June 30 139 SUTA Payable 207 June 30 613 Problems MyLabAccounting Set A The 84-1. The following is the monthly payroll of Andersen Company, owned by Donald Andersen. Employees are paid on the last day of each month. C L01,2 (50 min) JANUARY Month Employee San Fish Joy Bryant Ariana Hess Monthly Earnings $1,900 3,150 3,760 $8,810 YTD Earnings $1,900 3,150 3,760 $8,810 FICA OASDI Medicare Federal Income Tax $117.80 $ 27.55 $ 264.00 195.30 45.68 233.12 54.52 498.00 $546.22 $127.75 $1,113.00 351.00 FEBRUARY Employee Sam Fish Monthly Earnings $2,220 3,500 3,780 $9,500 Joy Bryant Ariana Hess FICA OASDI Medicare Federal Income Tax $137.64 $ 32.19 $ 308.00 217.00 50.75 321.00 234.36 54.81 430.00 $589.00 $137.75 $1,059.00 YTD Earnings $ 4,120 6 ,650 7,540 $18,310 MARCH Employee Sam Fish Joy Bryant Ariana Hess Monthly Earnings $2,175 2,425 Check Figure: Deposit of SUTA Tax $1,156.82 FICA OASDI Medicare $134.85 $ 31.54 150.35 35.16 251.72 58.87 $536.92 $125.57 YTD Earnings $ 6,295 9,075 11,600 $26,970 Federal Income Tax $ 590.00 568.00 537.00 $1,695.00 $8,660 292 CHAPTER 8 Paying the Payroll, Depositing Payroll Taxes, and Filing the Required Quarterly and Annual Awal Tax Forms on all car to fcd as a mom Andersen Company is located at 2 Square Street, Marblehead, MA Its EIN is 29.3458822. The FICA tax rate for Social Security is 6 $127.200 in earnings during the year, and Medicare is 1.45% u p The SLITA tax rate is 5.7% on the first $7.000. The FUTA taxa on the first $7.000 of earnings. Andersen Company is classified depositor for Form 941 taxes, Your tasks are to do the following: 1. tournalize the entries to record the employer's payroll taxe pay period in the general journal. 2. Journalire entries for the payment of each tax liability in the generala 150 min) L01. 2 8 A-2. Checking Totally Ted James, the accountant for Andersen Company, must complete for the first quarter of the current year. Ted gathered the needed data sented in Problem 8A-1. Suddenly called away to an urgent budget m e requested that you assist him by preparing Form 941 for the first quarter.pl note that the difference in the tax liability, a few cents, should be adjusted line 7this difference is due to the rounding of FICA tax amounts for Quarter 17.993.42 (60 min) L01,2 8A-). The following is the monthly payroll for the last 3 months of the year for Smith's Sporting Goods Shop 2 Boat Road, Lynn, MA 01945. The shop is a sole proprietorship owned and operated by Bill Smith. The EIN for Smith's Sporting Goods Shop is 28-9311893. The employees at Smith's are paid once each month on the last day of the month. Paula Bush is the only employee who has contributed the maximum Social Security None of the other employees will reach the Social Security was base limit by the end of the year. Assume the rate for Social Security to be 625 with a wage base maximum of $127.200 and the rate for Medicare to be 1.455 on all earnings. Smith's is dassified as a monthly depositor for Form 941 payroll tax deposit purposes. Your tasks are to do the following 1. Compute the December OASDI tax for Paula Bush. 2. Journaline the entries to record the employer's payroll tax expense for each period in the general journal. SUTA rate: 5.7%;FUTA rate: 0.6%. 3. Journalize the payment of each tax liability in the general journal. 4. Complete Form 941 for the fourth quarter of the current year. OCTOBER Check Dec. 11 Payroll tax pense 581.90 Paula Bush Joe Lagine Monthly Earnings $ 2.900 3.580 3,740 TICA YTD Larnings OASDI Medicare Federal Income Tax 5120,750 5179.80 $ 42.05 39.450 221.96 51.91 44,200 231.88 54.23 5204.400 $633.64 5148.19 $10,220 5 527.00 431.00 537.00 $1.495.00 NOVEMBER Employee Paula Bush Monthly Earnings FICA Joe Lapine $ 3,060 3.780 YTD Earnings 5123,810 43.230 48,040 $215.080 OASDI Medicare Tederal Income Tax 5189.72 544.37 234 36 23 08 55.63 $662.16 $154.86 54.81 510.680 5 595.00 470.00 562.00 $1.627.00 CHAPTER 8 Paying the Payroll, Depositing Payroll Taxes, and Filing the Required Quarterly and Ant DECEMBER 9 the Required Quarterly and Annual Tax Forms 293 Monthly Earnings $ 4,240 Employee Paula Bush Joe Lapine Harley Shaw Federal Income Tax $ 870.00 3,720 4,440 $12,400 FICA OASDI Medicare $210.18 $61.48 230.64 53.94 275.28 64.38 5716.10 5179.80 YTD Earnings $128,050 46,950 52,480 $227,480 474.00 700.00 $2,044.00 L03 (20 min) 44-4. Using the information from Problem 8A-3, please complete Form 940 for Smith's Sporting Goods for the current year. Additional information needed to complete the form is as follows: a. State reporting number: 025-319-2 b. No FUTA tax deposits were made for this year. C. Smith's three employees for the year all earned over $7,000. Set B Check Figure: Total Exempt Payments Line 5 5206,480 