Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

For the year ended December 31, 2022, Vaughn Electrical Repair Company reports the following summary payroll data. Gross earnings: Administrative salaries $187,000 Electricians' wages 383,000

image text in transcribed

image text in transcribed image text in transcribed image text in transcribed

For the year ended December 31, 2022, Vaughn Electrical Repair Company reports the following summary payroll data. Gross earnings: Administrative salaries $187,000 Electricians' wages 383,000 Total $570,000 Deductions: FICA taxes $38,459 Federal income taxes withheld 160,500 State income taxes withheld (3%) 17,100 United Fund contributions payable 27,500 Health insurance premiums 18,000 Total $261,559 Vaughn's payroll taxes are Social Security tax 6.2%, Medicare tax 1.45%, state unemployment 2.5% (due to a stable employment record), and 0.6% federal unemployment. Gross earnings subject to Social Security taxes of 6.2% total $487,000, and gross earnings subject to unemployment taxes total $124,000. No employee exceeds the $132,900 limit related to FICA taxes. (a) Salaries and Wages Expense FICA Taxes Payable Federal Income Taxes Payable State Income Taxes Payable Health Insurance Payable United Fund Contributions Payable Salaries and Wages Payable (b) Payroll Tax Expense FICA Taxes Payable Federal Unemployment Taxes Payable State Unemployment Taxes Payable (c) The W-2 Wage and Tax Statement requires the following dollar data. Complete the required data for the following employees. (Round answers to O decimal places, e.g. 5,275.) Wages, Tips, Other Compensation Federal Income Tax Withheld State Income Tax Withheld FICA Wages FICA Tax Withheld al $58,000 $28,420 $ $ ta enback 28,000 10,920

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

Introductory Financial Accounting For Business

Authors: Thomas Edmonds, Christopher Edmonds, Mark Edmonds, Jennifer Edmonds, Philip Olds

2nd Edition

1260575306, 978-1260575309

More Books

Students also viewed these Accounting questions

Question

8. How can an interpreter influence the message?

Answered: 1 week ago