Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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,

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
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, 2019, 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. nate General tournal Debit Credit A payroll summary for Mark Consulting Company, owned by Mark Fronke, for the quarter ending June 30, 2019, 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 April 8 May 5 Total Earnings $ 2,412.89 2.500.00 2.412.00 2,456.89 $ 9,780.00 $ 2,368.60 2.412.00 2,412.00 2,456.09 $ 9,648.00 5 2,500.00 2 ,412.09 2,456.89 2.412.00 2,368.00 $ 12,148.60 $ 31,576.00 Social Security Tax Deducted $ 149.54 155.00 149.54 152.27 S626.35 $ 146.82 149.54 149.54 152.27 $ 598.17 $ 155.08 149.54 152.27 149.54 146.82 $ 753.17 $1,957.69 Medicare Income Tax Tax Deducted Withheld $34.97 $ 239.00 36.25 246.00 34.97 239.00 35.61 243.00 $141.80 S967.00 $34.34 $ 235.00 34.97 239.00 34.97 239.00 35.61 243.00 139.89 $ 956.00 S 36.255 246.00 34.97 239.00 35.61 243.00 34.97 239.00 34.34 235.00 $176.14 $1,202.80 $457.83 $3,125.00 June 2 9 23 30 Total View transaction list Journal entry worksheet

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

How To Audit ISO 9001 2015 A Handbook For Auditors

Authors: Chad Kymal

1st Edition

087389927X, 978-0873899277

More Books

Students also viewed these Accounting questions

Question

What are some of the possible scenes from our future?

Answered: 1 week ago