Calculator Calculating Payroll Taxes Expense and Preparing Journal Entry Selected information from the payroll register of...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Calculator Calculating Payroll Taxes Expense and Preparing Journal Entry Selected information from the payroll register of Ebeling's Dairy for the week ended July 7, 20--, is shown below. The SUTA tax rate is 5.4%, and the FUTA tax rate is 0.6%, both on the first $7,000 of earnings. Social Security tax on the employer is 6.2% on the first $128,400 of earnings, and Medicare tax is 1.45% on gross earnings. eBook Show Me How Emnluan Cumulative Pay Current Before Current Weekly Unemployment i Earnings Compensation Earnings $6,620 $770 11 6,340 750 23,550 1,230 6,940 980 125,350 5,140 25,060 28,330 Employee Name Click, Katelyn Coombs, Michelle Fauss, Erin Lenihan, Marcus McMahon, Drew Newell, Margi Stevens, Matt Required: 1. Calculate the total employer payroll taxes for these employees. Taxable Earnings Current Workb Unemploy Taxable Earnings 1,120 1,230 Social Social Security < 1. Calculate the total employer payroll taxes for these employees. Taxable Earnings Employee Name Click, Katelyn Coombs, Michelle Fauss, Erin Lenihan, Marcus McMahon, Drew Newell, Marg Stevens, Matt Total Current Weekly Earnings Social Security tax Medicare tax FUTA tax SUTA tax Total employer payroll taxes Unemploy. Comp. Social Security < 2. Prepare the journal entry to record the employer payroll taxes as of July 7, 20--. Page: 1 2 3 4 DATE 5 20- July 7 ACCOUNT TITLE DOC. POST. NO. REF. DEBIT 0000 CREDIT 0000 1 23+ 6 Calculator Calculating Payroll Taxes Expense and Preparing Journal Entry Selected information from the payroll register of Ebeling's Dairy for the week ended July 7, 20--, is shown below. The SUTA tax rate is 5.4%, and the FUTA tax rate is 0.6%, both on the first $7,000 of earnings. Social Security tax on the employer is 6.2% on the first $128,400 of earnings, and Medicare tax is 1.45% on gross earnings. eBook Show Me How Emnluan Cumulative Pay Current Before Current Weekly Unemployment i Earnings Compensation Earnings $6,620 $770 11 6,340 750 23,550 1,230 6,940 980 125,350 5,140 25,060 28,330 Employee Name Click, Katelyn Coombs, Michelle Fauss, Erin Lenihan, Marcus McMahon, Drew Newell, Margi Stevens, Matt Required: 1. Calculate the total employer payroll taxes for these employees. Taxable Earnings Current Workb Unemploy Taxable Earnings 1,120 1,230 Social Social Security < 1. Calculate the total employer payroll taxes for these employees. Taxable Earnings Employee Name Click, Katelyn Coombs, Michelle Fauss, Erin Lenihan, Marcus McMahon, Drew Newell, Marg Stevens, Matt Total Current Weekly Earnings Social Security tax Medicare tax FUTA tax SUTA tax Total employer payroll taxes Unemploy. Comp. Social Security < 2. Prepare the journal entry to record the employer payroll taxes as of July 7, 20--. Page: 1 2 3 4 DATE 5 20- July 7 ACCOUNT TITLE DOC. POST. NO. REF. DEBIT 0000 CREDIT 0000 1 23+ 6
Expert Answer:
Answer rating: 100% (QA)
Employee Name CK CM FE LM MD NM S M Total Cumulative ... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
Selected information from the payroll register of Anderson's Dairy for the week ended July 7, 20--, is shown below. The SUTA tax rate is 5.4%, and the FUTA tax rate is 0.8%, both on the first $7,000...
-
Selected information from the payroll register of Wray's Drug Store for the week ended July 14, 20--, is shown below. The SUTA tax rate is 5.4%, and the FUTA tax rate is 0.8%, both on the first...
-
Selected information from the payroll register of Raynette's Boutique for the week ended September 14, 20--, is as follows. Social Security tax is 6.2% on the first $106,800 of earnings for each...
-
When completed submit your assignment to the appropriate area. Company A, an American company, owns Company B, a Canadian subsidiary. Company A borrowed 1,000,000 Canadian dollars as a hedge on its...
-
If the moon orbited at four times the present distance to the earth, what would be the orbiting time for the moon?
-
Wholesale Stuff, Inc. sells to retailers on account. Sales for the year totaled $9,900,000. The company uses the aging method for determining bad debt expense. The aging report and related...
-
What are opportunity costs? Why are they important to managers? What is the opportunity cost of not investing in environmental protection? Provide an example to support your answer.
-
Dunlop Company makes a product that it sells for $200. Dunlop incurs annual fixed costs of $250,000 and variable costs of $160 per unit. Required The following requirements are interdependent. For...
-
a. Develop a scatter chart for these data with DJIA as the independent variable. What does the scatter chart indicate about the relationship between DJIA and S&P 500? b. Develop an estimated...
-
Decor and More Imports recently reported the following stockholders' equity: ai (Click the icon to view the data.) Suppose Decor and More split its common stock 2-for-1 in order to decrease the...
-
Explain the significance and impact of a major historical event on the cultural, social, and economic aspects of the society during the time period. Analyze how this event shaped the course of...
-
During 2024, a company sells 389 units of inventory for $94 each. The company has the following inventory purchase transactions for 2024: Number of Unit Date January 1 May 5 Transaction Beginning...
-
Using the information in the image below, how do I set up a linear programming model for the project plan with these parameters Show how time and cost estimates play into the specification. In...
-
Barbara Jackson and Fred Harrin decide to organize the Wildhorse partnership. Jackson invests $15,300 cash and Harrin contributes $10,200 cash and equipment with a cost of $7,140 and accumulated...
-
A company can pay the fire insurance premiums on its factory either quarterly or annually. If paid annually, the premium is $3600, paid at the beginning of the year. If paid quarterly, there is a $30...
-
What are the pros and cons to automate employment benefits tasks and functions?
-
What were the Accounts of the Exploration of the New World in Early Exploration?
-
Maria Castigliani is head of the purchasing department of Ambrosiana Merceti, a medium-sized construction company. One morning she walked into the office and said, The main problem in this office is...
-
Refer to the trial balance of Kohl's Home Repair in Problem 3-13A to determine the following information. Use the format providedbelow. 1. a. Total revenue for the month b. Total expenses for the...
-
Refer to the work sheet in Problem 6-7A for Megaffin's Repairs. The trial balance amounts (before adjustments) have been entered in the ledger accounts provided in the working papers. If you are not...
-
Using the accounting equation, compute the missingelements. Assets Liabilities Owner's Equity 27,000 $17,000 $32,000 $27,000 $18,000 $20,000
-
The audit procedures applied to accrued liabilities differ from those applied to accounts payable because a. Accrued liabilities balances are less material than accounts payable balances. b. Evidence...
-
Match each assertion to the related audit objective. Each assertion may be used once, more than once, or not at all. Audit objective 1. To determine whether the amount shown as invento- ries in the...
-
Audit procedures should be designed to accomplish specific audit objectives. Review the following inventory audit procedures and indicate which audit objectives are being accomplished and how. a....
Study smarter with the SolutionInn App