Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Thank you so much! I struggle a lot with this course :( Entries for Payroll and Payroll Taxes The following information about the payroll for

Thank you so much! I struggle a lot with this course :(
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Entries for Payroll and Payroll Taxes The following information about the payroll for the week ended December 30 was obtained from the records of Saine Co. Salaries: Sales salaries Warehouse salaries Office salaries Deductions: $243,000 Income tax withheld 134,000 U.S. savings bonds 124,000 Group insurance $509,000 $88,176 11.022 9,018 Tax rates assumed Social security, 6% Medicare, 1.5% State unemployment (employer only). 5.4% Federal unemployment (employer only. 0.8% Required: If an amount box does not require an entry, leave it blank. la. Assuming that the payroll for the last week of the year is to be paid on December 31, joumalize the entry on December 30, to record the payroit Date Account Debit Credit Dec. 30 1b. Assuming that the payroll for the last week of the year is to be paid on December 31, Journalize the entry on December 30, to record the employer's payroll the payroll to be paid on December 31, of the total payroll for the last week of the year, $25,000 is subject to unemployment compensation taxes Date Account Debit Credit Dec. 30 22. Assuming that the payroll for the last week of the year is to be paid on January 4 of the following fiscal year, journature the entry on December 30, to record te Dayroll Date Account Debit Credit Dec. 30 26. Assuming that the payroll for the last week of the year is to be paid on January 4 or the following fiscal year, journaise the entry on January to record the emplover's payroit taxes on the payroit to be paid on January. Because it is a new focal year, al $501,000 in salaries is subject to unemployment compensation Account Debit Date Jan 4 Credit

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

Financial Accounting For Non Specialists

Authors: Catherine Gowthorpe

2nd Edition

1844802051, 978-1844802050

More Books

Students also viewed these Accounting questions

Question

Define raw data in your own words.

Answered: 1 week ago

Question

licensure as a psychologist in the respective jurisdiction; and

Answered: 1 week ago

Question

What are the objectives of Human resource planning ?

Answered: 1 week ago

Question

Explain the process of Human Resource Planning.

Answered: 1 week ago