Question: The following summary data for the payroll period ended on November 14, 2009, are available for Brac Construction Ltd.: Gross pay . . . .

The following summary data for the payroll period ended on November 14, 2009, are available for Brac Construction Ltd.:
Gross pay . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ ?
FICA tax withholdings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ?
Income tax withholdings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,760
Medical insurance contributions . . . . . . . . . . . . . . . . . . . . . . . . 1,120
Union dues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 640
Total deductions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,640
Net pay . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58,360

Required:
a. Calculate the missing amounts and then determine the FICA tax withholding percentage.
b. Use the horizontal model (or write the journal entry) to show the effects of the payroll accrual.

Step by Step Solution

★★★★★

3.44 Rating (167 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

a Gross Pay Total Deductions Net Pay Gross Pay Net Pay Total Deductio... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

98-B-A-L (1577).docx

120 KBs Word File

Students Have Also Explored These Related Accounting Questions!

On March 1, Derby Corporation (a U.S.-based company) expects to order merchandise from a supplier in Norway in three months. On March 1, when the spot rate is $0.10 per Norwegian krone, Derby enters...

The following summary data for the payroll period ended December 27, 2018, are available for Cayman Coating Co.: Gross pay . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ....

The following summary data for the payroll period ended on April 10, 2018, are available for Brac Construction Ltd.: Gross pay . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ....

The following summary data for the payroll period ended on July 14, 2021, are available for Brac Construction Limited: Gross pay $ ? FICA tax withholdings ? Income tax withholdings 18,776 Medical...

Open the _GradingInfoTable table and ensure that your first and last name is displayed as the first record in the table. If the table does not contain your name, delete the file and download a new...

Problem 5: Constitutional isomers are compounds that possess the same molecular formula but have different connectivity of various atoms. An abbreviated representation of an alcohol with the formula...

[The following information applies to the questions displayed below.] The following summary data for the payroll period ended on July 14, 2021, are available for Brac Construction Limited: Gross pay...

Cost-based pricing starts with the cost and adds a mark-up to cover unallocated costs and achieve a desired profit. Discuss?

The following summary data for the payroll period ended on July 14, 2021, are available for Brac Construction Ltd: Required: a. Calculate the missing amounts and then determine the FICA tax...

HI6025 ACCOUNTING THEORY AND CURRENT ISSUES ASSESSMENT ? Question 5 (7 marks) ABC Ltd is an Australian listed company. Its results for the financial year ending 30 June 2023 have exceeded expec...

You have submitted a quote to construct a home for Mr. and Mrs. Smith for $460,000 on their land at 1 Vacant Space, Box Hedge NSW. Use the plans for the Coomera Waters Residence as the Plans for this...

The extraction rate of a mineral is currently 10 million tons a year, but this rate is expected to fall by 8% each year. What minimum level of world reserves would allow extraction to continue...

From an accounting standpoint, all of the following are contingencies that must be evaluated for reporting purposes except general business risks. money - back guarantees for products. environmental...

Explain the eligibility of relief and amount of relief is eligible by providing a proper justification according to the gazetted relief for the year assesment 2019.

1. Evaluate the market attractiveness for EMR Innovations using industry analysis tools. 2.Identify potential target markets for the Lock-Awn Anti- Billowing Device, using a five-step process of...

What is your opinion for Single National Curriculum? How can we ensure harmony and uniform quality from different streams of education through it? Discuss the possibilities of its framework in your...

A transmission line has the following per-unit-length parameters:L= 0.5H/m,C= 200 pF/m,R= 4.0/m, andG= 0.02 S/m. Calculate the propagation constant and characteristic impedanceof this line at 800...

Seed mixture X is 40 percent ryegrass and 60 percent bluegrass by weight; seed mixture Y is 25 percent ryegrass and 75 percent fescue. If a mixture of X and Y contains 30 percent ryegrass, what...

Who the users of accounting information are and why they find accounting information useful.

Credits are used to record a. decreases to assets and increases to expenses, liabilities, revenues, and owners equity. b. decreases to assets and expenses and increases to liabilities, revenues, and...

If equipment is acquired by paying $12,000 in cash and issuing a $7,000 note payable, a. total assets are decreased by $12,000. b. total assets are increased by $19,000. c. total assets are increased...

implement this function using javascript. Football Season Stats Page: loadStatsPage method: parameters: none purpose: This method will iterate through the stats table and do the following: 1. Read...

..... Eat your cereal: Boxes of cereal are labeled as containing 14 ounces. Following are the weights, in ounces, of a sample of 12 boxes. It is reasonable to assume that the population is...

Suppose we divide a group of 500 drivers into three groups. In a given year, 325 of those people have only a few door dings or chipped paint, which costs $300 each. Another 115 of the drivers have...