END-OF-YEAR ACTIVITIES

What is the amount of the credit to cash for SUTA Taxes Payable on February 1?

What is the amount of the credit to Salaries and Wages Payable for the December 31 adjusting entry?

What is the amount of the debit to Vacation Benefits Expense for the December 31 adjusting entry?

What is the total payroll tax expense incurred by the employer on salaries and wages paid during the quarter ended December 31?

What is the total payroll tax expense incurred by the employer on the total earnings of Joseph T. O'Neill during the fourth quarter?

O'Neill has decided to give all current employees (excluding himself) a bonus payment during January equal to 5% of their gross pay for last year. What is the total of this bonus payment?

I must be getting to wrong numbers because my answers are not matching. Could someone Help me get the Vacation Benefit and the Salaries and Wages. everything else i got this last part is just confusing me.

1. On the financial statements prepared at the end of its first year of operations, the company must show an accurate picture of all expenses and all liabilities incurred. The last payday of the year was December 18. However, the payment to the employees on that day did not include the weeks ending December 19 and 26 and the four days (December 2831) in the following week. These earn- ings will be reflected in the January payrolls. Two-column journal paper is pro- vided for use in journalizing the following entry on the bottom of this page. Prepare the adjusting entry as of December 31 to record the salaries and wages that have accrued but remain unpaid as of the end of the year. When calculating the amount of the accrual for each hourly worker, assume each employee worked eight hours on each day during the period with no overtime (student works a 36-hour week-student worked 32 hours for the period December 28 through December 31). For each salaried worker, the accrual will amount to 14/10 of the worker's biweekly earnings, except for Zimmerman who worked only 10 days. Each of the labor cost accounts should be debited for the appropriate amount of the accrual, and Salaries and Wages Payable should be credited for the total amount of the accrual. There is no liability for payroll taxes on the accrued salaries and wages until the workers are actually paid. Therefore, the company follows the practice of not accruing payroll taxes. 2. Also, prepare the adjusting entry as of December 31 to record the accrued vacation pay as of the end of the year. Record the expense in a vacation benefits expense account, and credit the appropriate liability account. Use the journal paper provided below. As of December 31, the vacation time earned but not used by each employee is listed here. Bonno 80 hours Ferguson three weeks Ford two weeks Mann one week O'Neill ........... four weeks Ryan....... 80 hours Sokowski.... two weeks Student.... 72 hours Woods ..... Young...... Zimmerman none none none Glo-Brite Employees Personnel Data-October 1, 20-. BONNO, Anthony Victor, 694 Bristol Avenue, Philadelphia, PA 19135-0617. Married, claiming 4 withholding allowances. Telephone, 555-9827 Social Security No. 000-00-3481. Position, mixer operator in plant. Wages, $17.60 per hour. Group insurance, $55,000. FERGUSON, James Claude, 808 Sixth Street, Philadelphia, PA 19106-0995. Married, daiming 5 withholding allowances. Telephone, 555-8065. Social Security No. 000-00-8645. Position, sales manager. Salary, $58,500 per year. Group insurance $88,000. Department: Sales. FORD, Catherine Louise, 18 Dundee Avenue, Philadelphia, PA 19151-1919. Divorced, claiming 2 withholding