Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

pls only answer all of B. The following is a payroll sheet for Vaughn Imports for the month of September 2020. The company is allowed

pls only answer all of B. image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
The following is a payroll sheet for Vaughn Imports for the month of September 2020. The company is allowed a 1% unemployment compensation rate by the state; the federal unemployment tax rate is 0.8% and the maximum for both is $7,000. Assume a 10% federal income tax rate for all employees and a 765%FICA tax on employee and employer on a maximum of $128,400. In addition, 1.45% is charged both employer and employee for an employee's wages in excess of $128,400 per employee. (a) Your Answer Correct Answer (Used Your answer is partially correct Complete the payroll sheet. (Round answers to 2 decimal places, eg, 15.26) Name Earnings to Aug. 31 $6.900 September Earnings $700 Income Tax Withholding B.D. Williams $ 20 $ Raye 6.700 600 30 Baker 7.500 1.200 120 Complete the payroll sheet. (Round answers to 2 decimal places, eg. 15.26.) Earnings to Aug. 31 $6,900 Name September Earnings $700 Income Tax Withholding B.D. Williams $ 70 D. Raye 6,700 600 60 K. Baker 7.500 1.200 120 F. Lopez 13,800 2,000 200 A. Daniels 116,500 12,500 1250 B.Kingston 121,100 16,500 1650 Total 272500 $ 33500 3350 Make the necessary entry to record the payment of the payroll. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts Credit account titles are automatically indented when amount is entered. Do not indent manually) Account Titles and Explanation Debit Credit Salaries and Wages Expense 1995.15 Complete the payroll sheet. (Round answers to 2 decimal places, eg 15.26.) Unemployment Tax Income Tax Withholding FICA State Federal $ 70 $ 53.55 1 08 60 45.9 3 24 120 918 0 0 200 153 O 0 1250 91905 0 0 1650 69185 0 3350 1955 15 4 32 Make the necessary entry to record the payment of the payroll, if no entry is required, select "No Entry for the accouratitles and enter for the amounts. Credit account titles are outomatically indented when amount is entered. Do not indent manually.) Debit Credit Account Titles and Explanation Salaries and Wages Expense 1995.15 Make the necessary entry to record the payment of the payroll. If no entry is required, select "No Entry for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Salaries and Wages Expense FICA Taxes Payable 1.955.15 33,500 Withholding Taxes Payable 3,350 Cash 28,194.85 (6) Make the entry to record the payroll tax expenses of Vaughn Imports. (Round answers to 2 decimal places, eg. 15.25. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually) Account Tities and Explanation Debit Credit (b) Make the entry to record the payroll tax expenses of Vaughn Imports. (Round answers to 2 decimal places, eg. 15.25. If no entry is required, select "No Entry" for the account titles and enter for the amounts Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit

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

Accounting Principles

Authors: Jerry J. Weygandt, Valerie A. Kinnear, Donald E. Kieso, Paul D. Kimmel, Barbara A. Trenholm, Joan E. Barlow

6th Canadian Edition

1118557301, 978-1118557303

More Books

Students also viewed these Accounting questions