this question is for 8a-3
AutoSave off A WKS Objective One Spreadsheet (6) Compatibility Mode File Home Formulas Deta Review Insert Page Layout X Cut Pade Copy View Help -10-AA BIU---A- Arial Format Painter Clipboard 6 Ford 5 v Xfx PROBLEM PZA-2 B CDEFG HIJKL MNOPQ Allowances & Marital Status Previous Eamings (YTD) Regular 42 000 00 S 10 S-A S-1 33 000 00 55 500 00 S-3 115 420 00 28 0 0 000 S S 13 TAXADLE EARNINGS A] 3 4 5 5 2 e Unde 7 8 9 10 Employee Name 11 12 Bnstow, Helen 13 Fein, Kristen 14 Kent, Hailey 15 Barr, Brent 16 Alden, Liam 17 18 19 TOTALS 20 21 Employee 22 23 Bristow, Helen 24 Fein, Krisden 25 Kent, Hailey 26 Bart, Brent 27 Alden, Lim 28 29 30 31 32 TOTALS 33 34 Ready W WHE FUTA/SUTA Payroll Accessibility Unavaille Type here to search T OASDI T O *. MEN Et FIT O Search (Alt+C) Wrap Text Merge & Center - General S-% 9 19 Number X Y Z AA AB ACADAE AF PAYROLL REGISTER Current Earrings (YTD Gross TI Deductions OASOL Medicare Alignment R STU V Current Earings Overtime SIT W hp E Conditional Format as Formatting F FICA D Cell Table Styles Styles AG AH AI AI AK Medical Insurance Gam TX HE Insert Delete Format Ceps AL AMANAO AP AQ Nat Pay Steven Gree Cheek No. G Customer Service A 61- Mostly sunny 840 X Share Comments AutoSum- 27 0 Sort & Find & Fill- Clear- Filler Select- P Analyse DM Analysis Editing AR ASATAU AV AW AXAYAT BA A Distribution of Expense Accounts Office 34/PM SED 5/23/2017 up 10006 O Search (Alt+C) AutoSave Off WXS Objective Three Spreadsheet (2) Protected View View Help Review Data Formulas File Page Layout Insert Home PROTECTED VIEW Be careful-files from the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View, E9 VEX fx J 1 O KLM N D E FGH C A B 1 PROBLEM BA 3 (CONTINUED) 2 4 5 Requirement 2 6 GENERAL JOURNAL 7 B Date Dr. Cr. 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 26 29 36 3 Ready # Account Titles and Description Req, 1 Roq, 2 O Type here to search Req. 3 941 PR O Bi Enable Editing P bil hp 8A-2. for White Company, must complete Form 941 for the first quarter of the current year. John gathered the needed data as presented in Problem 8A-1. Suddenly called away to an urgent budget meeting, John requested that you assist him by preparing the Form 941 for the first quarter. Please note that the difference in the tax liability, a few cents, should be adjusted on line 7; this difference is due to the rounding of FICA tax amounts. 8A-3. The following is the monthly payroll for the last three months of the 01945. The shop is a sole proprietorship owned and operated by Bill Allen. year for Allen's Sporting Goods Shop, 2 Boat Road, Lynn, Massachusetts The EIN for Allen's Sporting Goods Shop is 28-9311893. The employees at Allen's are paid once each month on the last day of the month. Karen Becker is the only employee who has contributed the maximum into Social Security. None of the other employees will reach the Social Security wage base limit by the end of the year. Assume the rate for Social Security to be 6.2% with a wage base maximum of $117,000, and the rate for Medicare to be 1.45% on all earnings. Allen's is classified as a monthly depositor for Form 941 payroll tax deposit purposes. Your tasks are to do the following: 1. Compute the December OASDI tax for Karen Becker. 2. Journalize the entries to record the employer's payroll tax expense for each period in the general journal. SUTA rate: 5.7%; FUTA rate: 0.6%. 3. Journalize the payment of each tax liability in the general journal. 4. Complete Form 941 for the fourth quarter of the current year. OCTOBER FICA Monthly Earnings Employee Karen Becker YTD Earnings $112,500 OASDI Medicare Federal Income Tax $ 40.60 $ 2,800 $173.60 $ 526.00 Beth Orange 3,420 39,650 212.04 49.59 422.00 Sean Peters 3,860 43,950 239.32 55.97 532.00 $10,080 $196,100 $624.96 $146.16 $1,480.00 FICA Monthly Earnings YTD Earnings OASDI Medicare $ 2,860 $115,360 $177.32 $ 41.47 3,880 43,530 240.56 56.26 3,720 47,670 230.64 53.94 $10,460 $206,560 $648.52 $151.67 NOVEMBER Employee Karen Becker Beth Orange Sean Peters FREE HORAN Federal Income Tax $ 597.00 463.00 555.00 $1,615.00 (50 m Check Figure: Total Liability for Quarter LO1,2 (6 Check Figure: Dec. 31 Payroll