allowances. Telephone, 555-0235. Social Security No. 000-00-4567. Position, executive secretary. Salary $2,643.33 per month. Group insurance, $48,000. Department: Office. MANN, Dewey Wilson, 3007 Bisque Drive, Philadelphia, PA 19199-0718. Married, claiming 4 withholding allowances. Telephone, 555-0774. Social Security No. 000-00-9352. Position, sales representative. Salary, $2,925 per month. Group insurance, $53,000. Department Sales. O'NEILL, Joseph Tyler, 2100 Broad Street, Philadelphia, PA 19121-7189. Married, claiming 3 withholding allowances. Telephone, 555-2332. Social Security No. 000-00-1534. Position, president. Salary, $60,000 per year, paid $2,307.69 biweekly. Group insurance, $90,000. Department: Administrative. RUSSELL, Virginia Aloise, 8004 Dowling Road, Philadelphia, PA 19135-9001. Single, claiming 1 withholding allowance. Telephone, 555-3681. Social Security No. 000-00-6337. Position, time clerk. Salary, $2,600 per month. Group insurance, $47,000. Department: Office. RYAN, Norman Allen, 7300 Harrison Street, Philadelphia, PA 19124-6699. Married, claiming 4 withholding allowances. Telephone, 555-6660. Social Security No. 000-00-1223. Position, electrician in plant. Wages, $18.00 per hour. Group insurance, $56,000. SOKOWSKI, Thomas James, 133 Cornwells Street, Philadelphia, PA 19171-5718. Married, claiming 2 withholding allowances. Telephone, 555-5136. Social Security No. 000-00-8832. Position, supervisor in plant. Salary, $1,025 per week. Group insurance, $80,000. STUDENT, 7018 Erdrick Street, Philadelphia, PA 19135-8517. Single, claiming 1 withholding allowance. Position, accounting trainee. Wages, $14.00 per hour. Group insurance, $39,000. Department: Office. WILLIAMS, Ruth Virginia, 9433 State Street, Philadelphia, PA 19149-0819. Single, claiming withholding allowances. Telephone, 555-5845. Social Security No. 000-00-6741. Position, programmer. Salary, $2,650 per month. Group insurance, $48,000. Department Office. Glo-Brite Payroll Taxes Payroll Taxes Levied upon Glo-Brite Paint Company and Its Employees Federal Income Taxes (FIT) Withheld from each employee's gross earnings in accordance with information given on Form W-4 and employee's earnings record. Wage-bracket method is used to determine FIT withholding.* Pennsylvania State Income 3.07 percent withheld from each employee's gross earnings during the fourth Taxes (SIT) quarter.* Philadelphia City Income 3.8809 percent withheld from gross earnings of each resident employee.* Taxes (CIT) Pennsylvania State Unem Employee: 0.06 percent (0.0006) on total gross earnings (no limit for the ployment Taxes employee's portion).* (SUTA) Employer: 3.6890 percent on first $10,000 gross earnings paid each employee during the calendar year (PA rate for new employers). Federal Unemployment Employer: Net tax rate of 0.6 percent on first $7,000 gross earnings paid each Taxes (FUTA) worker in the calendar year. Federal Insurance OASDI Employee 6.2 percent on first $132,900 of gross earnings paid each worker in the Contributions Act (FICA) and Employer: calendar year (maximum OASDI tax of $8,239.80). H1Employee: 1.45 percent on total gross earnings paid each worker in the calendar year, plus an additional 0.9 percent on wages over $200,000 HlEmployer: 1.45 percent on total gross earnings paid each worker in the calendar year. *Tax withholdings for FIT, FICA, SIT, CIT, and SUTA are based on rates used in 2019. Rates for 2020 were not available at the time of publishing. Deductions Net Paid Taxable Earnings Labor Cost Distribution Group Ins. Union Dues 8.00 Ck SIMPLE No. 200.00 FUTA SUTA Admin Office Sales NAME Ryan, N. Sokowski, T (Student) Woods, B