View Policies Current Attempt in Progress -14 II! Assume the following data for Cullumber Home Appliance Repair for the payroll quarter ended March 31. . Gross earnings $252,000.00 . Employee FICA taxes 19,278.00 . Federal income tax 50,400.00 . State income tax 5,039.00 . Number of employees this quarter: 30 Cullumber is subject to the following rates: FICA 7.65% (the 7.65% FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and wages up to $128,400 and the Medicare tax rate of 1.45% on all salaries and wages), state unemployment 5.4% up to $7,000, and federal unemployment 0.6% up to $7,000. No employee reached the limit for FICA taxes, and all employees reached the limit for unemployment taxes in the first quarter. Prepare the journal entry to record payment of employer taxes, assuming all taxes were paid on April 15. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit A nr 15 M - 4 E Cullumber is subject to the following rates: FICA 7.65% (the 7.65% FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and wages up to $128,400 and the Medicare tax rate of 1.45% on all salaries and wages), state unemployment 5.4% up to $7,000, and federal unemployment 0.6% up to $7,000. No employee reached the limit for FICA taxes, and all employees reached the limit for unemployment taxes in the first quarter. Prepare the journal entry to record payment of employer taxes, assuming all taxes were paid on April 15. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Apr. 15 Credit O E e View Policies -/5 Current Attempt in Progress Crane's Rentals provides workershtompensation insurance for its employees. The estimated premium for this year is $9,072. The actual premium determined at the end of the year is $9,261. Prepare the journal entry for the payment of workers' compensation premium. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (To record payment of workers' compensation insurance premium) e Textbook and Media List of Accounts o RI Tch -75 Prepare the adjusting entry required at year-end. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (To adjust Workers' Compensation Insurance) e Textbook and Media List of Accounts Determine if the company will either receive a credit for overpald premium or pay an additional premium. BE (To adjust Workers' Compensation Insurance) -75 e Textbook and Media List of Accounts Determine if the company will either receive a credit for overpaid premium or pay an additional premium. $ e Textbook and Media List of Accounts Attempts: 0 of 2 used Submit Answer Save for Later o earch
