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- PSa 5-6 Record Employer Payroll Tax Journal Entry Based on the following figures for the most recent pay period, record the necessary journal entry to account for employer payroll taxes as of 01/20/2020. Chart of Accounts (attached) Notes: Enter the transaction date on the first line only (if multiple transactions are required, enter the date on the first line of each transaction). Enter all debits within the transaction prior to entering any credits. Omit journal entry explanations. See the Chart of Accounts provided for the proper account names to use. To earn any credit for a given line within the journal entry, the account name must be correct. Partial credit is given for a correct account name with an incorrect amount; full credit is given for a correct account name with the correct amount. Do not include journal entry explanation when submitting your answer. Account Name Amount Medicare Tax Payable $31.90 State Unemployment Tax Payable $74.80 Social Security Tax…Reference Figure 12.15 and use the following information to complete the requirements. A. Determine the federal income tax withholdings amount per monthly pay period for each employee. B. Record the employee payroll entry (all employees) for the month of January assuming FICA Social Security is 6.2%, FICA Medicare is 1.45%, and state income tax is equal to 3% of gross income. (Round to the nearest cent if necessary.)Section 5-EMPLOYEE DATA: FORM W-4 AND STATE WITHHOLDING 0ALLOWANCE CERTIFICATES How long does a new employee have to submit a completed W-4? How must the employer withhold FIT until the W-4 is received from a new employee? On March 2, 2020, Mischa submits a new W-4. If payday is Friday, what is the date of the first paycheck that must reflect Mischa’s new W-4? On March 23,2020, Paul submits a new W-4. If Paul is paid the last weekday of each month, what is the date of the first paycheck that must reflect Paul’s new W-4? On October 2, 2020, Janet starts a part-time job. She did not owe federal income tax in 2019 and does not expect to earn enough to pay federal income tax for 2020, so she claims exempt from federal income tax withholding on her 2020 Form W-4. Does Janet need to submit a W-4 in 2021? If so, by when—and how does her employer withhold if she does not do this?
- Payroll Taxes Expense Prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its related liabilities. Note: Round your answers to 2 decimal places. General Journal View transaction list Journal entry worksheet 1 Record the employer's September 30 payroll taxes expense and its related liabilities. Note: Enter debits before credits. Date September 30 Record entry General Journal Clear entry Debit Credit View general journalExhibit 6-1 The totals from the first payroll of the year are shown below. Total Earnings $36,195.10 FICA OASDI $2,244.10 FICA НІ $524.83 FIT W/H $6,515.00 State Tax $361.95 Refer to Exhibit 6-1. Journalize the entry to record the employer's payroll taxes (assume a SUTA rate of 3.7%). Union Dues $500.00 Net Pay $26,049.22Calculation and Journal Entry for Employer Payroll Taxes 1. Calculate the employer's payroll taxes expense. Round your answer to the nearest cent. 2. Prepare the journal entry to record the employer's payroll taxes expense for the week ended July 15 of the current year. Round your answers to the nearest cent, if required. If an amount box does not require an entry, leave it blank. Portions of the payroll register for Barney’s Bagels for the week ended July 15 are shown below. The SUTA tax rate is 5.4%, and the FUTA tax rate is 0.6%, both of which are levied on the first $7,000 of earnings. The Social Security tax rate is 6.2% on the first $118,500 of earnings. The Medicare rate is 1.45% on gross earnings. Barney’s BagelsPayroll Register Total Taxable Earnings of All Employees Total Earnings Unemployment Compensation Social Security $12,200 $10,500 $12,200
- Required information [The following information applies to the questions displayed below] BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $128,400 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Gross Pay through Gross Pay for August 31 September a. 6,400 2,000 122,100 800 b. 2,100 8,000 C. Assuming situation (a), prepare the employer's September 30 journal entries to record the employer's payroll taxes expense and its related liabilities. Complete this question by entering your answers in the tabs below. Payroll Taxes Expense General Journal Compute the payroll taxes expense. (Round your answers to 2 decimal places.) Employer Payroll taxes September earnings subject to tax Tax Rate Tax Amount 24 0.00 Payroll Taxes Expense General Journal >Payroll accounting 2020 by Landin Question: What are the forms of identification that establish employment authorization for the I-9? Certified copy of the birth certificate. checkedU.S. Citizen I.D. Card. checkedSchool record. uncheckedU.S. Passport. checkedCalculation and Journal Entry for Employer Payroll Taxes 1. Calculate the employer's payroll taxes expense. Round your answer to the nearest cent. 2. Prepare the journal entry as of March 12, 20--, assuming that FUTA tax is 0.6%, SUTA tax is 5.4%, Social Security tax is 6.2%, and Medicare tax is 1.45%. If required, round your answers to the nearest cent. If an amount box does not require an entry, leave it blank. Earnings for several employees for the week ended March 12, 20--, are as follows: Taxable Earnings Employee Name CurrentEarnings UnemploymentCompensation SocialSecurity Aus, Glenn E. $720 $190 $720 Diaz, Charles K. 370 360 370 Knapp, Carol S. 1,240 - 1,240 Mueller, Deborah F. 850 125 850 Yeager, Jackie R. 900 35 900
- Complete Form 941 for the 2nd quarter of 2020 for Smith's Distributing Co. (employer identification #11-3333333). Assume that Smith's Distributing (located at 819 Main Street, Fremont, CA 94538) chooses to complete and mail Form 941 on the due date. Based on the lookback period, Smith's Distributing is a monthly depositor. Assume that all necessary deposits were made on a timely basis and that the employer made deposits equal to the total amount owed for the quarter. All five employees worked during each of the three months, and the company does not choose to allow a third party to discuss the form with the IRS. Note that the form is signed by the company's president, Juan Wilhelm (telephone #510-555-8293). Second quarter earnings, and associated taxes withheld from employee earnings, are as follows. Notes: • For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. April Taxes May Taxes June…Instructions According to a summary of the payroll of Mountain Streaming Co., $770,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax. Also, $42,000 was subject to state and federal unemployment taxes. Required: A. Calculate the employer's payroll taxes, using the following rates: state unemployment, 5.4%; federal unemployment, 0.8%. B. Journalize the entry to record the accrual of payroll taxes. Refer to the Chart of Accounts for exact wording of account titles.Calculation of Taxable Earnings and Employer Payroll Taxes and Preparation of Journal Entry 1. Calculate the amount of taxable earnings for unemployment, Social Security, and Medicare taxes. 2. Prepare the journal entry to record the employer's payroll taxes as of September 14, 20--. Round your answers to the nearest cent. If an amount box does not require an entry, leave it blank. Selected information from the payroll register of Joanie's Boutique for the week ended September 14, 20--, is as follows. Social Security tax is 6.2% on the first $118,500 of earnings for each employee. Medicare tax is 1.45% of gross earnings. FUTA tax is 0.6% and SUTA tax is 5.4% on the first $7,000 of earnings. Taxable Earnings Employee Name Cumulative PayBefore CurrentEarnings CurrentGross Pay UnemploymentCompensation SocialSecurity Jordahl, Stephanie $6,600 $1,190 Keesling, Emily 6,150 1,070 Palmer, Stefan 55,200 2,410 Soltis, Robin…