OASDI 89.84 127.10 62.50 66.96 21.01 29.73 14.62 15.66 FIT 16.00 190.00 75.00 86.00 SIT 44.48 62.94 30.95 33.16 SUTA 0.87 1.23 0.60 0.65 CIT 56.23 79.56 39.12 41.91 Amount 1,012.57 1,559.44 785.211 835.66 OASDI 1,449.000 2,050.00 1,008.00 1,080.00 HI 1,449.00 2,050.00 1,008.00 1,080.00 Plant 1,449.00 2,050.00 418.00 1,080.00 1,008.00 1,080.00 1,080.00 974.92 228.02) 782.00 482.760 9.43 610.24) 0.00 16.000 1,650.00 10.970.92 15,724.29 15,724.29 1,080.00 1,498.00 2,307.69 4.628.00 3,600.00 5,188.60 TOTALS Payday, December 14, 20- Russell, V. 16.44 0.00 14.70 70.31 78.12 148.43 18.27 0.68 0.76 1.44 1,031.87 1,162.85 2,194.72| 1,134.00 1,260.00 2,394.00 1,134.00 1,260.00 2.394.00 1,134.00 1.260.00 2.394.00 34.711 0.00 0.00 0.001 14.70 0.000 0.001 0.00 0.00 0.00 0.001 0.00 9.00 1,830.40 500.00 2.250.00 1,280.00 1,350.00 TOTALS Payday, December 18, 20- Bonno, A Ferguson, J. Ford, C. Mann, D. O'Neill, J. *** Ryan, N. Sokowski, T. (Student) Woods, B Young, P. 113.48 26.54 62.00 56.19 139.50 32.63 49.00 69.08 79.36 18.56 90.000 39.30 83.70 19.58) 64.00 41.45 4,877.481 1,265.96 28,037.71 2,680.35 101.00 23.62 29.00 50.01 127.10 29.73 190.000 62.94 61.63 14.41 75.00 30.52 74.40 17.40 98.00 36.84 78.12 18.27 107.00 38.68 87,307.69 1.10 1.35 0.77 0.81 52.38 0.98 1.23 0.60 0.72 0.76 71.04 87.32 49.68 52.39 3,388.32 63.22 79.56 38.58 46.57 48.90 16.50 26.40 15.00 15.90 27.00 16.80 24.00 11.70 14.10 14.70 250.00 4,000.00 200.00 1.474.55 1,344.72 987.33 822.17 42,978.49 1,135.37 1,535.44 761.56 911.97 953.57 9.00 1,830.40 1,830.40 2,250.00 2,250.00 1,280.00 1,280.00 1,350.00 1,350.00 87,307.69 87,307.69 1,629.00 1,629.00 2,050.00 2,050.00 994.00 994.00 1,200.00 1,200.00 1,260.00 1,260.00 1,629.00 2,050.00 994.00 1,200.00 1,200.00 1,260.00 1,200.00 1,260.00 1,260.00 TOTALS 5,735.77 1,466.70 28,801.71 3,105.36 60.70 3,925.58 182.10 18.00 4,950.00 52,905.17 101, 151.09 101,151.09 2,460.00 2,460.00 87,307.69 3.474.00 4,860.00 5,509.40 QTR YEAR 10,743.34 2,637.90 33,178.71 5,511.52|| 19,561.26 4,700.17| 49,095.71 9,877.81|| 109.08 6,967.14 559.20 194.42 12,486.74 1,489.60|| 98.00 8,250.00 242.00 8,250.00|| 113,862.58 181,917.47 181,917.47 8,050.00 20,050.00 98,846.14 29,881.31 22,860.00 30,330.00 218,244.33 324, 142.04 324, 142.04 73,540.00 103,540.00 141,538.41 58,231.33 51,385.00 72,987.30 1. On the financial statements prepared at the end of its first year of operations, the company must show an accurate picture of all expenses and all liabilities incurred. The last payday of the year was December 18. However, the payment to the employees on that day did not include the weeks ending December 19 and 26 and the four days (December 2831) in the following week. These earn- ings will be reflected in the January payrolls. Two-column journal paper is pro- vided for use in journalizing the following entry on the bottom of this page. Prepare the adjusting entry as of December 31 to record the salaries and wages that have accrued but remain unpaid as of the end of the year. When calculating the amount of the accrual for each hourly worker, assume each employee worked eight hours on each day during the period with no overtime (student works a 36-hour week-student worked 32 hours for the period December 28 through December 31). For each salaried worker, the accrual will amount to 14/10 of the worker's biweekly earnings, except for Zimmerman who worked only 10 days. Each of the labor cost accounts should be debited for the appropriate amount of the accrual, and Salaries and Wages Payable should be credited for the total amount of the accrual. There is no liability for payroll taxes on the accrued salaries and wages until the workers are actually paid. Therefore, the company follows the practice of not accruing payroll taxes. 