Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

amounts paid to the persons named prlor to October 31 are also given. 1. Paul Parker, president, gross monthly salary of $20000: gross earnings prior

image text in transcribed
amounts paid to the persons named prlor to October 31 are also given. 1. Paul Parker, president, gross monthly salary of $20000: gross earnings prior to October 31, $160.000 2. Carolyn wells, vice president, gross monthly salary of S 15,000, gross earnings paid prior to October 31, $150,000 t who audits the c 4. James Wu, treasures, gross monthly salary of $6.000: gross eamings prior to October 31, s60.000 amounts paid prior to October 31, $42.500. nccounts and performs consulting services, $16,500: gross l Publi for monthly services of Betty Jo Bradley, an editorial expert. $6,000; amount paid to Editorial Publishing Services prior to October 31, 2019. $34.00o 1. Use an earnings ceiling of $122.700 for social security taxes and a tax rate of 6.2 percent and a tax rate of 1.45 percent on all s cumulative earnings prior to October 3 a. Each b. Each gross c. The amounts to be withheld for each payroll tax from each employee's earnings: the employee's income tax withholdings are Paul Parker, $5,600; Carolyn Wells, $4,200; James Wu, $1.320 The total gross earnings, the total of each payroll tax deduction, and the total net amount payable to employees. 2. Prepare the general journal entry to record the company's payroll on October 31 3. Prepare the general journal entry to record payments to employees on October 31 Req 1 Req 2 and :3 Use an earnings ceiling of $122,700 for social security taxes and a tax rate of 6.2 percent and a tax rate of 1.45 percent on al earnings for Medicare taxes. Prepare a schedule showing the following information (Round your answers to 2 decimal Name 0.00 0.00 $000 0.00 0.000.00

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

Fraud In Accounts Payable How To Prevent It

Authors: Mary S. Schaeffer

1st Edition

0470260459, 978-0470260456

More Books

Students also viewed these Accounting questions