The monthly salaries for December and the year-to-date earnings of the employees of Bush Consulting Company...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The monthly salaries for December and the year-to-date earnings of the employees of Bush Consulting Company as of November 30 follow. Determine the amount of social security tax to be withheld from each employee's gross pay for December. Assume a 6.2 percent social security tax rate and an earnings base of $132,900 for the calendar year. Employee December No. Salary 1 234 Year-to-Date Earnings Through Soc. Sec. Taxable Earnings November 30 December 98,600 69,600 113,410 99,600 $ 9,500 $ 9,600 10,310 9,600 Social Security Tax 6.20% Private Publishing has two office employees. A summary of their earnings and the related taxes withheld from their pay for the week ending June 7, 20X1, follows. Gross earnings Social security deduction Medicare deduction Income tax withholding Net pay for week View transaction list < 1&2. Prepare the general journal entries to record the company's payroll and to summarize the checks to pay the weekly payroll. (Round your answers to 2 decimal places.) Journal entry worksheet 1 2 Ann Chen $1,260.00 (78.12) (18.27) (337.31) Note: Enter debits before credits. Date June 07, 20X1 $ 826.30 Record entry Record the company's payroll for the week to be paid at a later date. David Kendrick $1,130.00 (70.06) (16.39) (203.51) $ 840.04 General Journal Clear entry Debit Credit View general journal > On July 31, the payroll register for White Sales Company showed the following totals for the month: gross earnings, $39,100; social security tax, $2,424.20; Medicare tax, $566.95; income tax, $3,095.56; and net amount due, $33,013.29. Of the total earnings, $30,908.46 was for sales salaries and $8,191.54 was for office salaries. Prepare a general journal entry to record the monthly payroll of the firm on July 31. (Round your final answers to 2 decimal places.) View transaction list Journal entry worksheet < 1 Record the payroll expense and related taxes payable. Note: Enter debits before credits. Date July 31 Record entry General Journal Clear entry Debit Credit View general journal > The monthly salaries for December and the year-to-date earnings of the employees of Bush Consulting Company as of November 30 follow. Determine the amount of social security tax to be withheld from each employee's gross pay for December. Assume a 6.2 percent social security tax rate and an earnings base of $132,900 for the calendar year. Employee December No. Salary 1 234 Year-to-Date Earnings Through Soc. Sec. Taxable Earnings November 30 December 98,600 69,600 113,410 99,600 $ 9,500 $ 9,600 10,310 9,600 Social Security Tax 6.20% Private Publishing has two office employees. A summary of their earnings and the related taxes withheld from their pay for the week ending June 7, 20X1, follows. Gross earnings Social security deduction Medicare deduction Income tax withholding Net pay for week View transaction list < 1&2. Prepare the general journal entries to record the company's payroll and to summarize the checks to pay the weekly payroll. (Round your answers to 2 decimal places.) Journal entry worksheet 1 2 Ann Chen $1,260.00 (78.12) (18.27) (337.31) Note: Enter debits before credits. Date June 07, 20X1 $ 826.30 Record entry Record the company's payroll for the week to be paid at a later date. David Kendrick $1,130.00 (70.06) (16.39) (203.51) $ 840.04 General Journal Clear entry Debit Credit View general journal > On July 31, the payroll register for White Sales Company showed the following totals for the month: gross earnings, $39,100; social security tax, $2,424.20; Medicare tax, $566.95; income tax, $3,095.56; and net amount due, $33,013.29. Of the total earnings, $30,908.46 was for sales salaries and $8,191.54 was for office salaries. Prepare a general journal entry to record the monthly payroll of the firm on July 31. (Round your final answers to 2 decimal places.) View transaction list Journal entry worksheet < 1 Record the payroll expense and related taxes payable. Note: Enter debits before credits. Date July 31 Record entry General Journal Clear entry Debit Credit View general journal >
Expert Answer:
Answer rating: 100% (QA)
Q 1 Social Security Tax Employee No December Salary Year to date Earningsthrough November 30 Soc Sec ... View the full answer
Related Book For
College Accounting A Contemporary Approach
ISBN: 978-0077639730
3rd edition
Authors: David Haddock, John Price, Michael Farina
Posted Date:
Students also viewed these accounting questions
-
Private Publishing has two office employees. A summary of their earnings and the related taxes withheld from their pay for the week ending August 7, 2019, follows....
