Lee Financial Services pays employees monthly. Payroll information is listed below for January 2021, the first...
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Lee Financial Services pays employees monthly. Payroll information is listed below for January 2021, the first month of Lee's fiscal year. Assume that none of the employees exceeded any relevant base of pay, such that all benefit percentages apply to the entire $490,000 payroll. Salaries $490,000 Federal income taxes to be withheld 98,000 0.60% Federal unemployment tax rate State unemployment tax rate (after SUTA deduction) Social security tax rate 5.40% 6.20% Medicare tax rate 1.45% Required: Calculate the income and payroll taxes for the January 2021 pay period. Prepare the appropriate journal entries to record salaries expense and payroll tax expense for the January 2021 pay period. Complete this question by entering your answers in the tabs below. General Payroll Tax Journal Calculate the income and payroll taxes for the January 2021 pay period. Amount withheld from Amount paid employees' gross pay Таx by employer Federal income taxes to be withheld Social Security tax Medicare tax Federal unemployment tax State unemployment tax Total 0 $ General Payroll Tax Journal Prepare the appropriate journal entries to record salaries expense and payroll tax expense for the January 20 is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list EX: > 1 Record salaries expense for January 2021 pay period. 2 Record payroll tax expense for January 2021 pay period. Credit Lee Financial Services pays employees monthly. Payroll information is listed below for January 2021, the first month of Lee's fiscal year. Assume that none of the employees exceeded any relevant base of pay, such that all benefit percentages apply to the entire $490,000 payroll. Salaries $490,000 Federal income taxes to be withheld 98,000 0.60% Federal unemployment tax rate State unemployment tax rate (after SUTA deduction) Social security tax rate 5.40% 6.20% Medicare tax rate 1.45% Required: Calculate the income and payroll taxes for the January 2021 pay period. Prepare the appropriate journal entries to record salaries expense and payroll tax expense for the January 2021 pay period. Complete this question by entering your answers in the tabs below. General Payroll Tax Journal Calculate the income and payroll taxes for the January 2021 pay period. Amount withheld from Amount paid employees' gross pay Таx by employer Federal income taxes to be withheld Social Security tax Medicare tax Federal unemployment tax State unemployment tax Total 0 $ General Payroll Tax Journal Prepare the appropriate journal entries to record salaries expense and payroll tax expense for the January 20 is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list EX: > 1 Record salaries expense for January 2021 pay period. 2 Record payroll tax expense for January 2021 pay period. Credit
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Tax Amount withheld from employees gross pay Amount paid by emp... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0078025839
9th edition
Authors: J. David Spiceland, James Sepe , Mark Nelson , Wayne Thomas
Posted Date:
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