For the year ended December 31, 2012, Telmarine Electrical Repair Company reports the following summary payroll...

 

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For the year ended December 31, 2012, Telmarine Electrical Repair Company reports the following summary payroll data. Gross earnings: Administrative salaries $200,000 Electricians' wages 370,000 Total $570,000 Deductions: FICA taxes $ 38,800 Federal income taxes withheld 174,400 State income taxes withheld (3%) 17,100 United Fund contributions payable 27,500 Health insurance premiums 17,200 Total $275,000 Telmarine Company's payroll taxes are: FICA 8%, state unemployment 2.5% (đue to a stable employment record), and 0.8% federal unemployment. Gross earnings subject to FICA taxes total $485,000, and gross earnings subject to unemployment taxes total $135,000. Instructions (a) Prepare a summary journal entry at December 31 for the full year's payroll. (a) Salaries and wages payable S295,000 (b) Journalize the adjusting entry at December 31 to record the employer's payroll taxes. (b) Payroll tax expense $43,255 (c) The W-2 Wage and Tax Statement requires the following dollar data. Wages, Tips, Other Compensation Federal Income State Income FICA FICA Tax Tax Withheld Tax Withheld Wages Withheld Complete the required data for the following employees. Employee Gross Earnings Federal Income Tax Withheld Lucie Solarava $59,000 $28,500 Kristina Madericova 26,000 10,200 For the year ended December 31, 2012, Telmarine Electrical Repair Company reports the following summary payroll data. Gross earnings: Administrative salaries $200,000 Electricians' wages 370,000 Total $570,000 Deductions: FICA taxes $ 38,800 Federal income taxes withheld 174,400 State income taxes withheld (3%) 17,100 United Fund contributions payable 27,500 Health insurance premiums 17,200 Total $275,000 Telmarine Company's payroll taxes are: FICA 8%, state unemployment 2.5% (đue to a stable employment record), and 0.8% federal unemployment. Gross earnings subject to FICA taxes total $485,000, and gross earnings subject to unemployment taxes total $135,000. Instructions (a) Prepare a summary journal entry at December 31 for the full year's payroll. (a) Salaries and wages payable S295,000 (b) Journalize the adjusting entry at December 31 to record the employer's payroll taxes. (b) Payroll tax expense $43,255 (c) The W-2 Wage and Tax Statement requires the following dollar data. Wages, Tips, Other Compensation Federal Income State Income FICA FICA Tax Tax Withheld Tax Withheld Wages Withheld Complete the required data for the following employees. Employee Gross Earnings Federal Income Tax Withheld Lucie Solarava $59,000 $28,500 Kristina Madericova 26,000 10,200

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Answer a Date Accounts titles and explanation Debit Credit Dec 31 Administrative Salaries Expense 20... View the full answer