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t Payment and Distribution of Payroll Note: For this problem, use the following tax rates: FCA-Employer and employee, 8% of the first $120,000 of earnings per employee per alendar var State unemployment-4% of the first $8,000 of earings per employee per aedar year. | Federal unemployment-1% of the first $8,000 of earnings per employee per aendar year Federal income tax withholding-10% of each employee's gross earnings, unless otherwise stated. The general ledger of Berskshire Mountain Manufacturing Inc, showed the following credit balances on January 15: FICA Tax Payable. 3,100.00 Employees Income Tax Payable..1.337.0 193.75 State Unemployment Tax Payable..775.00 Direct labor earnings amounted to $10,500 from January 16 to 31. Indirect iabor was $5,700, and sales and administrative salaries for the same period amounted to $3,800. All wages are subject to PICA FUTA, state unemployment taxes, and 10% income tax withholding Round all answers and entries to the nearest cent Required box does not require an entry leave it blank or enter r 1a. Prepare the journal entry for recording the payroil. For a compound transaction, if an amount 20,000 1,600 2,000 rcome Tax Payabl takeAsignmentMain.do t nvoker -assignmentsbtakeAssinmentSessio.. x iase 1b. Prepare the journal entry for paying the payroll. Wages Payable 16,400 Cash 16,400 Hide Feedback Check My Work Feedback Payroll Deductions and Taxes: Be careful not to deduct items that should be included in the employer's payroll taxes from the employee's earnings Be careful not to charge the employer's payroll taxes for items that should be withheld or deducted from the employee's earnings Remember to check the emplayee's earnings to determine if any of the taxable wage bases have been exceeded. Remember to use separate lability accounts for amounts owed for different taxes while it is thearetically c costs, it is usually more practical to record all factory related payroll taxes in one correct to alocate payroll taxes and charge them on the same basis as the related labor account. This does not apply to payroll taxes related to sales and administrative salaries Payroll Distribution: same account when payroll is recorded, they may be charged to different accounts iwhen payroll is distributed Recall that while the costs of direct abor and other labor costs are recorded in the s 1c. Prepare the journal entry foc recording the employers payrolil tax liability For a compound transaction, if an amount box does not require an entry, leave it blank or enter "o ax iability. For a compound transaction, If an amount box does not require an entry, leave it blank or enter " Factory Overhead 2,600 FICA Tax Payable 1,600 ICA Tax Payable Federal U 200 t Tax Paya 800 Hide Feedback Correet Check My Work Feedback Payroll Deductions and Taxes: Be careful not to deduct items that should be included in the employer's p Be careful not to charge the employer's payroll taxes for items that should be withheid or deducted from the employee's sarnings Remember to check the employee's earnings to determine if any of the taxable wage bases have been exceeded. Remember to use separate Rability accounts for amounts owed for different taxes. payroll taxes from the employee's earnings While it is theoretically correct to allocate payroltl taxes and charge them on the same basis as the related labor costs, t s usually more practical to record all tactory related payroitl taxes in ce account. This does not apply to payroll taxes related to sales and administrative salaries. Payroll Distribution: Recall that whille the costs of direct labor and other labor costs are recorded in the same account when payroll is recorded, they may be charged to diefferent accounts when payroll is istributed i t 16 to 31. For a compound If an amount box does not require an entry, leave it blank or enter "o n Process 10,500 Overhead 5,700 Sales and 3,800 Payroll 20,000 Hide Feedback Check My Work Feedback Payroll Deductions and Taxes: Be careful not to deduct items that should be included in the employers payroll taxes Be careful not to charge the em from the employee's eamings loyer's payroil taxes for tems that should be withheis or deducted trom the employe's earmings Remember to check the employee's earnings to determine if any of the taxable wage bases heve been exceeded Remember to use separate lability accounts for amounts owed for different taxes While it is theoretically correct to allocate payroll taxes and charge them on the same basis as the related labor costs, it is usuaity more practical to record al factory relted account. This does not apply to payroll taxes related to sales and administrative salaries Payroll Distribution: payroltl taxes in one Recall that while the costs of direct labor and other labor costs are recorded in thsane Kcount when paro" is reerded