merkle has had excellent...
-
Estimate average particle diameter, mass transfer coefficients, and mixer stage efficiency for extraction of benzoic acid from water into toluene for Example 13-7. Example 13-7 Design a baffled...
-
Should you subtract interest expense or dividends when calculating project cash flow? MINI CASE Shrieves Casting Company is considering adding a new line to its product mix, and the capital budgeting...
-
Flint Corporation's comparative balance sheets are presented below. Flint Corporation Comparative Balance Sheets December 31 2025 2024 Cash $15,550 $10,800 Accounts receivable 21,200 24,500 Land...
-
The Makonsel Company is a fully integrated company that both produces goods and sells them at its retail outlets. After production, the goods are stored in the companys two warehouses until needed by...
-
Which of the following payroll-related accounts appear on the balance sheet? a. Wages and salaries payable b. Medicare tax expense c. Employee federal income tax payable d. FUTA tax expense
-
Using the employer payroll entry from P7-4A, post the employees share of the Social Security and Medicare taxes along with the employers share of payroll taxes for September 9 pay at White Mountain...
-
What would happen to the wages and employment levels of engineers if government expenditures on research and development programs were to fall? Show the effect graphically.
-
You are considering purchasing a small office building for $2,500,000. You expect the potential gross income ( PGI ) in the first year to be $450,000; vacancy and collection losses to be 9 percent of...
-
You are financing a new home. The loan is for $268,000 and you are getting rate of 4.9% per year compounded monthly. You have decided on a 15-year mortgage and will make monthly payments (end of the...
-
1. A bank pays 5.7% compounded quarterly on certain types of deposits. If interest is compounded semi-annually, what nominal rate of interest will maintain the same effective rate of interest? The...
-
Use Goal Seek to determine two separate changes that can be made to the Education Savings plan to increase the future value to $150,000. (Below is the data/problem worked) Annual Salary $73,500...
-
Consider the following scenario: Changing interest rates create opportunities for homeowners to gain an advantage by refinancing their homes. For this part of the assessment, use the following...
-
Which of these relations on {0, 1, 2, 3} are equivalence relations? Determine the properties of an equivalence relation that the others lack. a) {(0, 0), (1, 1), (2, 2), (3, 3)} b) {(0, 0), (0, 2),...
-
In a nonmagnetic medium, E = 50 cos (10 9 t 8x) a y + 40 sin (10 9 t 8x) a z V/m find the dielectric constant r and the corresponding H.
-
Analyze ConAgra's problems with its old system. What management, organization, and technology factors were responsible for these problems? What was the business impact of these problems?
-
List and describe the information requirements of My Recipe.
-
What types of system building methods and tools did ConAgra use for building its system?
-
1. (8 points) A 180-day T-bill, face value $10,000, is trading at a discount rate of 5%. NOS going? azonian lo gello leome (a) If you hold the T-bill until maturity, what is the rate of return you...
-
Pappy's Potato has come up with a new product, the Potato Pet (they are freeze-dried to last longer). Pappy's paid $135,000 for a marketing survey to determine the viability of the product. It is...
-
Case 13.1 Chippy Potato Chip Company Located in Reno, Nevada, since 1947, the Chippy Potato Chip Company manufactured potato chips and distributed them within a 100-mile radius of Reno. It used its...
Study smarter with the SolutionInn App