According to a payroll register summary of Ruiz Company, the amount of employees gross pay in December
Question:
According to a payroll register summary of Ruiz Company, the amount of employees’ gross pay in December was $850,000, of which $90,000 was not subject to FICA tax and $750,000 was not subject to state and federal unemployment taxes.
Instructions
(a) Determine the employer’s payroll tax expense for the month, using the following rates: FICA 8%, state unemployment 5.4%, federal unemployment 0.8%.
(b) Prepare the journal entry to record December payroll tax expense.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 85% (14 reviews)
a FICA tax 760000 8 60800 SUTA tax 100000 54 5400 ...View the full answer
Answered By
Somshukla Chakraborty
I have a teaching experience of more than 4 years by now in diverse subjects like History,Geography,Political Science,Sociology,Business Enterprise,Economics,Environmental Management etc.I teach students from classes 9-12 and undergraduate students.I boards I handle are IB,IGCSE, state boards,ICSE, CBSE.I am passionate about teaching.Full satisfaction of the students is my main goal.
I have completed my graduation and master's in history from Jadavpur University Kolkata,India in 2012 and I have completed my B.Ed from the same University in 2013. I have taught in a reputed school of Kolkata (subjects-History,Geography,Civics,Political Science) from 2014-2016.I worked as a guest lecturer of history in a college of Kolkata for 2 years teaching students of 1st ,2nd and 3rd year. I taught Ancient and Modern Indian history there.I have taught in another school in Mohali,Punjab teaching students from classes 9-12.Presently I am working as an online tutor with concept tutors,Bangalore,India(Carve Niche Pvt.Ltd.) for the last 1year and also have been appointed as an online history tutor by Course Hero(California,U.S) and Vidyalai.com(Chennai,India).
4.00+
2+ Reviews
10+ Question Solved
Related Book For
Accounting Principles
ISBN: 978-0470533475
9th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Question Posted:
Students also viewed these Accounting questions
-
You plan to retire 33 years from now. You expect that you will live 27 years after retiring. You want to have enough money upon reaching retirement age to withdraw $180,000 from the account at the...
-
According to a payroll register summary of Pierfrancesco Company, the amount of employees gross pay in December was $850,000, of which $90,000 was not subject to FICA tax and $750,000 was not subject...
-
According to a payroll register summary of Cruz Company, the amount of employees gross pay in December was $850,000, of which $70,000 was not subject to FICA tax and $760,000 was not subject to state...
-
B. Giulia runs at 4.5 m/s (1 m/s is 2.2 mi/h ... just think "about 2 mi/h"). She is running eastward into the sunrise and along a straight-line path. Show a complete sketch from when you start...
-
The document "American Attitudes about Genocide" provided highlights of a nationwide poll with 1000 participants. The survey, conducted by Penn Schoen Berland between June 30 and July 10, 2012,...
-
Suppose the Vehicle class is defined to keep track of vehicles in a household. What kinds of instance data members, variables and constants, would be defined for such Vehicle objects? Do any useful...
-
If career opportunities in an organization are limited, do managers have a responsibility to convey this information to employees? Explain your position.
-
This problem is based on the information about the Murphy County General Fund budgeted and actual transactions and events described in Problem 4-2. In Problem 4-2, The Murphy County Commissioners...
-
"Why do poor women have children while still young and unmarried when they will face such an uphill struggle to support them?" What do these women want before marriage and how does that compare to...
-
7. A reheat cycle with two stages of reheating is executed, with steam expanding initially from 90 bar and 530C. The two reheater pressures are 10 bar and 0.6 bar, and the steam leaves each reheater...
-
Selected data from a February payroll register for Gerfield Company are presented below. Some amounts are intentionally omitted FICA taxes are 8%. State income taxes are 3% of gross...
-
Cerner Company has two fringe benefit plans for its employees: 1. It grants employees 2 days vacation for each month worked. Ten employees worked the entire month of March at an average daily wage of...
-
A brewery sells cans of beer that are supposed to contain 355 ml. However, there is some variation in the amount of beer dispensed into each can. The mean amount is 356 ml with a standard deviation...
-
Sloan operated ChoCo, a gourmet chocolate factory. When the business doubled and then tripled in size, Sloan wanted to expand ChoCos facilities. To accomplish the expansion, Sloan needed to buy fifty...
-
Dave owns an office building. Dave sells the building to P&I Corporation. To be valid, the deed that conveys the property from Dave to P&I must include a description of the property and a. only Daves...
-
Michelle and Joseph Ardito owned two horses. At one point in time, both Michelle and Joseph were incapacitated. They agreed to have the horses transferred to the Woodbridge Animal Services Farm....
-
What is credit quality, and how is it assessed?
-
If a firm now has a debt ratio of 50% but plans to finance with only 40% debt in the future, what should it use as w d when it calculates its WACC? Explain.
-
What is the best-case runtime complexity of searching an Array?
-
(a) What do data breach notification laws require? (b) Why has this caused companies to think more about security?
-
Use a graphing utility to locate the points of intersection of y = x 2 and y = cos x, and find the area between the two curves (approximately).
-
One-half of the adjusting entry is given below. Indicate the account title for the other half of the entry. (a) Salaries Expense is debited. (b) Depreciation Expense is debited. (c) Interest Payable...
-
Why is it possible to prepare financial statements directly from an adjusted trial balance?
-
On numerous occasions, proposals have surfaced to put the federal government on the accrual basis of accounting. This is no small issue. If this basis were used, it would mean that billions in...
-
what type of analytical error it is Failure in reporting? Describe briefly.
-
write the code in python Example binary conversion: 22/2 11 r 0 (this remainder is the least significant binary digit) 11/2=5r1 5/2=2r1 2/2=1r0 1/2=0r1 pulling all the remainders together we get...
-
Asymmetric scales are considered to the be the preferred alternative when assessing the impact of project risk. Discuss why this is so. In so doing, fully describe the notion of asymmetric scales by...
Study smarter with the SolutionInn App