Question 20 (Mandatory) (2.5 points)

William Corp. pays its employees every two weeks. Employee wages earned over a two-week period is $250,000. All wages are subject to social security and Medicare taxes, while $50,000 of wages are subject to federal and state unemployment taxes. Tax rates are the following:

Social security tax 6.0% Medicare tax 1.5% State unemployment compensation tax 5.4% Federal unemployment compensation tax 0.8%

Additionally, the total amount withheld from wages for federal income taxes is $75,000 and the total amount withheld for state income taxes is $12,500.

________________________________________

When William Corp. will records payroll every two weeks, Wages Payable will be:

Question 20 options:

	Neither debited nor credited
	Debited for $250,000
	Credited for $250,000
	Debited for $143,750
	Credited for $143,750

Question 21 (Mandatory) (2.5 points)

William Corp. pays its employees every two weeks. Employee wages earned over a two-week period is $250,000. All wages are subject to social security and Medicare taxes, while $50,000 of wages are subject to federal and state unemployment taxes. Tax rates are the following:

Social security tax 6.0% Medicare tax 1.5% State unemployment compensation tax 5.4% Federal unemployment compensation tax 0.8%

Additionally, the total amount withheld from wages for federal income taxes is $75,000 and the total amount withheld for state income taxes is $12,500.

________________________________________

When William Corp. will records payroll every two weeks, Social Security Tax Payable will be:

Question 21 options:

	Neither debited nor credited
	Debited for $3,750
	Credited for $3,750
	Debited for $15,000
	Credited for $15,000

Question 22 (Mandatory) (2.5 points)

William Corp. pays its employees every two weeks. Employee wages earned over a two-week period is $250,000. All wages are subject to social security and Medicare taxes, while $50,000 of wages are subject to federal and state unemployment taxes. Tax rates are the following:

Social security tax 6.0% Medicare tax 1.5% State unemployment compensation tax 5.4% Federal unemployment compensation tax 0.8%

Additionally, the total amount withheld from wages for federal income taxes is $75,000 and the total amount withheld for state income taxes is $12,500.

________________________________________

When William Corp. records the journal entry to recognize payroll every two weeks, Medicare Tax Payable will be:

Question 22 options:

	Neither debited nor credited
	Credited for $15,000
	Debited for $3,750
	Debited for $15,000
	Credited for $3,750

Question 23 (Mandatory) (2.5 points)

William Corp. pays its employees every two weeks. Employee wages earned over a two-week period is $250,000. All wages are subject to social security and Medicare taxes, while $50,000 of wages are subject to federal and state unemployment taxes. Tax rates are the following:

Social security tax 6.0% Medicare tax 1.5% State unemployment compensation tax 5.4% Federal unemployment compensation tax 0.8%

Additionally, the total amount withheld from wages for federal income taxes is $75,000 and the total amount withheld for state income taxes is $12,500.

________________________________________

When William Corp. records the journal entry to recognize payroll every two weeks, Employees Federal Income Tax Payable will be:

Question 23 options:

	Debited for $75,000
	Debited for $12,500
	Neither debited nor credited
	Credited for $75,000
	Credited for $12,500