Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

These payroll liability accounts are included in the ledger of Bramble Company on January 1, 2022. FICA Taxes Payable $800.00 Federal Income Taxes Payable

image text in transcribedimage text in transcribedimage text in transcribed

These payroll liability accounts are included in the ledger of Bramble Company on January 1, 2022. FICA Taxes Payable $800.00 Federal Income Taxes Payable 1,195.00 State Income Taxes Payable 120.00 Federal Unemployment Taxes Payable 280.00 State Unemployment Taxes Payable 1,970.00 Union Dues Payable 855.00 U.S. Savings Bonds Payable 375.00 In January, the following transactions occurred. Jan. 10 Sent check for $855.00 to union treasurer for union dues. 12 120 45 Remitted check for $1,995.00 to the Federal Reserve bank for FICA taxes and federal income taxes withheld. Purchased U.S. Savings Bonds for employees by writing check for $375.00. Paid state income taxes withheld from employees. 15 17 20 Paid federal and state unemployment taxes. 31 Completed monthly payroll register, which shows salaries and wages $52,000.00, FICA taxes withheld $3,978.00, federal income taxes payable $2,170.00, state income taxes payable $435.00, union dues payable $475.00, United Fund contributions payable $1,975.00, and net pay $42,967.00. 31 Prepared payroll checks for the net pay and distributed checks to employees. At January 31, the company also makes the following accrued adjustments pertaining to employee compensation. 1. 2. Employer payroll taxes; FICA taxes 7.65%, federal unemployment taxes 0.6%, and state unemployment taxes 5.4% Vacation pay: 6% of gross earnings.

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

Accounting Information Systems

Authors: Ulric J. Gelinas, Richard B. Dull

10th edition

9781305176218, 113393594X, 1305176219, 978-1133935940

More Books

Students also viewed these Accounting questions

Question

Explain why it is not wise to accept a null hypothesis.

Answered: 1 week ago

Question

Describe the organizational stability strategy. LO1

Answered: 1 week ago