2. Also, prepare the adjusting entry as of December 31 to record the accrued vacation pay as of the end of the year. Record the expense in a vacation benefits expense account, and credit the appropriate liability account. Use the journal paper provided below. As of December 31, the vacation time earned but not used by each employee is listed here. Bonno 80 hours Ferguson three weeks Ford two weeks Mann one week O'Neill ........... four weeks Ryan....... 80 hours Sokowski.... two weeks Student.... 72 hours Woods ..... Young...... Zimmerman none none none Glo-Brite Employees Personnel Data-October 1, 20-. BONNO, Anthony Victor, 694 Bristol Avenue, Philadelphia, PA 19135-0617. Married, claiming 4 withholding allowances. Telephone, 555-9827 Social Security No. 000-00-3481. Position, mixer operator in plant. Wages, $17.60 per hour. Group insurance, $55,000. FERGUSON, James Claude, 808 Sixth Street, Philadelphia, PA 19106-0995. Married, daiming 5 withholding allowances. Telephone, 555-8065. Social Security No. 000-00-8645. Position, sales manager. Salary, $58,500 per year. Group insurance $88,000. Department: Sales. FORD, Catherine Louise, 18 Dundee Avenue, Philadelphia, PA 19151-1919. Divorced, claiming 2 withholding allowances. Telephone, 555-0235. Social Security No. 000-00-4567. Position, executive secretary. Salary $2,643.33 per month. Group insurance, $48,000. Department: Office. MANN, Dewey Wilson, 3007 Bisque Drive, Philadelphia, PA 19199-0718. Married, claiming 4 withholding allowances. Telephone, 555-0774. Social Security No. 000-00-9352. Position, sales representative. Salary, $2,925 per month. Group insurance, $53,000. Department Sales. O'NEILL, Joseph Tyler, 2100 Broad Street, Philadelphia, PA 19121-7189. Married, claiming 3 withholding allowances. Telephone, 555-2332. Social Security No. 000-00-1534. Position, president. Salary, $60,000 per year, paid $2,307.69 biweekly. Group insurance, $90,000. Department: Administrative. RUSSELL, Virginia Aloise, 8004 Dowling Road, Philadelphia, PA 19135-9001. Single, claiming 1 withholding allowance. Telephone, 555-3681. Social Security No. 000-00-6337. Position, time clerk. Salary, $2,600 per month. Group insurance, $47,000. Department: Office. RYAN, Norman Allen, 7300 Harrison Street, Philadelphia, PA 19124-6699. Married, claiming 4 withholding allowances. Telephone, 555-6660. Social Security No. 000-00-1223. Position, electrician in plant. Wages, $18.00 per hour. Group insurance, $56,000. SOKOWSKI, Thomas James, 133 Cornwells Street, Philadelphia, PA 19171-5718. Married, claiming 2 withholding allowances. Telephone, 555-5136. Social Security No. 000-00-8832. Position, supervisor in plant. Salary, $1,025 per week. Group insurance, $80,000. STUDENT, 7018 Erdrick Street, Philadelphia, PA 19135-8517. Single, claiming 1 withholding allowance. Position, accounting trainee. Wages, $14.00 per hour. Group insurance, $39,000. Department: Office. WILLIAMS, Ruth Virginia, 9433 State Street, Philadelphia, PA 19149-0819. Single, claiming withholding allowances. Telephone, 555-5845. Social Security No. 000-00-6741. Position, programmer. Salary, $2,650 per month. Group insurance, $48,000. Department Office. Glo-Brite Payroll Taxes Payroll Taxes Levied upon Glo-Brite Paint Company and Its Employees Federal Income Taxes (FIT) Withheld from each employee's gross earnings in accordance with information given on Form W-4 and employee's earnings record. Wage-bracket method is used to determine FIT withholding.