Payroll and Payroll Taxes Chart of Accounts Analysis General Journal Instructions Bailey Dry Cleaners has six employees who were paid the following wages during 2019 Frank Johnson Frank Johnson $27,000 Bill Long 18.000 Dutt Morse 130.000 Laura Stewart 28,000 Cindy Sharpe 26,000 Melissa Ledbeter 20,000 Total $249,000 The state allows the company a 15 unemployment compensation menit-rating reduction from the normal rate of 54%. The federal unemployment rate is 06%. The maimum unemployment wages per employee are 57 000 for both the state and the federal government Income tax withholdings of 20% are applied to all employees AFICA tax rate of Check My Work 1 more Check My Work uses remaining 16:18 9 M Payroll and Payroll Taxes Chart of Accounts Analysis General Journal Instructions Bill Long 18,000 Duff Morse 130,000 Laura Stewart 28,000 Cindy Sharpe 26,000 Melissa Ledbetter 20,000 Total $249,000 The state allows the company a 1% unemployment compensation merit-rating reduction from the normal rate of 5.4%. The federal unemployment rate is 0.0%. The mademum unemployment wages per employee are $7,000 for both the state and the federal government Income tax withholdings of 20% are applied to all employees. AFICA tax rate of 8% on the employee and 8% on the employer is applied to the first $128,400 of each employee's wages. Required: 1. Calculate the amount of payroll taxes to be paid by Bailey 2. Prepare the journal entries to record the payment of payroll and the payroll tax expense. Check My Work 1 more Check My Work uses remaining 16:18 ebook Calculator Payroll and Payroll Taxes Instructions Analysis General Journal Chart of Accounts CHART OF ACCOUNTS Bailey Dry Cleaners General Ledger REVENUE 411 Sales Revenue ASSETS 111 Cash 121 Accounts Receivable 141 Inventory 152 Prepaid Insurance 181 Equipment EXPENSES 500 Cost of Goods Sold 511 Insurance Expense Check My Work 1 more Check My Work uses remaining Instructions Analysis General Journal Chart of Accounts 511 Insurance Expense 181 Equipment 189 Accumulated Depreciation LIABILITIES 211 Accounts Payable 225 Federal Income Taxes Withholding Payable 226 State Income Taxes Withholding Payable 227 Federal Unemployment Taxes Payable 228 State Unemployment Taxes Payable 512 Utilities Expense 521 Salaries Expense 522 Payroll Taxes Expense 532 Bad Debt Expense 540 Interest Expense 541 Depreciation Expense 559 Miscellaneous Expenses 910 Income Tax Expense 229 FICA Taxes Payable 231 Salaries Payable 250 Unearned Revenue Check My Work 1 more Check My Work uses remaining eBook Calculator Payroll and Payroll Taxes Instructions Analysis General Journal by Miscelaneous Expenses 910 Income Tax Expense Chart of Accounts ZZI reuera unemployment Taxes Payable 228 State Unemployment Taxes Payable 229 FICA Taxes Payable 231 Salaries Payable 250 Unearned Revenue 261 Income Taxes Payable EQUITY 311 Common Stock 331 Retained Earnings Check My Work 1 more Check My Work uses remaining, Payroll and Payroll Taxes Instructions Chart of Accounts Analysis General Journal Analysis 1. Calculate the amount of payroll taxes to be paid by Bailey Bailey's total payroll taxes equal $ Check My Work 1 more Check My Work uses remaining, Payroll and Payroll Taxe Instructions Chart of Accounts Analysis General Joumal General Journal 2. Prepare the joumal entries to record the payment of payroll and the payroll tax expense on December 31, 2019 General Journal Instructions GENERAL JOURNAL ACCOUNT TITLE POST. REF. Check My Work 1 more Check My Work uses remaining. 9 MB Payroll and Payroll Taxes Instructions Chart of Accounts Analysis General Journal General Journal General Journal Instructions GENERAL JOURNAL ACCOUNT TITLE POST. REF. Check My Work 1 more Check My Work uses remaining
