Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please help.. Current Attempt in Progress Your answer is partially correct For the year ended December 31, 2022, Lily Electrical Repair Company reports the following

please help..
image text in transcribed
image text in transcribed
image text in transcribed
Current Attempt in Progress Your answer is partially correct For the year ended December 31, 2022, Lily Electrical Repair Company reports the following summary payroll data. Lly's payroll taxes are Social Security tax 6.2%. Medicare tax 1.45%, state unemployment 2.5% (due to a stable employment record). and 0.6% federal unemployment. Gross earnings subject to Social Security taws of 6.2% total $494,000, and gross eamings subject to unemployment taxes total $142,000. No employee exceeds the $132,900 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 pxyroll taxes. (Round answers to 0 dedmal places, es. 125. Credit occount titles are outomotically indented when amount is entered. Do not indent manually) (Round answers to 0 decimal places, es. 125. Credit account titles are outomotically indented when amount is entered. Do not indent manually.) (c) The W-2. Wage and Tax Statement requires the following dollar data. Complete the required data for the following emplovees. (Round answers to 0 decimal places, e 8.5,275 ) (c) The W-2 Wage and Tax Statement requires the following dollar data. Complete the required data for the following employees. (Round answers to 0 decimal places, eg. 5,275.)

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

Step: 3

blur-text-image

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

Cost Accounting A Decision Emphasis

Authors: Germain B. Boer, William L. Ferrara, Debra C. Jeter

4th Edition

0873939123, 978-0873939126

More Books

Students also viewed these Accounting questions