Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

SB Problem 11.2A (Static) and Problem 11.3A (Static). [The following information applies to the questions displayed below.] A payroll summary for Mark Consulting Company, owned

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
SB Problem 11.2A (Static) and Problem 11.3A (Static). [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. Paid Date Social Security Medicare Income Wages Total Tax Tax Earnings Deducted Deducted Withheld April 8 $3,400.00 $ 210.80 $ 49.30 $ 33800 15 3.700.00 229.40 53.65 365.00 22 4,100.00 254 20 59.45 338.00 4,400.00 272.80 63.80 43600 $ 15,600.00 $ 967.20 $ 226.20 $ 1.47700 May 5 $ 3,200.00 $ 198.40 $ 46.40 $ 318.00 12 3.400.00 210.80 49.30 338.00 19 3.400.00 210.80 49.30 338.00 26 4,400.00 272.80 63.80 436.00 $ 14,400.00 $ 892.80 $ 208.80 $ 1.430.00 June 2 $ 3.700.00 $ 229.40 $ 53.65 $ 365.00 9 3,400.00 210.80 49.30 338.00 16 4,400.00 272.80 63.80 436.00 23 3,400,00 210.80 49.30 338.00 30 3,200.00 19840 46.40 318.00 $ 18,100.00 $ 112220 $ 262.45 $ 1,795 00 Total $ 48,100.00 $ 2,982.20 $ 697.45 $ 4.702.00 percent Social security Medicare FUTA SUTA 62 1.45 0.6 5.4 Problem 11.2A (Static) Computing employer's social security tax, Medicare tax, and unemployment taxes. LO 11-2, 11-3 Required: 1. Using the tax rates given above, and assuming that all earnings are taxable, make the general journal entry on April 8, 20X1, to 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 Record payroll tax expense. Note: Enter debits before credits. Date April 8, 20X1 General Journal Debit Credit Record entry Clear entry View general journal Problem 11.2A (Static) Computing employer's social security tax, Medicare tax, and unemployment taxes. LO 11-2, 11-3 Required: 1. Using the tax rates given above, and assuming that all earnings are taxable, make the general journal entry on April 8, 20x1, to 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 April. Note: Enter debits before credits. General Journal Debit Credit Date May 15, 20X1 Record entry Clear entry View general journal Problem 11.2A (Static) Computing employer's social security tax, Medicare tax, and unemployment taxes. LO 11-2, 11-3 Required: 1. Using the tax rates given above, and assuming that all earnings are taxable, make the general journal entry on April 8, 20x1, to 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 lit Journal entry worksheet Record entry for deposit of payroll taxes for May. Noto: Enter debits before credits: Date June 17, 20X1 General Journal Debit Credit Record entry Clear entry View general journal

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Advanced Financial Accounting

Authors: Thomas H. Beechy

5th Edition

0131236997, 9780131236998

Students also viewed these Accounting questions