For the year ended December 31, 2022, Sheffield Electrical Repair Company reports the following summary payroll...
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For the year ended December 31, 2022, Sheffield Electrical Repair Company reports the following summary payroll data. Gross earnings: Administrative salaries Electricians' wages Total Deductions: FICA taxes Federal income taxes withheld State income taxes withheld (3%) United Fund contributions payable Health insurance premiums (a) (b) Total $192,000 356,000 $548,000 $36,714 174,500 16,440 26,438 20,000 $274,092 Sheffield's payroll taxes are Social Security tax 6.2%, Medicare tax 1.45%, state unemployment 2.5% (due to a stable employment record), and 0.6% federal unemployment. Gross earnings subject to Social Security taxes of 6.2% total $464,000, and gross earnings subject to unemployment taxes total $140,000. No employee exceeds the $132,900 limit related to FICA taxes. Prepare a summary journal entry at December 31 for the full year's payroll. Journalize the adjusting entry at December 31 to record the employer's payroll taxes. No. Account Titles and Explanation (a) (b) Salaries and Wages Expense Salaries and Wages Payable FICA Taxes Payable Federal Income Taxes Payable State Income Taxes Payable United Fund Contributions Payable Health Insurance Payable Payroll Tax Expense FICA Taxes Payable Federal Unemployment Taxes Payable State Unemployment Taxes Payable Debit 548000 TIT Credit 273908 36714 174500 16440 26438 20000 840 3500 Employee Maria Sandoval Jennifer Mingenback Wages, Tips, Other Compensation $60,000 30,000 Federal Income Tax Withheld State Income Tax Withheld $29,400 $ 11,700 FICA Wages FI C Wages, Tips, Other Compensation $60,000 30,000 Federal Income Tax Withheld $29,400 11,700 State Income Tax Withheld FICA Wages FICA Tax Withheld For the year ended December 31, 2022, Sheffield Electrical Repair Company reports the following summary payroll data. Gross earnings: Administrative salaries Electricians' wages Total Deductions: FICA taxes Federal income taxes withheld State income taxes withheld (3%) United Fund contributions payable Health insurance premiums (a) (b) Total $192,000 356,000 $548,000 $36,714 174,500 16,440 26,438 20,000 $274,092 Sheffield's payroll taxes are Social Security tax 6.2%, Medicare tax 1.45%, state unemployment 2.5% (due to a stable employment record), and 0.6% federal unemployment. Gross earnings subject to Social Security taxes of 6.2% total $464,000, and gross earnings subject to unemployment taxes total $140,000. No employee exceeds the $132,900 limit related to FICA taxes. Prepare a summary journal entry at December 31 for the full year's payroll. Journalize the adjusting entry at December 31 to record the employer's payroll taxes. No. Account Titles and Explanation (a) (b) Salaries and Wages Expense Salaries and Wages Payable FICA Taxes Payable Federal Income Taxes Payable State Income Taxes Payable United Fund Contributions Payable Health Insurance Payable Payroll Tax Expense FICA Taxes Payable Federal Unemployment Taxes Payable State Unemployment Taxes Payable Debit 548000 TIT Credit 273908 36714 174500 16440 26438 20000 840 3500 Employee Maria Sandoval Jennifer Mingenback Wages, Tips, Other Compensation $60,000 30,000 Federal Income Tax Withheld State Income Tax Withheld $29,400 $ 11,700 FICA Wages FI C Wages, Tips, Other Compensation $60,000 30,000 Federal Income Tax Withheld $29,400 11,700 State Income Tax Withheld FICA Wages FICA Tax Withheld
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The transactions are shown below No Account Titles and Explanation Debit Credit a Salaries and Wages ... View the full answer
Related Book For
Accounting Principles
ISBN: 978-1118875056
12th edition
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
Posted Date:
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