June 30 139 SUTA Payable 207 June 30 613 Problems MyLabAccounting Set A The 84-1. The following is the monthly payroll of Andersen Company, owned by Donald Andersen. Employees are paid on the last day of each month. C L01,2 (50 min) JANUARY Month Employee San Fish Joy Bryant Ariana Hess Monthly Earnings $1,900 3,150 3,760 $8,810 YTD Earnings $1,900 3,150 3,760 $8,810 FICA OASDI Medicare Federal Income Tax $117.80 $ 27.55 $ 264.00 195.30 45.68 233.12 54.52 498.00 $546.22 $127.75 $1,113.00 351.00 FEBRUARY Employee Sam Fish Monthly Earnings $2,220 3,500 3,780 $9,500 Joy Bryant Ariana Hess FICA OASDI Medicare Federal Income Tax $137.64 $ 32.19 $ 308.00 217.00 50.75 321.00 234.36 54.81 430.00 $589.00 $137.75 $1,059.00 YTD Earnings $ 4,120 6 ,650 7,540 $18,310 MARCH Employee Sam Fish Joy Bryant Ariana Hess Monthly Earnings $2,175 2,425 Check Figure: Deposit of SUTA Tax $1,156.82 FICA OASDI Medicare $134.85 $ 31.54 150.35 35.16 251.72 58.87 $536.92 $125.57 YTD Earnings $ 6,295 9,075 11,600 $26,970 Federal Income Tax $ 590.00 568.00 537.00 $1,695.00 $8,660 292 CHAPTER 8 Paying the Payroll, Depositing Payroll Taxes, and Filing the Required Quarterly and Annual Awal Tax Forms on all car to fcd as a mom Andersen Company is located at 2 Square Street, Marblehead, MA Its EIN is 29.3458822. The FICA tax rate for Social Security is 6 $127.200 in earnings during the year, and Medicare is 1.45% u p The SLITA tax rate is 5.7% on the first $7.000. The FUTA taxa on the first $7.000 of earnings. Andersen Company is classified depositor for Form 941 taxes, Your tasks are to do the following: 1. tournalize the entries to record the employer's payroll taxe pay period in the general journal. 2. Journalire entries for the payment of each tax liability in the generala 150 min) L01. 2 8 A-2. Checking Totally Ted James, the accountant for Andersen Company, must complete for the first quarter of the current year. Ted gathered the needed data sented in Problem 8A-1. Suddenly called away to an urgent budget m e requested that you assist him by preparing Form 941 for the first quarter.pl note that the difference in the tax liability, a few cents, should be adjusted line 7this difference is due to the rounding of FICA tax amounts for Quarter 17.993.42 (60 min) L01,2 8A-). The following is the monthly payroll for the last 3 months of the year for Smith's Sporting Goods Shop 2 Boat Road, Lynn, MA 01945. The shop is a sole proprietorship owned and operated by Bill Smith. The EIN for Smith's Sporting Goods Shop is 28-9311893. The employees at Smith's are paid once each month on the last day of the month. Paula Bush is the only employee who has contributed the maximum Social Security None of the other employees will reach the Social Security was base limit by the end of the year. Assume the rate for Social Security to be 625 with a wage base maximum of $127.200 and the rate for Medicare to be 1.455 on all earnings. Smith's is dassified as a monthly depositor for Form 941 payroll tax deposit purposes. Your tasks are to do the following 1. Compute the December OASDI tax for Paula Bush. 2. Journaline the entries to record the employer's payroll tax expense for each period in the general journal. SUTA rate: 5.7%;FUTA rate: 0.6%. 3. Journalize the payment of each tax liability in the general journal. 4. Complete Form 941 for the fourth quarter of the current year. OCTOBER Check Dec. 11 Payroll tax pense 581.90 Paula Bush Joe Lagine Monthly Earnings $ 2.900 3.580 3,740 TICA YTD Larnings OASDI Medicare Federal Income Tax 5120,750 5179.80 $ 42.05 39.450 221.96 51.91 44,200 231.88 54.23 5204.400 $633.64 5148.19 $10,220 5 527.00 431.00 537.00 $1.495.00 NOVEMBER Employee Paula Bush Monthly Earnings FICA Joe Lapine $ 3,060 3.780 YTD Earnings 5123,810 43.230 48,040 $215.080 OASDI Medicare Tederal Income Tax 5189.72 544.37 234 36 23 08 55.63 $662.16 $154.86 54.81 510.680 5 595.00 470.00 562.00 $1.627.00 CHAPTER 8 Paying the Payroll, Depositing Payroll Taxes, and Filing the Required Quarterly and Ant DECEMBER 9 the Required Quarterly and Annual Tax Forms 293 Monthly Earnings $ 4,240 Employee Paula Bush Joe Lapine Harley Shaw Federal Income Tax $ 870.00 3,720 4,440 $12,400 FICA OASDI Medicare $210.18 $61.48 230.64 53.94 275.28 64.38 5716.10 5179.80 YTD Earnings $128,050 46,950 52,480 $227,480 474.00 700.00 $2,044.00 L03 (20 min) 44-4. Using the information from Problem 8A-3, please complete Form 940 for Smith's Sporting Goods for the current year. Additional information needed to complete the form is as follows: a. State reporting number: 025-319-2 b. No FUTA tax deposits were made for this year. C. Smith's three employees for the year all earned over $7,000. Set B Check Figure: Total Exempt Payments Line 5 5206,480