Waterway Hardware payroll for November 2020 is summarized below.Amount Subject to PayrollТаxesUnemployment TaxWagesPayrollFICAFederalStateDueFactory$128,300$128,300$40,600$40,600Sales34,50034,5004,2004,200Administrative37,10037,100Total$199,900$199,900$44,800$44,800At this point in the year, some employees have already received wages in excess of those to which payroll taxes apply. Assume that the state unemployment tax is 2.5%. The FICA rate is 7.65% on an employee's wages to $128,400 and 1.45% in excess of $128,400. Of the $199,900 wages subject to FICA tax, $21,100 of the sales wages is in excess of $128,400. Federalunemployment tax rate is 0.8% after credits. Income tax withheld amounts to $16,300 for factory, $7,200 for sales, and $6,200 for administrative.Prepare a schedule showing the employer's total cost of wages for November by function. (Round answers to 0 decimal places, e.g. 5,275.)FactorySalesAdministrativeTotalSalaries and WagesFICA TaxesFUTA TaxesSUTA TaxesTotal Cost Prepare the journal entries to record the factory, sales, and administrative payrolls including the employer's payroll taxes. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to 0 decimal placese.g. 5,125.)Account Titles and ExplanationDebitCreditFactory Payroll:(To record salaries and wages expense.)(To record payroll tax expense.)Sales Payroll:

FICA taxes (Factory)=FICA amount×7.65%=$128300×7.65%=$9,815

Waterway Hardware payroll for November 2020 is summarized below. Amount Subject to Payroll Taxes Unemployment Tax Wages Due $120,300 $128,300 34,500 Payroll FICA Federal State Factory $40,600 4.200 $40,600 4.200 Sales 34,500 37,100 $199,900 $199.900 $44,800 Administrative 37,100 Total $44,800 At this point in the year, some employees have already recelved wages in excess of those to which payrolIl taxes apply. Assume that the state unemployment tax is 2.5%. The FICA rate is 7.65% on an employee's wages to $128,400 and 1.45% in excess of $128,400, of the $199.900 wages subject to FICA tax, $21,100 of the sales wages is in excess of $120,400. Federal unemployment tax rate is 0.8% after credits. Income tax withheld amounts to $16,300 for factory, $7.200 for sales, and s6,200 for administrative. Prepare a schedule showing the emplover's total cost of wages for November by function. (Round answers to o decimal places, e.g. 5,275,) Factory Sales Administrative Total Salaries and Wages FICA Taxes FUTA Taxes SUTA Taxes Total Cost

Waterway Hardware payroll for November 2020 is summarized below. Amount Subject to Payroll Taxes Unemployment Tax Wages Due $120,300 $128,300 34,500 Payroll FICA Federal State Factory $40,600 4.200 $40,600 4.200 Sales 34,500 37,100 $199,900 $199.900 $44,800 Administrative 37,100 Total $44,800 At this point in the year, some employees have already recelved wages in excess of those to which payrolIl taxes apply. Assume that the state unemployment tax is 2.5%. The FICA rate is 7.65% on an employee's wages to $128,400 and 1.45% in excess of $128,400, of the $199.900 wages subject to FICA tax, $21,100 of the sales wages is in excess of $120,400. Federal unemployment tax rate is 0.8% after credits. Income tax withheld amounts to $16,300 for factory, $7.200 for sales, and s6,200 for administrative. Prepare a schedule showing the emplover's total cost of wages for November by function. (Round answers to o decimal places, e.g. 5,275,) Factory Sales Administrative Total Salaries and Wages FICA Taxes FUTA Taxes SUTA Taxes Total Cost

