Current Attempt in Progress For the year ended December 31, 2022, Oriole Electrical Repair Company reports...
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Current Attempt in Progress For the year ended December 31, 2022, Oriole Electrical Repair Company reports the following summary payroll data. Gross earnings: Administrative salaries $204,000 Electricians' wages 376,000 $580,000 Total Deductions: FICA taxes $39,224 Federal income taxes withheld 165,000 State income taxes withheld (3%) 17,400 United Fund contributions payable 27,982 Health insurance premiums 18,500 Total $268,106 Oriole's payroll taxes are Social Security tax 6.2%, Medicare tax 1.45%, state unemployment 2.5% (due to a stable employment record), and 0.6% federal unemployment. Gross earnings subject to Social Security taxes of 6.2% total $497,000, and gross earnings subject to unemployment taxes total $145,000. No employee exceeds the $132,900 limit related to FICA taxes. (a) Prepare a summary journal entry at December 31 for the full year's payroll. (b) Journalize the adjusting entry at December 31 to record the employer's payroll taxes. (Round answers to O decimal places, e.g. 125. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation (a) Salaries and Wages Expense FICA Taxes Payable State Income Taxes Payable United Fund Contributions Payable Health Insurance Payable Federal Income Taxes Payable Salaries and Wages Payable (b) Payroll Tax Expense FICA Taxes Payable State Unemployment Taxes Payable Federal Unemployment Taxes Payable (c) The W-2 Wage and Tax Statement requires the following dollar data. Debit 580000 Complete the required data for the following employees. (Round answers to O decimal places, e.g. 5,275.) Credit 39224 17400 27982 18500 165000 311894 39224 87.00 (c) The W-2 Wage and Tax Statement requires the following dollar data. Complete the required data for the following employees. (Round answers to O decimal places, e.g. 5,275.) Federal Employee Wages, Tips, Other Compensation Income Tax Withheld State Income Tax Withheld FICA Wages FIC Maria Sandoval $58,000 $28,420 $ GA + Jennifer Mingenback 28,000 10,920 Current Attempt in Progress For the year ended December 31, 2022, Oriole Electrical Repair Company reports the following summary payroll data. Gross earnings: Administrative salaries $204,000 Electricians' wages 376,000 $580,000 Total Deductions: FICA taxes $39,224 Federal income taxes withheld 165,000 State income taxes withheld (3%) 17,400 United Fund contributions payable 27,982 Health insurance premiums 18,500 Total $268,106 Oriole's payroll taxes are Social Security tax 6.2%, Medicare tax 1.45%, state unemployment 2.5% (due to a stable employment record), and 0.6% federal unemployment. Gross earnings subject to Social Security taxes of 6.2% total $497,000, and gross earnings subject to unemployment taxes total $145,000. No employee exceeds the $132,900 limit related to FICA taxes. (a) Prepare a summary journal entry at December 31 for the full year's payroll. (b) Journalize the adjusting entry at December 31 to record the employer's payroll taxes. (Round answers to O decimal places, e.g. 125. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation (a) Salaries and Wages Expense FICA Taxes Payable State Income Taxes Payable United Fund Contributions Payable Health Insurance Payable Federal Income Taxes Payable Salaries and Wages Payable (b) Payroll Tax Expense FICA Taxes Payable State Unemployment Taxes Payable Federal Unemployment Taxes Payable (c) The W-2 Wage and Tax Statement requires the following dollar data. Debit 580000 Complete the required data for the following employees. (Round answers to O decimal places, e.g. 5,275.) Credit 39224 17400 27982 18500 165000 311894 39224 87.00 (c) The W-2 Wage and Tax Statement requires the following dollar data. Complete the required data for the following employees. (Round answers to O decimal places, e.g. 5,275.) Federal Employee Wages, Tips, Other Compensation Income Tax Withheld State Income Tax Withheld FICA Wages FIC Maria Sandoval $58,000 $28,420 $ GA + Jennifer Mingenback 28,000 10,920
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