To the right of the journal entry template is the payroll register for Darma Fine Foods...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
To the right of the journal entry template is the payroll register for Darma Fine Foods for the biweekly pay period ending March 4. Below the payroll register is relevant information for calculating employer taxes. Payday is March 4. Use the following tax rates:: OASDI: 6.20% HI: 1.45% FUTA: .6% SUTA: 3.5% Use your textbook's account titles, but if it's an expense, add the word "expense" to the account title, and if it's a liability, add the word "payable" to the account title. That's to ensure your journal entries are clear for grading purposes, and I can assess your understanding of account classificaiton. If your account titles don't indicate the account's classification, I can't fully grade your work, and will return your submission to you to update it. When calculating employer taxes, round each amount to the nearest cent using standard rounding rules (described and used in your book). You should have three journal entries. No more, no less. Each journal entry should be appropriately dated. Date Accounts Debit Credit Instructions Journalize: (1) the March 4 payroll, (2) the March 4 employer's payroll tax expense (3) the March 7 deposit of federal taxes to the US Treasury (federal taxes are FIT, OASDI, HI). Assume FIT, OASDI, and HI had been deposited prior to the March 4 payroll. For the period ending EMPLOYEE NAME Austen, Kate Cortez, Ana Lucia Ford, James Hume, Desmond Locke, John Pace, Charlie Reyes, Hugo Shephard, Jack Totals $ $ TOTAL EARNINGS 2,140.00 $ 875.00 550.00 630.00 820.00 491.00 252.00 March 4 970.00 OASDI FICA 132.68 $ 54.25 34.10 39.06 50.84 Darma Fine Foods Payroll Register 30.44 15.62 60.14 6,728.00 $ 417.13 $ HI 31.03 $ 12.69 7.98 9.14 11.89 7.12 DEDUCTIONS 3.65 14.07 97.57 $ FIT 215.00 $ 27.00 42.00 19.00 54.00 5.00 Union Dues* 11.00 53.00 426.00 $ 12.00 $ 12.00 12.00 12.00 12.00 60.00 $ SIMPLE plan** 32.10 $ 1,717.19 13.13 8.25 9.45 12.30 NET 7.37 PAY 755.93 457.67 541.35 690.97 441.07 3.78 14.55 100.93 $ 5,626.37 205.95 816.24 Use the following tax rates:: OASDI: 6.20% HI: 1.45% FUTA: .6% SUTA: 3.5% Journalize: (1) the March 4 payroll, (2) the March 4 employer's payroll tax expense (3) the March 7 deposit of federal taxes to the US Treasury (federal taxes are FIT, OASDI, HI). Assume FIT, OASDI, and HI had been deposited prior to the March 4 payroll. EMPLOYEE NAME Austen, Kate Cortez, Ana Lucia Ford, James Hume, Desmond Locke, John Pace, Charlie Reyes, Hugo Shephard, Jack Totals TOTAL EARNINGS $ 2,140.00 $ 875.00 550.00 $ 630.00 820.00 491.00 OASDI FICA 132.68 $ 54.25 34.10 39.06 50.84 30.44 252.00 15.62 970.00 60.14 6,728.00 $ 417.13 $ HI 31.03 $ 12.69 7.98 9.14 11.89 7.12 DEDUCTIONS 3.65 14.07 97.57 $ FIT Union Dues* 215.00 $ 12.00 $ 27.00 42.00 19.00 54.00 5.00 11.00 53.00 426.00 $ 12.00 12.00 12.00 12.00 60.00 $ SIMPLE plan** 8.25 32.10 $ 1,717.19 13.13 755.93 457.67 9.45 12.30 7.37 3.78 NET 14.55 PAY 541.35 690.97 441.07 205.95 816.24 100.93 $ 5,626.37 OASDI taxable earnings HI taxable earnings SUTA taxable earnings FUTA taxable earnings $ 6,728.00 6,728.00 4,588.00 $ 252.00 *Not all employees elect