Leap Off Tours had a payroll tax liability of $67,553 during the lookback period. How frequently must the firm deposit its payroll taxes? Multiple Choice Next Business Day Annually Monthly Semi-weekly
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- From the following information, calculate the payroll tax expense for Bowling Company for the payroll of April (Click the icon to view the payroll) The FICA tax rate for OASDI is 6.2% on the first $127.200 eamed, and Medicare is 1.45% on all earnings. Federal unemployment tax is 0.6% on the first $7,000 eamed by each employee. The SUTA tax rate for Bowling Company is 5.4% on the first $7,000 of employes earnings for state unemployment purposes. (Round to the nearest cent as needed) Total CELESCALCULATING PAYROLL TAXES EXPENSE AND PREPARING JOURNALENTRY Selected information from the payroll register of Ebeling's Dairyfor the week ended July 7, 20--, is shown below. The SUTA tax rate is5.4%, and the FUTA tax rate is 0.6%, both on the first $7,000 of earnings.Social Security tax on the employer is 6.2% on the first $128,400 ofearnings, and Medicare tax is 1.45% on gross earnings. REQUIRED1. Calculate the total employer payroll taxes for these employees.2. Prepare the journal entry to record the employer payroll taxes asof July 7, 20--At the end of the weekly payroll period on June 30, the payroll register of Concord Consultants showed employee earnings of $71,000. Determine the firm's payroll taxes for the period. Use a social security rate of 6.2 percent, Medicare rate of 1.45 percent, FUTA rate of 0.6 percent, and SUTA rate of 5.4 percent. Consider all earnings subject to social security tax and Medicare tax and $40,908 subject to FUTA and SUTA taxes. (Round your answers to 2 decimal places.) Base Rate Tax Social security Medicare FUTA SUTA Total % % % % Amount
- Wallace Corporation summarizes the following information from its weekly payroll records during April. Prepare the two journal entries to record the payment of the payroll and the accrual of its payroll taxes for April. Assume an 8% FICA rate for both employees and the employer. Also assume a 5.4% state unemployment tax rate, a 0.6% federal unemployment tax rate, and that all wages are subject to all payroll taxes. Round to the nearest dollar.The totals line from Nix Companys payroll register for the week ended March 31, 20--, is as follows: Payroll taxes are imposed as follows: Social Security tax, 6.2%; Medicare tax, 1.45%; FUTA tax, 0.6%; and SUTA tax, 5.4%. REQUIRED 1. a. Prepare the journal entry for payment of this payroll on March 31, 20--. b. Prepare the journal entry for the employers payroll taxes for the period ended March 31, 20--. 2. Nix Company had the following balances in its general ledger before the entries for requirement ( 1 ) were made: a. Prepare the journal entry for payment of the liabilities for federal income taxes and Social Security and Medicare taxes on April 15, 20--. b. Prepare the journal entry for payment of the liability for FUTA tax on April 30, 20--. c. Prepare the journal entry for payment of the liability for SUTA tax on April 30, 20--.Current Attempt in Progress According to the accountant of Wildhorse Inc., its payroll taxes for the week were as follows: $162.00 for FICA taxes, $16.20 for federal unemployment taxes, and $113.40 for state unemployment taxes. Journalize the entry to record the accrual of the payroll taxes. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 2 decimal places, e.g. 52.75.) Account Titles and Explanation Debit Credit
- Sarasota Corp.s gross payroll for April is $50,300. The company deducted $2,217 for CPP, $1,073 for El, and $9,061 for income taxes from the employees' cheques. Employees are paid monthly at the end of each month. Prepare a journal entry for Sarasota on April 30 to record the payment of the April payroll to employees. (Credit account titles are automatlcally Indented when the amount Is entered. Do not Indent manually. If no entry Is requlred, select "No Entry" for the account titles and enter O for the amounts.)In January, gross earnings in Sheridan Company totaled $60,000. All earnings are subject to 7.65% FICA taxes, 5.40% state unemployment taxes, and 0.60% federal unemployment taxes. Prepare the entry to record January payroll tax expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to O decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit Jan. 31In January, the payroll supervisor determines that gross earnings for Pharoah Company are $64,000. All earnings are subject to 7.65% FICA taxes, 5.4% state unemployment taxes, and 0.6% federal unemployment taxes.Pharoah asks you to record a journal entry for the employer payroll taxes. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 12.25.) Account Titles and Explanation Debit Credit enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount
- The following totals for the month of November were taken from the payroll register of Levine Company: Salaries expense Social security and Medicare taxes withheld Income taxes withheld Medical insurance deductions Life insurance deductions Salaries subject to federal and state unemployment taxes of 6.2 percent The entry to record the net payroll on November 30 would include a a. credit to Salaries Payable for $15,000 b. credit to Salaries Expense for $11,352 Oc. debit to Salaries Payable for $15,000 d. credit to Salaries Payable for $11,352 $15,000 1,148 1,800 400 300 900Recording Payroll Taxes According to a summary of the payroll of Kirby Co., $380,500 in earnings were subject to the 7.6% FICA tax. Also, $51,368 in earnings were subject to state and federal unemployment taxes. Round your answers to the nearest cent. a. Calculate the employer's payroll taxes, using the following rates: state unemployment, 4.5%; federal unemployment, 1%. b. Illustrate the effects on the accounts and financial statements of recording the accrual of payroll taxes. If no account or activity is affected, select "No effect" from the dropdown list and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts. Balance Sheet Statement of Income Assets Liabilities + Stockholders' Equity Cash Flows Statement No effect v No effect FICA tax payable v SUTA payable v FUTA payable v Retained earnings + = + Statement of Cash Flows Income Statement No effect v Payroll tax expenseFanta Ltd has paid the following PAYG tax installments for the year ended 30 June: September quarter $11,000 December quarter $11,000 March quarter $11,000 June quarter $11,000 Total $44,000 Taxable income for the year ended 30 June, was $168,000. Company tax rate is 30%. Required: Prepare general journal entries to record the company’s income tax instalments and final payment.
