Orchard Company has monthly salaries of $10,000. Assume Orchard pays all the standard payroll taxes and...
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Orchard Company has monthly salaries of $10,000. Assume Orchard pays all the standard payroll taxes and no employees have reached the payroll tax limits. Journalize the accrual and payment of employer payroll taxes for Orchard Company. (Assume all of the monthly salary is subject to FUTA and SUTA. Record debits first, then credits. Select the explanation on the last line of the journal entry table.) (Click the icon to view payroll tax rate information.) Begin with the entry to accrue employer payroll taxes for Orchard Company. Date Accounts and Explanation Now record the payment of employer payroll taxes for Orchard Company. Date Accounts and Explanation Debit Debit Credit Credit More Info For all payroll calculations, use the following tax rates and round amounts to the nearest cent: Employee: Employer: OASDI: 6.2% on first $117,000 earned; Medicare: 1.45% up to $200,000, 2.35% on earnings above $200,000. OASDI: 6.2% on first $117,000 eamed; Medicare: 1.45% on all earnings; FUTA: 0.6% on first $7,000 earned; SUTA: 5.4% on first $7,000 earned. Print Done: Orchard Company has monthly salaries of $10,000. Assume Orchard pays all the standard payroll taxes and no employees have reached the payroll tax limits. Journalize the accrual and payment of employer payroll taxes for Orchard Company. (Assume all of the monthly salary is subject to FUTA and SUTA. Record debits first, then credits. Select the explanation on the last line of the journal entry table.) (Click the icon to view payroll tax rate information.) Begin with the entry to accrue employer payroll taxes for Orchard Company. Date Accounts and Explanation Now record the payment of employer payroll taxes for Orchard Company. Date Accounts and Explanation Debit Debit Credit Credit More Info For all payroll calculations, use the following tax rates and round amounts to the nearest cent: Employee: Employer: OASDI: 6.2% on first $117,000 earned; Medicare: 1.45% up to $200,000, 2.35% on earnings above $200,000. OASDI: 6.2% on first $117,000 eamed; Medicare: 1.45% on all earnings; FUTA: 0.6% on first $7,000 earned; SUTA: 5.4% on first $7,000 earned. Print Done:
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Related Book For
Horngrens Financial and Managerial Accounting
ISBN: 978-0133866292
5th edition
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura
Posted Date:
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