Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

O Required information SB Problem 11.2A (Algo) and Problem 11.3A (Algo) The following information applies to the questions displayed below) A payroll summary for Mark

image text in transcribed
image text in transcribed
O Required information SB Problem 11.2A (Algo) and Problem 11.3A (Algo) The following information applies to the questions displayed below) A payroll summary for Mark Consulting Company, owned by Mark Fronke, for the quarter ending June 30, 20X1, appears below. The firm made the required tax deposits as follows: a. For April taxes, paid on May 15. b. For May taxes, paid on June 17. Date Wage. Puid April 15 22 29 May 5 12 19 26 Total Earrings $ 2,422.00 2,510.00 2.422.00 2,466.00 $ 9,820.00 52,378.60 2.422.00 2,422.00 2,466.00 5 9,680.00 2,510.00 2,422.00 2,466.00 2,422.00 2.378.00 $ 12,198.00 $ 31,706.00 Social Security TAX Deducted $ 150.16 155.62 150.16 152.59 $ 600.83 5 147.44 150.16 150.16 152.89 $ 600.65 155.62 150.16 152.89 150.16 147.44 3 256.27 $1,965.75 Medicare Tax Deducted $ 35.12 36.40 35.12 35.76 $142.40 $ 34.48 35.12 35.12 35.70 $140.40 $36.40 35.12 35.26 35.12 34.48 3176.80 $459.76 Income Tax Withheld $ 240.00 247.00 240.00 244.00 $ 971.00 $ 236.00 240.00 240.00 244.00 $ 260.00 $ 247.00 240.00 244.00 240.00 236.08 12,207.00 $3,138.00 June 2 SON Total 0.2 percent Social security Medicare FUTA SUTA 0.6 TUTA SUTA 6.6 514 Problem 11.2A (Algo) Computing employer's social security tax, Medicare tax, and unemployment taxes. LO 11-2, 11-3 Required: 1. Using the tax rates given above, and assuming that all earnings are taxable make the general journal entry on April 8, 20X1.10 record the employer's payroll tax expense on the payroll ending that date, 2. 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 (For all requirements, round your answers to 2 decimal places.) View transaction list Journal entry worksheet 1 2 3 Record entry for deposit of payroll taxes for April Not to be before credits General Journal Debit Dato May 15, 20X1 Cadit Record estry Clear entry View general journal

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_2

Step: 3

blur-text-image_3

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

International Finance A Practical Perspective

Authors: Adrian Buckley

1st Edition

0273731866, 9780273731863

More Books

Students also viewed these Accounting questions