Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A payroll summary for Mark Consulting Company. Required Information The following information applies to the questions displayed below) A payroll summary for Mark Consulting Company,

A payroll summary for Mark Consulting Company.
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Required Information The following information applies to the questions displayed below) A payroll summary for Mark Consulting Company, owned by Mark Fronke, for the quarter ending June 30, 20X1. appears below. The firm made the required tax deposits as follows: a. For Apni taxes, paid on May 15. b. For May taxes, paid on June 17 Date Images Paid April 15 22 29 May 5 12 19 26 Social Security Medicare Income Total Tax TEX Earrings Deducted Deducted withheld $2,242.00 $ 139.00 $32.51 $ 222.00 2,33e.ee 144.46 33.79 229.00 2,242.00 139.00 32.51 222.00 2,286.00 141.23 33.15 226.00 $9,100.00 $ 564,19 $111.96 5 899.00 $2,198.00 136.28 $31.7 $ 210.00 2,242. 139.00 12.51 222.00 2,242.00 139.00 32.51 222.00 2.286.00 141.22 33.15 220.00 $ 8,968.ee $ 556.01 $130.04 $ 0.00 52,310.00 $144.46 $ 3.79 $ 229.00 2,242.00 139.00 32.51 222.ee 2,236.00 145.73 33.15 226,00 2,242.00 139.00 32.51 222.00 2. 199.00 126.28 21.87 218.00 5 11,299.02 57.47 $163.02 $1,117.00 29,766.00 $1,820.67 $425.53 5 2.104.00 June 2 16 10 Total 9.2 percent Social security Medicare FUTA SUTA 2.6 Required: 1. Using me to rates given above, and assuming thet allestings are to be make the gener journal entry on April 8 20x to record the employer's payroll tax expense on the payroll ending that date. 2. Prepare the entres in general journal form to record depose of the employee income tax wereld and the social security and Medicere ne temployee and employer sharesi on May 15 for Apnena ves and on luna foc May taxes For all requirements round your answers to 2 decimal place.) SPO Next May taxes (For all requirements, round your answers to 2 decimal places.) View transaction list Journal entry worksheet

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Comparative International Accounting

Authors: Christopher Nobes, Robert B Parker

12th Edition

0273763792, 978-0273763796

More Books

Students also viewed these Accounting questions

Question

Explain the various employee benefit laws.

Answered: 1 week ago

Question

Describe the premium pay benefit practice.

Answered: 1 week ago