Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Required information [The following information applies to the questions displayed below.) A payroll summary for Mark Consulting Company, owned by Mark Fronke, for the

image text in transcribedimage text in transcribed

Required information [The following information applies to the questions displayed below.) A payroll summary for Mark Consulting Company, owned by Mark Fronke, for the quarter ending June 30, 20X1, appears below. The firm made the required tax deposits as follows: a. For April taxes, paid on May 15. b. For May taxes, paid on June 17. Date Wages Paid Total Earnings Social Security Medicare Tax Deducted Income Tax Tax Deducted Withheld April 8 $ 2,402.00 $ 148.92 $ 34.83 $ 238.00 15 22 29 2,490.00 2,402.00 2,446.00 154.38 148.92 151.65 36.11 245.00 34.83 238.00 35.47 242.00 $ 9,740.00 $ 603.87 $141.24 $ 963.00 May 5 $ 2,358.00 $ 146.20 $ 34.19 $234.00 12 2,402.00 148.92 34.83 238.00 19 2,402.00 148.92 34.83 238.00 26 2,446.00 151.65 35.47 242.00 $ 9,608.00 $595.69 $139.32 $ 952.00 June 2 $ 2,490.00 $ 154.38 $36.11 $ 245.00 9 2,402.00 148.92 34.83 238.00 16 2,446.00 151.65 35.47 242.00 23 2,402.00 148.92 34.83 238.00 146 79 1410 Help Save Total $31,446.00 $1,949.63 $455.99 $3,112.00 Social security Medicare FUTA SUTA 6.2 percent 1.45 0.6 5.4 Required: 1. Using the tax rates given above, and assuming that all earnings are taxable, make the general journal entry on April 8, 20X1, m record the employer's payroll tax expense on the payroll ending that date. 2. Prepare the entries in general journal form to record deposit of the employee income tax withheld and the social security and Medicare taxes (employee and employer shares) on May 15 for April taxes and on June 17 for May taxes. (For all requirements, round your answers to 2 decimal places.) View transaction list Journal entry worksheet 2 3 Record entry for deposit of payroll taxes for May.

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

Intermediate Accounting

Authors: Donald E. Kieso, Jerry J. Weygandt, and Terry D. Warfield

15th edition

978-1118159644, 9781118562185, 1118159640, 1118147294, 978-1118147290

More Books

Students also viewed these Accounting questions