to pay union dues. **A SIMPLE plan is a retirement plan. See chapter 4. To the right of the journal entry template is the payroll register for Darma Fine Foods for the biweekly pay period ending March 4. Below the payroll register is relevant information for calculating employer taxes. Payday is March 4. Use the following tax rates:: OASDI: 6.20% HI: 1.45% FUTA: .6% SUTA: 3.5% Use your textbook's account titles, but if it's an expense, add the word "expense" to the account title, and if it's a liability, add the word "payable" to the account title. That's to ensure your journal entries are clear for grading purposes, and I can assess your understanding of account classificaiton. If your account titles don't indicate the account's classification, I can't fully grade your work, and will return your submission to you to update it. When calculating employer taxes, round each amount to the nearest cent using standard rounding rules (described and used in your book). You should have three journal entries. No more, no less. Each journal entry should be appropriately dated. Date Accounts Debit Credit Instructions Journalize: (1) the March 4 payroll, (2) the March 4 employer's payroll tax expense (3) the March 7 deposit of federal taxes to the US Treasury (federal taxes are FIT, OASDI, HI). Assume FIT, OASDI, and HI had been deposited prior to the March 4 payroll. For the period ending EMPLOYEE NAME Austen, Kate Cortez, Ana Lucia Ford, James Hume, Desmond Locke, John Pace, Charlie Reyes, Hugo Shephard, Jack Totals $ $ TOTAL EARNINGS 2,140.00 $ 875.00 550.00 630.00 820.00 491.00 252.00 March 4 970.00 OASDI FICA 132.68 $ 54.25 34.10 39.06 50.84 Darma Fine Foods Payroll Register 30.44 15.62 60.14 6,728.00 $ 417.13 $ HI 31.03 $ 12.69 7.98 9.14 11.89 7.12 DEDUCTIONS 3.65 14.07 97.57 $ FIT 215.00 $ 27.00 42.00 19.00 54.00 5.00 Union Dues* 11.00 53.00 426.00 $ 12.00 $ 12.00 12.00 12.00 12.00 60.00 $ SIMPLE plan** 32.10 $ 1,717.19 13.13 8.25 9.45 12.30 NET 7.37 PAY 755.93 457.67 541.35 690.97 441.07 3.78 14.55 100.93 $ 5,626.37 205.95 816.24 Use the following tax rates:: OASDI: 6.20% HI: 1.45% FUTA: .6% SUTA: 3.5% Journalize: (1) the March 4 payroll, (2) the March 4 employer's payroll tax expense (3) the March 7 deposit of federal taxes to the US Treasury (federal taxes are FIT, OASDI, HI). Assume FIT, OASDI, and HI had been deposited prior to the March 4 payroll. EMPLOYEE NAME Austen, Kate Cortez, Ana Lucia Ford, James Hume, Desmond Locke, John Pace, Charlie Reyes, Hugo Shephard, Jack Totals TOTAL EARNINGS $ 2,140.00 $ 875.00 550.00 $ 630.00 820.00 491.00 OASDI FICA 132.68 $ 54.25 34.10 39.06 50.84 30.44 252.00 15.62 970.00 60.14 6,728.00 $ 417.13 $ HI 31.03 $ 12.69 7.98 9.14 11.89 7.12 DEDUCTIONS 3.65 14.07 97.57 $ FIT Union Dues* 215.00 $ 12.00 $ 27.00 42.00 19.00 54.00 5.00 11.00 53.00 426.00 $ 12.00 12.00 12.00 12.00 60.00 $ SIMPLE plan** 8.25 32.10 $ 1,717.19 13.13 755.93 457.67 9.45 12.30 7.37 3.78 NET 14.55 PAY 541.35 690.97 441.07 205.95 816.24 100.93 $ 5,626.37 OASDI taxable earnings HI taxable earnings SUTA taxable earnings FUTA taxable earnings $ 6,728.00 6,728.00 4,588.00 $ 252.00 *Not all employees elect to pay union dues. **A SIMPLE plan is a retirement plan. See chapter 4.
