Question
Help me solve this please? I want to see what you get :) Problem 11.2A Computing employer's social security tax, Medicare tax, and unemployment taxes.
Help me solve this please? I want to see what you get :)
Problem 11.2A Computing employer's social security tax, Medicare tax, and unemployment taxes. LO 11-2, 11-3
A payroll summary for Mark Consulting Company, owned by Mark Fronke, for the quarter ending June 30, 2019, appears below. The firm made the required tax deposits as follows
- For April taxes, paid on May 15.
- For May taxes, paid on June 17.
Social security | 6.2 | percent |
Medicare | 1.45 | |
FUTA | 0.6 | |
SUTA | 5.4 |
- Using the tax rates given above, and assuming that all earnings are taxable, make the general journal entry on April 8, 2019, to record the employers payroll tax expense on the payroll ending that date.
- Prepare the entries in general journal form to record deposit of the employee income tax withheld and the social security and Medicare taxes (employee and employer shares) on May 15 for April taxes and on June 17 for May taxes.
Side note! You can only use these options below for all the tables.
Cash
Employee income tax payable
Federal unemployment tax payable
Interest expense
Interest payable
Medicare tax payable
Notes payable
Office salaries expense
Payroll taxes expense
Petty cash
Prepaid expenses
Prepaid worker's compensation insurance
Rent expense
Salaries expense
Salaries payable
Sales salaries expense
Sales tax payable
Social security tax payable
State unemployment tax payable
Utilities expense
Workers' compensation insurance expense
Workers' compensation insurance payable
Date Wages Paid April 8 15 22 May 5 12 Social Security Medicare Income Tax Tax Tax Deducted Deducted Withheld $ 138.38 $ 32.36 $ 221.00 143.84 33.64 228.00 138.38 32.36 221.00 141.11 33.00 225.00 $ 561.71 $131.36 $ 895.00 $ 135.66 $ 31.73 $ 217.00 138.38 32.36 221.00 138.38 32.36 221.00 141.11 33.00 225.00 $ 553.53 $129.45 $ 143.84 $ 33.64 $ 228.00 138.38 32.36 221.00 141.11 33.00 225.00 138.38 32.36 221.00 135.66 31.73 217.00 $ 697.37 $163.09 $1,112.00 $1,812.61 $423.90 $2,891.00 Total Earnings $ 2,232.00 2,320.00 2,232.00 2,276.00 $ 9,060.00 $ 2,188.00 2,232.00 2,232.00 2,276.00 $ 8,928.00 $ 2,320.00 2 ,232.00 2,276.00 2,232.00 2,188.00 $11,248.00 $29,236.00 19 26 June 2 9 16 23 30 Total Journal entry worksheet 2 3 Record payroll tax expense. Note: Enter debits before credits. General Journal Debit Credit Date April 08, 2019 Record entry Clear entry View general journal Journal entry worksheet
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started