Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Vulcra, Inc., has a semimonthly payroll of $67,000 on September 15,20. The total payroll is taxable under FICA Taxes-HI, $63,850 is taxable under FICA TaxeS-OASDI;

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Vulcra, Inc., has a semimonthly payroll of $67,000 on September 15,20. The total payroll is taxable under FICA Taxes-HI, $63,850 is taxable under FICA TaxeS-OASDI; and $10,300 is taxable under FUTA and SUTA. The state contribution rate for the company is 4.1%. The. amount withheld for federal income taxes is $9,911. The amnunt withheld for state income taxes is $1,410. a. Journalize the payment of the wages, and record the payroll taxes on September 15 . If an amount box does not require an entry, leave it blank. Round your answers to the nearest cent. Payroll taxes Payroll Taxes FICA Taxes Payable-OASDI FICA Taxes Payable-HI : FUTA Taxes Payable SUTA Taxes Payable b. Assume that the employees of Vulcra, Inc., must also pay state contributions (disability insurance) of 1% on the taxable payroll of $62,100 and that the employees' contributions are to be deducted by the employer. Journalize the September 15 payment of wages, assuming that the state contributions of the employees are kept in a separate account. For a compound transaction, if an amount box does not require an entry, leave it blank. Round your answers to the nearest

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

Auditing For Dummies

Authors: Maire Loughran

1st Edition

0470530715, 978-0470530719

More Books

Students also viewed these Accounting questions

Question

What attracts you about this role?

Answered: 1 week ago

Question

How many states in India?

Answered: 1 week ago

Question

HOW IS MARKETING CHANGING WITH ARTIFITIAL INTELIGENCE

Answered: 1 week ago