Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Set A The following is the me lowing is the monthly payroll of Andersen Company, owned by Donald Andersen. Employees are paid on the last

image text in transcribed
image text in transcribed
Set A The following is the me lowing is the monthly payroll of Andersen Company, owned by Donald Andersen. Employees are paid on the last day of each m 84-1. JANUARY FICA Monthly Earnings Employee Sam Fish YTD Earnings $1,900 3,150 3,760 $8,810 $1,900 3,150 3,760 $8,810 Joy Bryant Anana Hess OASDI Medicare Federal Income Tax $117.80 $27.55 $ 264.00 195.30 45.68 351.00 233.12 54.52 498.00 $546.22 $127.75 $1,113.00 FEBRUARY Employee lovee Sam Fish Joy Bryant Ariana Hess Monthly Earnings $2,220 3,500 3,780 $9,500 YTD Earnings $ 4,120 6,650 7,540 $18,310 FICA OASDI Medicare Federal Income Tax $137.64 $ 32.19 $ 308.00 217.00 50.75 321.00 234.36 54.81 430.00 $589.00 $137.75 $1,059.00 MARCH Employee Sam Fish Joy Bryant Ariana Hess Monthly Earnings YTD Earnings $2,175 $ 6,295 9,075 4,060 11,600 $8,660 $26,970 FICA OASDI Medicare Federal Income Tax $134.85 $31.54 $ 590.00 150.35 35.16 568.00 251.72 58.87 537.00 $536.92 $125.57 $1,695.00 Andersen Company is located at 2 Square Street, Marblehead, MA 01945. Its EIN is 29-3458822. The FICA tax rate for Social Security is 6.2% on up to $127,200 in earnings during the year, and Medicare is 1.45% on all earnings. The SUTA tax rate is 5.7% on the first $7,000. The FUTA tax rate is 0.6% on the first $7,000 of earnings. Andersen Company is classified as a monthly depositor for Form 941 taxes. Your tasks are to do the following: 1. Journalize the entries to record the employer's payroll tax expense for each pay period in the general journal. 2. Journalize entries for the payment of each tax liability in the general journal

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

Principles Of Cost Accounting

Authors: Edward J. Vanderbeck

15th Edition

978-0840037039, 0840037031

More Books

Students also viewed these Accounting questions

Question

What are the most notable myths about American schools?

Answered: 1 week ago

Question

describe the main employment rights as stated in the law

Answered: 1 week ago