Question
I would like to see what you get please. Problem 11.4A Computing and recording unemployment taxes; completing Form 940. LO 11-6, 11-7 Certain transactions and
I would like to see what you get please.
Problem 11.4A Computing and recording unemployment taxes; completing Form 940. LO 11-6, 11-7
Certain transactions and procedures relating to federal and state unemployment taxes follow for Fancy Nancy LLC, a retail store owned by Nancy Roberts. The firms address is 2007 Trendsetter Lane, Dallas, TX 75268-0967. The firms phone number is 972-456-1200.The employers federal and state identification numbers are 75-9462315 and 37-9462315, respectively. Carry out the procedures as instructed in each of the following steps.
Name of Employee | Total Earnings | ||
Terri Roma | $ | 5,585 | |
Jo Guyton | 3,550 | ||
Gloria Bermudez | 3,873 | ||
Susie Scott | 5,045 | ||
Anita Thomas | 3,775 | ||
Terri Wong | 2,685 | ||
Total | $ | 24,513 | |
Required:
- Compute the state unemployment insurance tax owed on the employees wages for the quarter ended March 31, 2019. This information will be shown on the employers quarterly report to the state agency that collects SUTA tax. The employer has recorded the tax on each payroll date. Although the state charges a 5.4 percent unemployment tax rate, Fancy Nancy LLCs rate is only 1.7 percent because of its experience rating. The employee earnings for the first quarter are shown above. All earnings are subject to SUTA tax.
- On April 30, 2019, the firm issued a check to the state employment commission for the amount computed above. In general journal form, record the issuance of the check.
Side note: Please only use these options below for the entry.
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
Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the state unemployment insurance tax owed on the employees' wages for the quarter ended March 31, 2019. This information will be shown on the employer's quarterly report to the state agency that collects SUTA tax. The employer has recorded the tax on each payroll date. Although the state charges a 5.4 percent unemployment tax rate, Fancy Nancy LLC's rate is only 1.7 percent because of its experience rating. The employee earnings for the first quarter are shown above. All earnings are subject to SUTA tax. (Round "Rate" answer to 3 decimal places. I.e., 12.3% should be entered as 0.123) Show less Total amount Rate State unemployment insurance tax Required 1 Required 2 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 On April 30, 2019, the firm issued a check to the state employment commission for the amount computed above. In general journal form, record the issuance of the check. (Round your answers to 2 decimal places.) View transaction list Journal entry worksheet Record payment of quarterly SUTA. Note: Enter debits before credits. General Journal Debit Credit Date April 30, 2019 Record entry Clear entry View general journalStep by Step Solution
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