In January, gross earnings in Gyro Company totaled $70,000. All earnings are subject to 8% FICA taxes,

Question:

In January, gross earnings in Gyro Company totaled $70,000. All earnings are subject to 8% FICA taxes, 5.4% state unemployment taxes, and 0.8% federal unemployment taxes. Prepare the entry to record January payroll tax expense.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Accounting Principles

ISBN: 978-0470534793

10th Edition

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

See More Books

Question Posted: Oct 28, 2011 05:06 AM

See More Questions

Prepare the entry to record income taxes on December 31, 2011, assuming that Jason Corporations income tax expense is $120,000 and that it owes $80,000 in income taxes to the government. Prepare the...
Cullumber Corporation has elected to use the fair value option for one of its notes payable. The note was issued at an effective rate of 12% and has a carrying value of $15,000. At year-end,...
All forecasts are subject to error. Do you think top managers would be concerned about the effects on the firm it sales revenues or unit costs, for example, turned out to be different from the...
Saeed made the following purchases of ordinary shares in Hyban plc: In June 2017, the company made a 1 for 20 rights issue at 1.50 per share and Saeed took up the shares which he was offered....
Contrast variable and universal life insurance?
Can we add any two matrices together? If so, explain why; if not, explain why not and give an example of two matrices that cannot be added together.
R12.6 An experiment was conducted to determine the effect of practice time (in seconds) on the percent of unfamiliar words recalled. Here is a Fathom scatterplot of the results with a least-squares...
Karen and Katie are looking at the company's health care options and trying to determine how much their take-home pay will go down or increase if they sign up for the qualified cafeteria plan offered...
Murphy Incorporated, which produces a single product, has provided the following data for its most recent month of operation: Number of units produced 13,700 Variable costs per unit: Direct materials...
Cary Company manufactures two models of industrial componentsa Standard model and an Advanced Model. It has provided the following information with respect to these two products: Standard Advanced...
Data for Dawn French are presented in BE11-7. Prepare the journal entries to record (a) Dawns pay for the period and (b) The payment of Dawns wages. Use January 15 for the end of the pay period and...
Vardan Company has the following payroll procedures. (a) Supervisor approves overtime work. (b) The human resources department prepares hiring authorization forms for new hires. (c) A second payroll...
The trial balance of 4AC, Inc., at October 31, 2020, does not balance. {Requirements} 1. Prepare a trial balance for the ledger accounts of 4AC, Inc., as of October 31, 2020. 2. Determine the...
Problem Statement | Nessie, the wonder-dog, is sprinting at a constant 10.0 m/s in a straight Useful Equations line. After passing point A, she slows to a stop with a constant acceleration of 1.79...
1) How much work does a supermarket checkout attendant do on a can of soup he pushes 0.810 m horizontally with a force of 5.60 N? Express your answer in joules and kilocalories. (For each answer,...
You are working as a junior developer at Smashing Websites Ltd. You are part of a team of junior developers that have recently joined the organisation. Smashing Websites provide services to a range...
3. Consider the system x + y + bz x+by+4z = 2 = 1 ax+ay + 2z == a In each case, determine all values of a and b which give the indicated number of solutions, if possible. If no such a and b exist,...
Income statements for Fanning Company for Year 3 and Year 4 follow. FANNING COMPANY Income Statements Year 4. Sales $200,200 Year 3 $180,200 Cost of goods sold. 143,800 121,800 Selling expenses...
Paul Bunyan is the owner of noncumulative 8 percent preferred stock in the Broadview Corporation, which had no earnings or profits in 2016. In 2017, the corporation had large profits and a surplus...
Perform the indicated operations. In designing a cam for a fire engine pump, the expression is used. Simplify this expression. (3) (3 4 32
Determine the ammonia concentration of an aqueous solution that has a pH of 11.50. The equation for the dissociation of NH 3 (K = 1.8 x 10) is NH3(aq) + HO(1) = NH (aq) + OH (aq). +
Alpha Centuri Corporation has retained earnings of $3,100,000 on January 1, 2010. During the year, Alpha Centuri earned $1,200,000 of net income. It declared and paid a $150,000 cash dividend. In...
On January 1, 2010, Tuscany Corporation purchased 1,000 shares of treasury stock. Other information regarding Tuscany Corporation is provided below. Compute (a) Return on common stockholders equity...
On January 1, Molini Corporation had 95,000 shares of no-par common stock issued and outstanding. The stock has a stated value of $5 per share. During the year, the following occurred. Apr. 1 Issued...
Rocky Mountain Chocolate Factory (RMCF) founder and president Frank Crail employs 220 people in 361 outlets in the United States, Canada, United Arab Emirates, Japan, South Korea and Saudi Arabia. If...
The market price of a semi-annual pay bond is $979.86. It has 21.00 years to maturity and a yield to maturity of 7.34%. What is the coupon rate? Submit Answer format: Percentage Round to: 0 decimal...
Lakeland Inc. manufactured 2,500 units during the month of March. They incurred direct materials cost of $58,000 and overhead costs of $40,000. If their per-unit prime cost was $32.00 per unit, how...

In January, gross earnings in Gyro Company totaled $70,000. All earnings are subject to 8% FICA taxes,

Question:

Step by Step Answer:

Jan 31 Payroll Tax Expense 9940 FIC...View the full answer

Accounting Principles

Students also viewed these Accounting questions