Gross earnings: For the year ended December 31, 2027, Swifty Electrical Repair Company reports the following...
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Gross earnings: For the year ended December 31, 2027, Swifty Electrical Repair Company reports the following summary payroll data. Swifty'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 $474,000, and gross earnings subject to unemployment taxes total $121,000. No employee exceeds the $132,900 limit related to FICA taxes. Administrative salaries $184,000 Electricians' wages 370,000 (a) Prepare a summary journal entry at December 31 for the full year's payroll. Total $554,000 (b) Journalize the adjusting entry at December 31 to record the employer's payroll taxes. Deductions: (Round answers to O decimal places, e.g. 125. Credit account titles are automatically indented when amount is entered. Do not indent manually.) FICA taxes $37,421 Federal income taxes withheld 177,000 No. Account Titles and Explanation State income taxes withheld (3%) 16,620 (a) United Fund contributions payable 26,728 Health insurance premiums 18,500 Total $276,269 (b) Debit (c) The W-2 Wage and Tax Statement requires the following dollar data. Complete the required data for the following employees. (Round answers to O decimal places, e.g. 5,275.) ployee indoval Wages, Tips, Other Compensation Federal Income Tax Withheld State Income Tax Withheld $54,000 $26,460 $ Mingenback 26,000 10,140 Credit FICA Wages FICA Tax Wit Gross earnings: For the year ended December 31, 2027, Swifty Electrical Repair Company reports the following summary payroll data. Swifty'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 $474,000, and gross earnings subject to unemployment taxes total $121,000. No employee exceeds the $132,900 limit related to FICA taxes. Administrative salaries $184,000 Electricians' wages 370,000 (a) Prepare a summary journal entry at December 31 for the full year's payroll. Total $554,000 (b) Journalize the adjusting entry at December 31 to record the employer's payroll taxes. Deductions: (Round answers to O decimal places, e.g. 125. Credit account titles are automatically indented when amount is entered. Do not indent manually.) FICA taxes $37,421 Federal income taxes withheld 177,000 No. Account Titles and Explanation State income taxes withheld (3%) 16,620 (a) United Fund contributions payable 26,728 Health insurance premiums 18,500 Total $276,269 (b) Debit (c) The W-2 Wage and Tax Statement requires the following dollar data. Complete the required data for the following employees. (Round answers to O decimal places, e.g. 5,275.) ployee indoval Wages, Tips, Other Compensation Federal Income Tax Withheld State Income Tax Withheld $54,000 $26,460 $ Mingenback 26,000 10,140 Credit FICA Wages FICA Tax Wit
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