Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need help A.S.A.P if possible I am having a lot of trouble with this question I filled in some of them but I cant

I need help A.S.A.P if possible I am having a lot of trouble with this question I filled in some of them but I cant figure out the rest.image text in transcribed

Problem 115A Your answer is partially correct. Try again. For the year ended December 31, 2012, Telmarine Electrical Repair Company reports the following summary payroll data. Gross earnings: Administrative salaries $208,900 Electricians' wages 373,000 Total $581,900 Deductions: FICA taxes $39,610 Federal income taxes withheld 178,041 State income taxes withheld (3%) 17,457 United Fund contributions payable 28,074 Health insurance premiums 17,559 Total $280,741 Telmarine Company's payroll taxes are: FICA 8%, state unemployment 2.50% (due to a stable employment record), and 0.80% federal unemployment. Gross earnings subject to FICA taxes total $495,125, and gross earnings subject to unemployment taxes total $137,818. (a) (b) Prepare a summary journal entry at December 31 for the full year's payroll. Journalize the adjusting entry at December 31 to record the employer's payroll taxes. (Round answers to 0 decimal places, e.g. 125. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. (a) (b) Account Titles and Explanation Debit Credit (c) The W2 Wage and Tax Statement requires the following dollar data. Complete the required data for the following employees. Employee Lucie Solarova Kristina Madericova Wages, Tips, Other Federal Income State Income Tax Compensation Tax Withheld Withheld $63,000 $30,432 32,600 $ FICA Wages FICA Tax Withheld $ 12,789 Please fill in the boxes with the red tab next to it. All the green dots mean they are correct. $

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

Fundamental financial accounting concepts

Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Edward

8th edition

978-007802536, 9780077648831, 0078025362, 77648838, 978-0078025365

Students also viewed these Accounting questions

Question

Review behavior therapy techniques based on operant conditioning.

Answered: 1 week ago