-
Private Publishing has two office employees. A summary of their earnings and the related taxes withheld from their pay for the week ending August 7, 2016, follows. 1. Prepare the general journal...
-
Prepare the general journal entries to record the following transactions of the Quinones County General Fund: 1. Quinones County borrowed $1,000,000 by issuing six-month tax anticipation notes...
-
Happy Hands Company has net profit margin 5.51%, total assets turnover 0.63, and equity multiplier 2.77. What is its return on shareholder equity (ROE) using DuPont analysis method
-
How are external and internal agents modeled in REA diagrams for transactions that involve purely internal exchanges, such as raw material moving into production?
-
Following is the April 30 Accounts Receivable Subsidiary Ledger of Gabbard, Inc., a retailer of tents and camping equipment. Required: Use Microsoft Excel to prepare an electronic spreadsheet of an...
-
Analyze the methanol oxidation data in Table B. 20 for multicollinearity. x1 X2 X3 X4 xs 0 454 8.8 3.90 1.30 1.1 474 8.2 3.68 1.16 4.2 524 7.0 2.78 1.25 94.2 503 7.4 2.27 1.57 20.7 493 7.6 2.40 1.55...
-
An assembly station is asked to process 100 circuit boards per hour. It takes 20 minutes to receive the necessary components from the previous workstation. Completed circuit boards are placed in a...
-
Discuss the criteria that are being needed to make the presence for an e-commerce business in today's compe.itive marketplace. Now, do your resea ch on an e- comme.ce based company's...
-
Julie and Gordon Stephens have been tenants for two years at 17 Acacia Avenue Elksville, which they rent from Ace Lettings. Living with them are their 19-year-old son Bill, their 5-year-old daughter...
-
Read the case study Over-land Trucking and Freight: Relevant Costs for Decision Making and answer the following question: Assume Over-land could service the contract with existing equipment. Identify...
-
Strategic alliances that link together airlines in code sharing and joint marketing agreements are examples of how businesses can use ____________ strategies. (a) divestiture (b) growth (c)...
-
A form of international business that falls into the category of a direct investment strategy is ____________. (a) exporting (b) joint venture (c) licensing (d) global sourcing
-
When Coke and Pepsi spend millions on ads trying to convince customers that their products are unique, they are pursuing a ____________ strategy. (a) transnational (b) concentration (c)...
-
What are the major stages in the life cycle of an entrepreneurial firm, and what are the management challenges at each stage?
-
After objectives and standards are set, what step comes next in the control process? (a) Measure results. (b) Take corrective action. (c) Compare results with objectives. (d) Modify standards to fit...
-
A large utility company is considering two mutually exclusive methods for storing its coal combustion by products. One method is wet storage and the second method is dry storage. The company must...
-
Define deferred revenue. Why is it a liability?
-
1. As an owner or manager of a business, what questions would you ask to judge the firms performance, control operations, make decisions, and plan for the future? 2. Why is financial information...
-
Lee Corporation engaged in the following transactions during June. Record these transactions in ageneral journal. DATE TRANSACTIONS 2016 June 4 Purchased merchandise on account from Sanchez Company;...
-
NewTech Medical Devices is a medical devices wholesaler that commenced business on June 1, 2016. NewTech Medical Devices purchases merchandise for cash and on open account. In June 2016, NewTech...
-
Name three or more branches of Earth science, and describe the focus of each.
-
How does seafloor spreading relate to continental drift?
-
Describe how tectonic plates move in terms of speed and direction.
Study smarter with the SolutionInn App