Carmen Santos is owner and sole employee of CS Corporation. He pays himself a salary of $2,400
Question:
Record the payroll entry and payroll tax entry for the pay of the week ended June 2 (his year-to-date pay is $51,500).
Transcribed Image Text:
Additional tax information includes: FICA tax-OASDI. FICA tax-HI... Federal income tax 6.2% on first $118,500 1.45% on total pay $532.00 per pay 22% of the federal income tax withholding 0.6% on first $7,000 0.05% on first $14,000 State income tax Federal unemployment tax . State unemployment tax Additional payroll deductions include: 401(k) plan. Child support garnishment . Health insurance premium 3% per pay $125 per pay $110 per pay JOURNAL POST. DATE DESCRIPTION DEBIT CREDIT REF. 6 10 10 11 11 12 12 13 13 14 14 15 15 16 16
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 53% (13 reviews)
Wages 240000 FICA Taxes Payable x OASDI 14880 FICA Taxes Payable x HI 3480 Employees FIT Payable 5...View the full answer
Answered By
Susan Juma
I'm available and reachable 24/7. I have high experience in helping students with their assignments, proposals, and dissertations. Most importantly, I'm a professional accountant and I can handle all kinds of accounting and finance problems.
4.40+
15+ Reviews
45+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
Kip Bowman is owner and sole employee of KB Corporation. He pays himself a salary of $1,500 each week. Additional tax information includes: FICA...
-
Assume that you are the owner and sole employee of a lube, oil, and filter service business that you run out of your home. Currently, you are running a spring special on a "super maintenance service"...
-
The following information about the payroll for the week ended December 30 was obtained from the records of Greenfield Co.: Tax rates assumed: Social security, 6% on first $100,000 of employee annual...
-
A steam generator consists of a bank of stainless steel (k = 15 W/m K) tubes having the core configuration of figure and an inner diameter of 13.8 mm. The tubes are installed in a plenum whose...
-
Rasheed works for Company A, earning $350,000 in salary during 2015. Assuming he has no other sources of income, what amount of FICA tax will Rasheed pay for the year?
-
A subsidiary ledger that contains a separate account for each customer to the company is the a. Controlling account b. Accounts payable ledger c. Accounts receivable ledger d. General ledger e....
-
Another trade-off PMs have to make is between team process and progressthe purpose being to LO6 keep the peace, give the team an occasional rest, protect the larger organization or other projects,...
-
The department of taxation in your state is developing a new computer system for processing individual and corporate income-tax returns. The new system features direct data input and inquiry...
-
Saved Help Save & Exit Submit Check my work HomeLife Life Insurance Company has two service departments (actuarial and premium rating) and two production departments (advertising and sales). The...
-
The Arnold Diffusion Cell shown in Figure 26.5 is a simple device used to measure gas-phase diffusion coefficients for volatile substrates in air. In the present experiment, liquid acetone is loaded...
-
Garrett Hudson earned $895 this week. The deductions from his pay were as follows: Hudsons employer just received a garnishment order (credit card debt of $2,140) against his pay. Compute the...
-
On December 29, 2017, Santucci Company has a balance of $619.24 in the FUTA taxes payable account. This repre- sents the employers liability for the fourth quarter taxes. Journalize the entry...
-
Find the eccentricity e of each conic section. The point shown on the x-axis is a focus, and the line shown is a directrix. (9, 0) || -x- (9, -7.5)
-
In Exercises 21-24, use these results from the "1-Panel-THC" test for marijuana use, which is provided by the company Drug Test Success: Among 143 subjects with positive test results, there are 24...
-
Please attached excel solution with formulars. An electronics manufacturer wants to expand its market in Europe. The demand in Europe is forecasted as: England France Spain Germany Italy Sweden 9 16...
-
Write a 1,500-2,000-word evaluation paper using the following instructions to complete this assignment. Go to the FBI Uniform Crime Reporting Program website (See link in the Class Resources). Search...
-
The y-intercept of the graph of the exponential function f(x) = 7.5(0.98)* is. Answer:
-
Using the following data definitions: bytel BYTE OFFh, 1, 2 byte2 BYTE 14h wordl WORD OFFFFh, 1, 2 word2 WORD 3 word3 SWORD 7FFFh, 8000h word4 SWORD 9000h dword1 DWORD 10h, 20h, 30h, 40h dArray DWORD...
-
Construct a linear time invariant transformation that has the signal in its kernel. {Xk} = = -3 4 k
-
Suppose that you could invest in the following projects but have only $30,000 to invest. How would you make your decision and which projects would you invest in? Project Cost $ 8,000 11,000 9,000...
-
How does an employer file an application for an employer identification number
-
George Parker was paid a salary of $74,700 during 20-- by Umberger Company. In addition, during the year, Parker started his own business as a public accountant and reported a net business income of...
-
Cam Fitzer, a white-collar exempt employee, started working for Villan Company on Thursday of this week. He worked 9 hours on both Thursday and Friday. His annual salary is $77,000, and he is paid...
-
An underlying asset price is at 100, its annual volatility is 25% and the risk free interest rate is 5%. A European call option has a strike of 85 and a maturity of 40 days. Its BlackScholes price is...
-
Prescott Football Manufacturing had the following operating results for 2 0 1 9 : sales = $ 3 0 , 8 2 4 ; cost of goods sold = $ 2 1 , 9 7 4 ; depreciation expense = $ 3 , 6 0 3 ; interest expense =...
-
On January 1, 2018, Brooks Corporation exchanged $1,259,000 fair-value consideration for all of the outstanding voting stock of Chandler, Inc. At the acquisition date, Chandler had a book value equal...
Study smarter with the SolutionInn App