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The totals from the first payroll of the year are shown below. TotalEarnings FICAOASDI FICAHI FITW/H StateTax UnionDues NetPay $36,195.10 $2,244.10 $524.83 $6,515.00 $361.95 $500.00 $26,049.22 Journalize the entry to deposit the FICA and FIT taxes. For a compound transaction, if an amount box does not require an entry, leave it blank. Round your answers to two decimal places.
What is the income before tax for the third quarter ended September 30, 2020? a. P406,250 b. P375,000 c. P675,000 d. P275,000
The totals from the first payroll of the year are shown below. TotalEarnings FICAOASDI FICAHI FITW/H StateTax UnionDues NetPay $36,195.10 $2,244.10 $524.83 $6,515.00 $361.95 $500.00 $26,049.22 Journalize the entry to record the payroll. For a compound transaction, if an amount box does not require an entry, leave it blank. If required, round your answers to two decimal places.
Question text The totals from the first payroll of the year are shown below. Total Earnings FICA OASDI FICA HI FIT W/H State Tax Union Dues Net Pay $36,195.10 $2,244.10 $524.83 $6,515.00 $361.95 $500.00 $26,049.22 Journalize the entry to deposit the FICA and FIT taxes.
The journal entry to record the payroll from Figure 6.1, on pages 6-2 and 6-3, would be: Debit Credit Wages Expense 24,762.70 FICA Taxes Payable—OASDI 1,535.29 FICA Taxes Payable—HI 359.06 FIT Payable 3,714.00 SIT Payable 55.25 Group Insurance Payments W/H 54.70 Cash 19,044.40 Example 6-7 The journal entry to record the payroll tax entry from Figure 6.1 on pages 6-2 and 6-3 would be (assume a SUTA tax rate of 3.0%): Debit Credit Payroll Taxes 2,785.81 FICA Taxes Payable—OASDI 1,535.29 FICA Taxes Payable—HI 359.06 FUTA Taxes Payable 148.58 SUTA Taxes Payable 742.88 a. Cal Ruther, an employer, is subject to FICA taxes but exempt from FUTA and SUTA taxes. During the last quarter of the year, his employees earned monthly wages of $8,500, all of which is taxable. The amount of federal income taxes withheld each month is $1,040. Journalize the payment of wages, and record the payroll tax on November 29. For a compound…
The journal entry to record the payroll from Figure 6.1, on pages 6-2 and 6-3, would be: Debit Credit Wages Expense 24,762.70 FICA Taxes Payable—OASDI 1,535.29 FICA Taxes Payable—HI 359.06 FIT Payable 3,714.00 SIT Payable 55.25 Group Insurance Payments W/H 54.70 Cash 19,044.40 Example 6-7 The journal entry to record the payroll tax entry from Figure 6.1 on pages 6-2 and 6-3 would be (assume a SUTA tax rate of 3.0%): Debit Credit Payroll Taxes 2,785.81 FICA Taxes Payable—OASDI 1,535.29 FICA Taxes Payable—HI 359.06 FUTA Taxes Payable 148.58 SUTA Taxes Payable 742.88 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 amount withheld for state income taxes…
he journal entry to record the payroll from Figure 6.1, on pages 6-2 and 6-3, would be: Debit Credit Wages Expense 24,762.70 FICA Taxes Payable—OASDI 1,535.29 FICA Taxes Payable—HI 359.06 FIT Payable 3,714.00 SIT Payable 55.25 Group Insurance Payments W/H 54.70 Cash 19,044.40 Example 6-7 The journal entry to record the payroll tax entry from Figure 6.1 on pages 6-2 and 6-3 would be (assume a SUTA tax rate of 3.0%): Debit Credit Payroll Taxes 2,785.81 FICA Taxes Payable—OASDI 1,535.29 FICA Taxes Payable—HI 359.06 FUTA Taxes Payable 148.58 SUTA Taxes Payable 742.88 a. Cal Ruther, an employer, is subject to FICA taxes but exempt from FUTA and SUTA taxes. During the last quarter of the year, his employees earned monthly wages of $9,600, all of which is taxable. The amount of federal income taxes withheld each month is $1,250. Journalize the payment of wages, and record the payroll tax on November 29. For a compound…
Use the following information for Taco Swell, Incorporated, (assume the tax rate is 23 percent): 2020 2021 Sales $ 18,049 $ 18,858 Depreciation 2,406 2,514 Cost of goods sold 5,840 6,761 Other expenses 1,364 1,193 Interest 1,125 1,340 Cash 8,691 9,337 Accounts receivable 11,518 13,572 Short-term notes payable 1,704 1,671 Long-term debt 29,150 35,304 Net fixed assets 72,838 77,700 Accounts payable 6,287 6,730 Inventory 20,475 21,892 Dividends 2,129 2,344 For 2021, calculate the cash flow from assets, cash flow to creditors, and cash flow to stockholders. (A negative answer should be indicated by a minus sign. Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.)
Exhibit 6-1The totals from the first payroll of the year are shown below. Total Earnings FICA OASDI FICA HI FIT W/H State Tax Union Dues Net Pay $36,195.10 $2,244.10 $524.83 $6,515.00 $361.95 $500.00 $26,049.22 Refer to Exhibit 6-1. Journalize the entry to deposit the FICA and FIT taxes.
E8.2 An abbreviated payroll register for the Achermann Corporation for the week ending August 18, 2020, follows: Employee Dean Schmidt Lacey Totals Journal Entries Date Federal Income Tax Withheld Gross Earnings 740.00 148.00 705.00 141.00 580.00 104.00 2,025.00 393.00 Description FICA (Social Security & Medicare) 7.65% 56.61 53.93 44.37 154.91 Retirement (Pension) Contributio n Debit 74.00 70.00 50.00 194.00 Prepare journal entries to record the following: 1. Payment of the weekly payroll 2. The payroll taxes for this time period (The SUTA rate is 5.4% and FUTA is.8%) Net Pay Credit 461.39 440.07 381.63 1,283.09
Fiscal Year June 30, 2021 (5th yr) 2022 Sales 80,000,000.00 75,000,000.00 Cost of Sales 50,000,000.00 46,875,000.00 Allowable deductions excluding NOLCO 32,000,000.00 25,000,000.00 What is the tax due and payable amount in FY 2021?
How much is the total income tax expense recorded for the year ended December 31, 2019? a. P246,000 b. P270,000 c. P540,000 d. P786,000