Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

prepate journal entries for the following AS OF MARCH 2017 1)Paid $5,000 to employees, with withholding of $960 for federal income taxes, $150 for state

prepate journal entries for the following AS OF MARCH 2017

1)Paid $5,000 to employees, with withholding of $960 for federal income taxes, $150 for state income taxes, $310 for social security, $725 for Medicare tax, and $100 for city income tax. Use Employee Tax Withheld account for all withholding.

2)Accrue employer tax (related to July 18th payroll) of $1,352. These taxes include employer portion of FICA and Medicare tax and state and federal unemployment tax. Use Employer Tax Payable account.

3)Paid withholding tax for July 18th payroll, including employer tax.

4)Accrued but unpaid employee salaries were $5,000 with withholding of $880 for federal income taxes. Calculate the payroll using 6.2% FICA tax, 3% for state income taxes, 1.45% Medicare tax, and 2% for city income tax. Record the payroll, using Employee Tax Withheld account for all withholding taxes.

5)Accrued employer payroll tax of $800.00

6)Sold one of the floor polisher purchased on July 1 for $850. Record all depreciation related to equipment.

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

Security And Auditing Of Smart Devices

Authors: Sajay Rai, Philip Chukwuma, Richard Cozart

1st Edition

0367567997, 978-0367567996

More Books

Students also viewed these Accounting questions

Question

examples you have encountered of both traditional & IMC

Answered: 1 week ago