they may be charged te arrr et test.een permis eraet 2. Prepare the jounal entry to record the payment of the amounts due for the month to the government for FICA and income tax withholdings For a compound transacborny if a aount bos does not require an entry, leave it blank or enter 2. Prepare the journal entry to record the payment of the amounts due for the month to the govenment for FICA and income tax p does not require an entry, leave it blank or enter "O withholdings. For a compound trensaction, If an amount FICA Tx Payable 3,150.00 937.50 7,087.50 Hide Feedback Check My Work Feedback Remember to include payroll taxes for the entire month, not just the taxes you computed Federal taxes withheld from employees and all FICA taxes are paid to the same place 3. Calculate the amount of total earnings for the period from January 1 to 15 15,887.50 lide Feedback You will have to work backwards from the payroll tax information given to determine the earnings for the frst part of the month It is preferable to use any payrol tax for which you inow the rate If you use FICA, Just be sure to divide the amount of FICA by two since both the employer and employee have contributed to the balance 4. Should the same persion be responsible for computing the payroll, paying the payroll and making the entry to distibute the payrol? accounting department i 9- en :lOwudberesponsit enr paregehe pirrland the payroll department t would compute the pay o, the The payroll department assignments&takeAssignmentSessilo...9gRata405 Hide Feedback Check My Work Feedback Remember to include payroll taxes for the entire month, not just the taxes you computed Federal taxes withheld from employees and all FICA taxes are pald to the same place 3. Calculate the amount of total eamings for the period from January 1 to 15. 15,887.50 Hide Feedback Check My Work Feedback You will have to work backwards from the payroll tax information given If you use FICA, just be sure to divide the amount of FICA by two since both the employer and employee have the earnings for the first part of the month. It is preferable to use any payroll tax for whch same person be responsible for computing the payroll, paying the payroll and making the entry to distribute the payroll? Yes accounting department : woud payroll department would be es sefer paying the pay oa and the The payroll department : the entry to distribute the payroll. would compute the payroll the Hide Feedbael Partially Correct t Payment and Distribution of Payroll Note: For this problem, use the following tax rates: FCA-Employer and employee, 8% of the first $120,000 of earnings per employee per alendar var State unemployment-4% of the first $8,000 of earings per employee per aedar year. | Federal unemployment-1% of the first $8,000 of earnings per employee per aendar year Federal income tax withholding-10% of each employee's gross earnings, unless otherwise stated. The general ledger of Berskshire Mountain Manufacturing Inc, showed the following credit balances on January 15: FICA Tax Payable. 3,100.00 Employees Income Tax Payable..1.337.0 193.75 State Unemployment Tax Payable..775.00 Direct labor earnings amounted to $10,500 from January 16 to 31. Indirect iabor was $5,700, and sales and administrative salaries for the same period amounted to $3,800. All wages are subject to PICA FUTA, state unemployment taxes, and 10% income tax withholding Round all answers and entries to the nearest cent Required box does not require an entry leave it blank or enter r 1a. Prepare the journal entry for recording the payroil. For a compound transaction, if an amount 20,000 1,600 2,000 rcome Tax Payabl takeAsignmentMain.do t nvoker -assignmentsbtakeAssinmentSessio.. x iase 1b. Prepare the journal entry for paying the payroll. Wages Payable 16,400 Cash 16,400 Hide Feedback Check My Work Feedback Payroll Deductions and Taxes: Be careful not to deduct items that should be included in the employer's payroll taxes from the employee's earnings Be careful not to charge the employer's payroll taxes for items that should be withheld or deducted from the employee's earnings Remember to check the emplayee's earnings to determine if any of the taxable wage bases have been exceeded. Remember to use separate lability accounts for amounts owed for different taxes while it is thearetically c costs, it is usually more practical to record all factory related payroll taxes in one correct to alocate payroll taxes and charge them on the same basis as the related labor account. This does not apply to payroll taxes related to sales and administrative salaries Payroll Distribution: same account when payroll is recorded, they may be charged to different accounts iwhen payroll is distributed Recall that while the costs of direct abor and other labor costs are recorded in the s 1c. Prepare the journal entry foc recording the employers payrolil