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Problem 11-05A (Video) For the year ended December 31, 2020, Sheridan Electrical Repair Company reports the following summary payroll data. $194,000 348,000 $542,000 Gross earnings: Administrative salaries Electricians' wages Total Deductions: FICA taxes Federal income taxes withheld State income taxes withheld (3%) United Fund contributions payable Health insurance premiums Total $36,100 184,000 16,260 27,100 19,000 $282,460 Sheridan's payroll taxes are Social Security tax 6.2%, Medicare tax 1.45%, state unemployment 2.5% (due to a stable employment record), and 0.8% federal unemployment. Gross earnings subject to Social Security taxes of 6.2% total $455,500, and gross earnings subjec to unemployment taxes total $138,000. No employee exceeds the $127,200 limit related to FICA taxes. (a) Prepare a summary journal entry at December 31 for the full year's payroll. (b) Journalize the adjusting entry at December 31 to record the employer's payroll taxes. (Round answers to o decimal places, e.g. 125. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (a) (b) (c) The W-2 Wage and Tax Statement requires the following dollar data. Complete the required data for the following employees. (Round answers to o decimal places, e.g. 5,275.) Employee Wages, Tips, Other Compensation Federal Income Tax Withheld State Income Tax Withheld FICA Wages FICA Tax Withheld Maria Sandoval $58,000 $28,420 Jennifer Mingenback 28,000 10,920 Click if you would like to Show Work for this question: Open Show Work Problem 11-05A (Video) For the year ended December 31, 2020, Sheridan Electrical Repair Company reports the following summary payroll data. $194,000 348,000 $542,000 Gross earnings: Administrative salaries Electricians' wages Total Deductions: FICA taxes Federal income taxes withheld State income taxes withheld (3%) United Fund contributions payable Health insurance premiums Total $36,100 184,000 16,260 27,100 19,000 $282,460 Sheridan's payroll taxes are Social Security tax 6.2%, Medicare tax 1.45%, state unemployment 2.5% (due to a stable employment record), and 0.8% federal unemployment. Gross earnings subject to Social Security taxes of 6.2% total $455,500, and gross earnings subjec to unemployment taxes total $138,000. No employee exceeds the $127,200 limit related to FICA taxes. (a) Prepare a summary journal entry at December 31 for the full year's payroll. (b) Journalize the adjusting entry at December 31 to record the employer's payroll taxes. (Round answers to o decimal places, e.g. 125. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (a) (b) (c) The W-2 Wage and Tax Statement requires the following dollar data. Complete the required data for the following employees. (Round answers to o decimal places, e.g. 5,275.) Employee Wages, Tips, Other Compensation Federal Income Tax Withheld State Income Tax Withheld FICA Wages FICA Tax Withheld Maria Sandoval $58,000 $28,420 Jennifer Mingenback 28,000 10,920 Click if you would like to Show Work for this question: Open Show Work