Tax L01,2 AutoSave off A WKS Objective One Spreadsheet (6) Compatibility Mode File Home Formulas Deta Review Insert Page Layout X Cut Pade Copy View Help -10-AA BIU---A- Arial Format Painter Clipboard 6 Ford 5 v Xfx PROBLEM PZA-2 B CDEFG HIJKL MNOPQ Allowances & Marital Status Previous Eamings (YTD) Regular 42 000 00 S 10 S-A S-1 33 000 00 55 500 00 S-3 115 420 00 28 0 0 000 S S 13 TAXADLE EARNINGS A] 3 4 5 5 2 e Unde 7 8 9 10 Employee Name 11 12 Bnstow, Helen 13 Fein, Kristen 14 Kent, Hailey 15 Barr, Brent 16 Alden, Liam 17 18 19 TOTALS 20 21 Employee 22 23 Bristow, Helen 24 Fein, Krisden 25 Kent, Hailey 26 Bart, Brent 27 Alden, Lim 28 29 30 31 32 TOTALS 33 34 Ready W WHE FUTA/SUTA Payroll Accessibility Unavaille Type here to search T OASDI T O *. MEN Et FIT O Search (Alt+C) Wrap Text Merge & Center - General S-% 9 19 Number X Y Z AA AB ACADAE AF PAYROLL REGISTER Current Earrings (YTD Gross TI Deductions OASOL Medicare Alignment R STU V Current Earings Overtime SIT W hp E Conditional Format as Formatting F FICA D Cell Table Styles Styles AG AH AI AI AK Medical Insurance Gam TX HE Insert Delete Format Ceps AL AMANAO AP AQ Nat Pay Steven Gree Cheek No. G Customer Service A 61- Mostly sunny 840 X Share Comments AutoSum- 27 0 Sort & Find & Fill- Clear- Filler Select- P Analyse DM Analysis Editing AR ASATAU AV AW AXAYAT BA A Distribution of Expense Accounts Office 34/PM SED 5/23/2017 up 10006 O Search (Alt+C) AutoSave Off WXS Objective Three Spreadsheet (2) Protected View View Help Review Data Formulas File Page Layout Insert Home PROTECTED VIEW Be careful-files from the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View, E9 VEX fx J 1 O KLM N D E FGH C A B 1 PROBLEM BA 3 (CONTINUED) 2 4 5 Requirement 2 6 GENERAL JOURNAL 7 B Date Dr. Cr. 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 26 29 36 3 Ready # Account Titles and Description Req, 1 Roq, 2 O Type here to search Req. 3 941 PR O Bi Enable Editing P bil hp 8A-2. for White Company, must complete Form 941 for the first quarter of the current year. John gathered the needed data as presented in Problem 8A-1. Suddenly called away to an urgent budget meeting, John requested that you assist him by preparing the Form 941 for the first quarter. Please note that the difference in the tax liability, a few cents, should be adjusted on line 7; this difference is due to the rounding of FICA tax amounts. 8A-3. The following is the monthly payroll for the last three months of the 01945. The shop is a sole proprietorship owned and operated by Bill Allen. year for Allen's Sporting Goods Shop, 2 Boat Road, Lynn, Massachusetts The EIN for Allen's Sporting Goods Shop is 28-9311893. The employees at Allen's are paid once each month on the last day of the month. Karen Becker is the only employee who has contributed the maximum into Social Security. None of the other employees will reach the Social Security wage base limit by the end of the year. Assume the rate for Social Security to be 6.2% with a wage base maximum of $117,000, and the rate for Medicare to be 1.45% on all earnings. Allen's is classified as a monthly depositor for Form 941 payroll tax deposit purposes. Your tasks are to do the following: 1. Compute the December OASDI tax for Karen Becker. 2. Journalize the entries to record the employer's payroll tax expense for each period in the general journal. SUTA rate: 5.7%; FUTA rate: 0.6%. 3. Journalize the payment of each tax liability in the general journal. 4. Complete Form 941 for the fourth quarter of the current year. OCTOBER FICA Monthly Earnings Employee Karen Becker YTD Earnings $112,500 OASDI Medicare Federal Income Tax $ 40.60 $ 2,800 $173.60 $ 526.00 Beth Orange 3,420 39,650 212.04 49.59 422.00 Sean Peters 3,860 43,950 239.32 55.97 532.00 $10,080 $196,100 $624.96 $146.16 $1,480.00 FICA Monthly Earnings YTD Earnings OASDI Medicare $ 2,860 $115,360 $177.32 $ 41.47 3,880 43,530 240.56 56.26 3,720 47,670 230.64 53.94 $10,460 $206,560 $648.52 $151.67 NOVEMBER Employee Karen Becker Beth Orange Sean Peters FREE HORAN Federal Income Tax $ 597.00 463.00 555.00 $1,615.00 (50 m Check Figure: Total Liability for Quarter LO1,2 (6 Check Figure: Dec. 31 Payroll Tax L01,2