tax liability For a compound transaction, if an amount box does not require an entry, leave it blank or enter "o ax iability. For a compound transaction, If an amount box does not require an entry, leave it blank or enter " Factory Overhead 2,600 FICA Tax Payable 1,600 ICA Tax Payable Federal U 200 t Tax Paya 800 Hide Feedback Correet Check My Work Feedback Payroll Deductions and Taxes: Be careful not to deduct items that should be included in the employer's p Be careful not to charge the employer's payroll taxes for items that should be withheid or deducted from the employee's sarnings Remember to check the employee's earnings to determine if any of the taxable wage bases have been exceeded. Remember to use separate Rability accounts for amounts owed for different taxes. payroll taxes from the employee's earnings While it is theoretically correct to allocate payroltl taxes and charge them on the same basis as the related labor costs, t s usually more practical to record all tactory related payroitl taxes in ce account. This does not apply to payroll taxes related to sales and administrative salaries. Payroll Distribution: Recall that whille the costs of direct labor and other labor costs are recorded in the same account when payroll is recorded, they may be charged to diefferent accounts when payroll is istributed i t 16 to 31. For a compound If an amount box does not require an entry, leave it blank or enter "o n Process 10,500 Overhead 5,700 Sales and 3,800 Payroll 20,000 Hide Feedback Check My Work Feedback Payroll Deductions and Taxes: Be careful not to deduct items that should be included in the employers payroll taxes Be careful not to charge the em from the employee's eamings loyer's payroil taxes for tems that should be withheis or deducted trom the employe's earmings Remember to check the employee's earnings to determine if any of the taxable wage bases heve been exceeded Remember to use separate lability accounts for amounts owed for different taxes While it is theoretically correct to allocate payroll taxes and charge them on the same basis as the related labor costs, it is usuaity more practical to record al factory relted account. This does not apply to payroll taxes related to sales and administrative salaries Payroll Distribution: payroltl taxes in one Recall that while the costs of direct labor and other labor costs are recorded in thsane Kcount when paro" is reerded they may be charged te arrr et test.een permis eraet 2. Prepare the jounal entry to record the payment of the amounts due for the month to the government for FICA and income tax withholdings For a compound transacborny if a aount bos does not require an entry, leave it blank or enter 2. Prepare the journal entry to record the payment of the amounts due for the month to the govenment for FICA and income tax p does not require an entry, leave it blank or enter "O withholdings. For a compound trensaction, If an amount FICA Tx Payable 3,150.00 937.50 7,087.50 Hide Feedback Check My Work Feedback Remember to include payroll taxes for the entire month, not just the taxes you computed Federal taxes withheld from employees and all FICA taxes are paid to the same place 3. Calculate the amount of total earnings for the period from January 1 to 15 15,887.50 lide Feedback You will have to work backwards from the payroll tax information given to determine the earnings for the frst part of the month It is preferable to use any payrol tax for which you inow the rate If you use FICA, Just be sure to divide the amount of FICA by two since both the employer and employee have contributed to the balance 4. Should the same persion be responsible for computing the payroll, paying the payroll and making the entry to distibute the payrol? accounting department i 9- en :lOwudberesponsit enr paregehe pirrland the payroll department t would compute the pay o, the The payroll department assignments&takeAssignmentSessilo...9gRata405 Hide Feedback Check My Work Feedback Remember to include payroll taxes for the entire month, not just the taxes you computed Federal taxes withheld from employees and all FICA taxes are pald to the same place 3. Calculate the amount of total eamings for the period from January 1 to 15. 15,887.50 Hide Feedback Check My Work Feedback You will have to work backwards from the payroll tax information given If you use FICA, just be sure to divide the amount of FICA by two since both the employer and employee have the earnings for the first part of the month. It is preferable to use any payroll tax for whch same person be responsible for computing the payroll, paying the payroll and making the entry to distribute the payroll? Yes accounting department : woud payroll department would be es sefer paying the pay oa and the The payroll department : the entry to distribute the payroll. would compute the payroll the Hide Feedbael Partially Correct