A payroll summary for Cortez Consulting Company, owned by Coni Cortez, for the quarter ending June...

 

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A payroll summary for Cortez Consulting Company, owned by Coni Cortez, for the quarter ending June 30, 20X1, appears below. The firm made the required tax deposits as follows: a. For April taxes, paid on May 15. b. For May taxes, paid on June 17. Date Wages Paid April 8 Total Earnings $ 3,500.00 3,700.00 3,800.00 4,400.00 April 15 April 22 April 29 $ 15,400.00 May 5 $ 3,300.00 3,400.00 May 12 May 19 May 26 3,300.00 4,400.00 $ 14,400.00 Social Security Medicare Tax Tax Deducted $ 217.00 229.40 235.60 272.80 $ 954.80 $ 204.60 210.80 204.60 272.80 Deducted $ 50.75 Income Tax Withheld $ 350.00 365.00 380.00 53.65 55.10 63.80 436.00 $ 223.30 $ 1,531.00 $ 47.85 $ 328.00 49.30 47.85 338.00 328.00 436.00 63.80 $ 892.80 $ 208.80 June 2 June 9 $ 3,700.00 3,400.00 $ 229.40 210.80 $ 53.65 49.30 $ 1,430.00 $ 365.00 338.00 June 16 June 23 June 30 4,400.00 3,400.00 3,200.00 272.80 63.80 436.00 210.80 49.30 338.00 198.40 46.40 318.00 $ 18,100.00 $ 1,122.20 $ 262.45 $ 1,795.00 Total $ 47,900.00 $ 2,969.80 $ 694.55 $ 4,756.00 Social security Medicare 6.2 percent 1.45 FUTA SUTA 0.6 5.4 Problem 11.2A (Static) Computing employer's social security tax, Medicare tax, and unemployment axes. LO 11-2, 11-3 equired: 1. Using the tax rates given above, and assuming that all earnings are taxable, make the general journal entry on April 8, 20X1, to record the employer's payroll tax expense on the payroll ending that date. A payroll summary for Cortez Consulting Company, owned by Coni Cortez, for the quarter ending June 30, 20X1, appears below. The firm made the required tax deposits as follows: a. For April taxes, paid on May 15. b. For May taxes, paid on June 17. Date Wages Paid April 8 Total Earnings $ 3,500.00 3,700.00 3,800.00 4,400.00 April 15 April 22 April 29 $ 15,400.00 May 5 $ 3,300.00 3,400.00 May 12 May 19 May 26 3,300.00 4,400.00 $ 14,400.00 Social Security Medicare Tax Tax Deducted $ 217.00 229.40 235.60 272.80 $ 954.80 $ 204.60 210.80 204.60 272.80 Deducted $ 50.75 Income Tax Withheld $ 350.00 365.00 380.00 53.65 55.10 63.80 436.00 $ 223.30 $ 1,531.00 $ 47.85 $ 328.00 49.30 47.85 338.00 328.00 436.00 63.80 $ 892.80 $ 208.80 June 2 June 9 $ 3,700.00 3,400.00 $ 229.40 210.80 $ 53.65 49.30 $ 1,430.00 $ 365.00 338.00 June 16 June 23 June 30 4,400.00 3,400.00 3,200.00 272.80 63.80 436.00 210.80 49.30 338.00 198.40 46.40 318.00 $ 18,100.00 $ 1,122.20 $ 262.45 $ 1,795.00 Total $ 47,900.00 $ 2,969.80 $ 694.55 $ 4,756.00 Social security Medicare 6.2 percent 1.45 FUTA SUTA 0.6 5.4 Problem 11.2A (Static) Computing employer's social security tax, Medicare tax, and unemployment axes. LO 11-2, 11-3 equired: 1. Using the tax rates given above, and assuming that all earnings are taxable, make the general journal entry on April 8, 20X1, to record the employer's payroll tax expense on the payroll ending that date.