Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Urban Fit Corporation paid salaries and wages of $143,800 to its employees for the month. Of this amount, $3,800 was paid to employees who had

image text in transcribed

Urban Fit Corporation paid salaries and wages of $143,800 to its employees for the month. Of this amount, $3,800 was paid to employees who had already exceeded wages of $128,400. Also, $43,800 was paid to employees who had already been paid the SUTA maximum. FICA employee withholdings consist of a social security tax of 6.20% on the first $128,400 earned, plus a Medicare tax of 1.45% on all wages. Urban Fit pays employer taxes as follows: Its required FICA contribution, plus a FUTA tax of 6.0% on wages up to the SUTA maximum. Of this amount, 5.4% is payable to the state and 0.6% is payable to the U.S. Treasury. Employee income tax withholding was $35,000. De- ductions included: union dues in conformity with the union agreement), $3,000, and insurance premiums, $12,000. Required Provide the entries to: 4. Record liabilities for payroll deductions. b. Record payroll expenses. C. Record remittance of the payroll obligations. Urban Fit Corporation paid salaries and wages of $143,800 to its employees for the month. Of this amount, $3,800 was paid to employees who had already exceeded wages of $128,400. Also, $43,800 was paid to employees who had already been paid the SUTA maximum. FICA employee withholdings consist of a social security tax of 6.20% on the first $128,400 earned, plus a Medicare tax of 1.45% on all wages. Urban Fit pays employer taxes as follows: Its required FICA contribution, plus a FUTA tax of 6.0% on wages up to the SUTA maximum. Of this amount, 5.4% is payable to the state and 0.6% is payable to the U.S. Treasury. Employee income tax withholding was $35,000. De- ductions included: union dues in conformity with the union agreement), $3,000, and insurance premiums, $12,000. Required Provide the entries to: 4. Record liabilities for payroll deductions. b. Record payroll expenses. C. Record remittance of the payroll obligations

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

The Handbook Of Sentiment Analysis In Finance

Authors: Gautam Mitra, Xiang Yu

1st Edition

1910571571, 978-1910571576

More Books

Students also viewed these Finance questions

Question

Is SHRD compatible with individual career aspirations

Answered: 1 week ago