Expert Answer:
Answer rating: 100% (QA)
It looks like youve been given a task to prepare three journal entries related to payroll and payroll taxes Ill guide you through each entry step by step using the provided information and tax rates T... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
For the biweekly pay period ending on April 10 at Evas Pet Store, the following partial payroll summary was taken from the individual employee earnings records. Use it to do the following: 1....
-
For the biweekly pay period ending on April 10 at Clarks Pet Store, the following partial payroll summary is taken from the individual employee earnings records. Use it to do the following: 1....
-
An observer to the right of the mirrorlens combination shown in Figure P36.68 sees two real images that are the same size and in the same location. One image is upright and the other is inverted....
-
In practice, bar charts are used occasionally to summarize a numerical variable over time, which can be handy. The bar chart below shows the inflation rate based on the Consumer Price Index in India....
-
Was the partnership bound by Shelleys decision during the winding-up process to cancel the policy, even though he had not told Curle? Michael Curle and Steven Shelley were partners doing business...
-
Heather Smith Cosmetics (HSC) manufactures a variety of products and is organized into three divisions (investment centers): soap products, skin lotions, and hair products. Information about the most...
-
A printed circuit board has eight different locations in which a component can be placed. If five identical components are to be placed on the board, how many different designs are possible?
-
A solar water heater consists of a flat-plate collector that is coupled to a storage tank. The collector consists of a transparent cover plate and an absorber plate that are separated by an air gap....
-
You are considering an investment that will pay $22845 in 14 years. If the interest rate is 10.99%, what is the most you should be willing to invest today?
-
The data file agstrat.dat also contains information on other variables. For each of the following quantities, plot the data, and estimate the population mean for that variable along with its standard...
-
The salts of {fill_regular} are called acetates.
-
Why do you think that Salesforce and Slack chose to structure the transaction the way they did rather than the taxable scenario?
-
Why is there an increase or decrease in the book value over the fair value in the notes payable account?
-
Explain why including students in transition planning is essential to the development of a transitional plan. How is including students beneficial to them, and their future? Describe two strategies...
-
Calculate and report the value for the Upper Control Limit (UCL) and the Lower Control Limit (LCL) of the Proportion (p) control chart. Please do all calculations and report your final answers...
-
How is scope affected if an auditor decides that a smaller amount of misstatement is material for the same detection risk?
-
Sandra's Purse Boutique has the following transactions related to its top-selling Gucci purse for the month of October Sandra's Purse Boutique uses a periodic inventory system.
-
Describe the Operations (+,,*,/) that can cause negligible addition (NA), error magnification (EM), or subtractive cancellation (SC) in calculating ?((x^2)+1) - x . Give the range of where they might...
-
Autumn Co. had the following balances on December 31, 201X: The accountant for Autumn has asked you to make an adjustment because $390 of janitorial services has just been performed for customers who...
-
Nathan Company uses a voucher system along with a petty cash fund. Record each of the following entries in general journal form. Assume that Nathan Company records all vouchers at gross: 201X Aug. 8...
-
Complete the following table. Indicate whether a debit or credit results in an increase to the accountbalance Accounts Affected Category Rules a. Payroll Tax Expense b. FICA 0ASDI Payable C. SIT...
-
Figure18 . 25 shows the series of Walmart daily closing prices between February 2001 and February 2002 (thanks to Chris Albright for suggesting the use of these data, which are publicly available,...
-
Shipments of Household Appliances. The time plot in Figure 18 . 31 shows the series of quarterly shipments (in million dollars) of US household appliances between 1985 and 1989 (dataare available in...
-
Relation Between Moving Average and Exponential Smoothing. Assume that we apply a moving average to a series, using a very short window span. If we wanted to achieve an equivalent result using simple...
Study smarter with the SolutionInn App