* Pennsylvania State Income 3.07 percent withheld from each employee's gross earnings during the fourth Taxes (SIT) quarter.* Philadelphia City Income 3.8809 percent withheld from gross earnings of each resident employee.* Taxes (CIT) Pennsylvania State Unem Employee: 0.06 percent (0.0006) on total gross earnings (no limit for the ployment Taxes employee's portion).* (SUTA) Employer: 3.6890 percent on first $10,000 gross earnings paid each employee during the calendar year (PA rate for new employers). Federal Unemployment Employer: Net tax rate of 0.6 percent on first $7,000 gross earnings paid each Taxes (FUTA) worker in the calendar year. Federal Insurance OASDI Employee 6.2 percent on first $132,900 of gross earnings paid each worker in the Contributions Act (FICA) and Employer: calendar year (maximum OASDI tax of $8,239.80). H1Employee: 1.45 percent on total gross earnings paid each worker in the calendar year, plus an additional 0.9 percent on wages over $200,000 HlEmployer: 1.45 percent on total gross earnings paid each worker in the calendar year. *Tax withholdings for FIT, FICA, SIT, CIT, and SUTA are based on rates used in 2019. Rates for 2020 were not available at the time of publishing. Deductions Net Paid Taxable Earnings Labor Cost Distribution Group Ins. Union Dues 8.00 Ck SIMPLE No. 200.00 FUTA SUTA Admin Office Sales NAME Ryan, N. Sokowski, T (Student) Woods, B OASDI 89.84 127.10 62.50 66.96 21.01 29.73 14.62 15.66 FIT 16.00 190.00 75.00 86.00 SIT 44.48 62.94 30.95 33.16 SUTA 0.87 1.23 0.60 0.65 CIT 56.23 79.56 39.12 41.91 Amount 1,012.57 1,559.44 785.211 835.66 OASDI 1,449.000 2,050.00 1,008.00 1,080.00 HI 1,449.00 2,050.00 1,008.00 1,080.00 Plant 1,449.00 2,050.00 418.00 1,080.00 1,008.00 1,080.00 1,080.00 974.92 228.02) 782.00 482.760 9.43 610.24) 0.00 16.000 1,650.00 10.970.92 15,724.29 15,724.29 1,080.00 1,498.00 2,307.69 4.628.00 3,600.00 5,188.60 TOTALS Payday, December 14, 20- Russell, V. 16.44 0.00 14.70 70.31 78.12 148.43 18.27 0.68 0.76 1.44 1,031.87 1,162.85 2,194.72| 1,134.00 1,260.00 2,394.00 1,134.00 1,260.00 2.394.00 1,134.00 1.260.00 2.394.00 34.711 0.00 0.00 0.001 14.70 0.000 0.001 0.00 0.00 0.00 0.001 0.00 9.00 1,830.40 500.00 2.250.00 1,280.00 1,350.00 TOTALS Payday, December 18, 20- Bonno, A Ferguson, J. Ford, C. Mann, D. O'Neill, J. *** Ryan, N. Sokowski, T. (Student) Woods, B Young, P. 113.48 26.54 62.00 56.19 139.50 32.63 49.00 69.08 79.36 18.56 90.000 39.30 83.70 19.58) 64.00 41.45 4,877.481 1,265.96 28,037.71 2,680.35 101.00 23.62 29.00 50.01 127.10 29.73 190.000 62.94 61.63 14.41 75.00 30.52 74.40 17.40 98.00 36.84 78.12 18.27 107.00 38.68 87,307.69 1.10 1.35 0.77 0.81 52.38 0.98 1.23 0.60 0.72 0.76 71.04 87.32 49.68 52.39 3,388.32 63.22 79.56 38.58 46.57 48.90 16.50 26.40 15.00 15.90 27.00 16.80 24.00 11.70 14.10 14.70 250.00 4,000.00 200.00 1.474.55 1,344.72 987.33 822.17 42,978.49 1,135.37 1,535.44 761.56 911.97 953.57 9.00 1,830.40 1,830.40 2,250.00 2,250.00 1,280.00 1,280.00 1,350.00 1,350.00 87,307.69 87,307.69 1,629.00 1,629.00 2,050.00 2,050.00 994.00 994.00 1,200.00 1,200.00 1,260.00 1,260.00 1,629.00 2,050.00 994.00 1,200.00 1,200.00 1,260.00 1,200.00 1,260.00 1,260.00 TOTALS 5,735.77 1,466.70 28,801.71 3,105.36 60.70 3,925.58 182.10 18.00 4,950.00 52,905.17 101, 151.09 101,151.09 2,460.00 2,460.00 87,307.69 3.474.00 4,860.00 5,509.40 QTR YEAR 10,743.34 2,637.90 33,178.71 5,511.52|| 19,561.26 4,700.17| 49,095.71 9,877.81|| 109.08 6,967.14 559.20 194.42 12,486.74 1,489.60|| 98.00 8,250.00 242.00 8,250.00|| 113,862.58 181,917.47 181,917.47 8,050.00 20,050.00 98,846.14 29,881.31 22,860.00 30,330.00 218,244.33 324, 142.04 324, 142.04 73,540.00 103,540.00 141,538.41 58,231.33 51,385.00 72,987.30