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Oriole Company has the following data for the weekly payroll ending January 31. Employee L. Helton R. Kenseth D. Tavaras M 8 8 9 T 8 8 11 Hours W 10 8 8 T F 8 8 8 10 8 9 S 3 3 0 Hourly Rate Federal Income Tax Withholding $34 $14 16 17 37 58 Health Insurance $10 25 25

Oriole Company has the following data for the weekly payroll ending January 31. Employee L. Helton R. Kenseth D. Tavaras M 8 8 9 T 8 8 11 Hours W 10 8 8 T F 8 8 8 10 8 9 S 3 3 0 Hourly Rate Federal Income Tax Withholding $34 $14 16 17 37 58 Health Insurance $10 25 25

College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter8: Employer Taxes, Payments, And Reports
Section: Chapter Questions
Problem 3E
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Oriole Company has the following data for the weekly payroll ending January 31. Employee L. Helton R.Kenseth D. Tavaras M T 8 8 9 8 8 11 Hours W 10 8 T 8 8 F S 10 00 8 3 3 8 8 9 0 Hourly Rate Federal Income Tax Withholding $34 $14 16 17 37 58 Health Insurance $10 25 25 Employees are paid 1½ times the regular hourly rate for all hours worked in excess of 40 hours per week. FICA taxes are 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). Oriole Company is subject to 5.4% state unemployment taxes and 0.6% federal unemployment taxes on the first $7,000 of gross earnings. Prepare the journal entry to record Oriole's payroll tax expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 15.25.) SUPPORT 11:22 AM 11/30/2023
Transcribed Image Text:Oriole Company has the following data for the weekly payroll ending January 31. Employee L. Helton R.Kenseth D. Tavaras M T 8 8 9 8 8 11 Hours W 10 8 T 8 8 F S 10 00 8 3 3 8 8 9 0 Hourly Rate Federal Income Tax Withholding $34 $14 16 17 37 58 Health Insurance $10 25 25 Employees are paid 1½ times the regular hourly rate for all hours worked in excess of 40 hours per week. FICA taxes are 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). Oriole Company is subject to 5.4% state unemployment taxes and 0.6% federal unemployment taxes on the first $7,000 of gross earnings. Prepare the journal entry to record Oriole's payroll tax expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 15.25.) SUPPORT 11:22 AM 11/30/2023
on the first $7,000 of gross earnings. Prepare the journal entry to record Oriole's payroll tax expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 15.25.) Date Account Titles and Explanation Jan. 31 Debit Credit
Transcribed Image Text:on the first $7,000 of gross earnings. Prepare the journal entry to record Oriole's payroll tax expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 15.25.) Date Account Titles and Explanation Jan. 31 Debit Credit
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