PAYROLL ACCT.,2019 ED.(LL)-TEXT
19th Edition
ISBN: 9781337619783
Author: BIEG
Publisher: CENGAGE L
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Chapter 4, Problem 9PB
To determine
Complete the payroll register for May 17 and also compute the employer’s FICA taxes for the pay period ending May 17.
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Lake Community College gives its faculty the option of receiving the balance of their contract at the end of the semester on May 17, 20--. The faculty can receive one lump-sum payment instead of receiving the remaining seven biweekly pays over the summer. Use the data given below to complete the Payroll Register on May 17. No employee has reached the OASDI ceiling, and all employees are taking the lump-sum payment. The state withholding rate is 2.0% of total earnings; the city withholding rate is 1.0% of total earnings. The biweekly wage bracket is used for federal income taxes.
To calculate the tax withholdings, you must calculate the rounded tax for each pay and multiply by the number of pays in the lump-sum payment.
Round all values to the nearest cent.
Click here to access the Wage-Bracket Method Tables.
For Period Ending May 17
Employee Name
MaritalStatus
No. ofW/HAllow.
BiweeklyEarnings
(a)
Deductions
(f)
Total Lump-SumPayment
(b) FICA
(c)
(d)
(e)
Net
OASDI
HI
FIT
SIT
CIT…
The City of Greensboro provides its employees two weeks of paid vacation per year. As of December 31, 65 employees have
earned two weeks of vacation time each to be taken in the following year. If the average weekly salary for these employees is
$900, what is the required journal entry to accrue compensated absences?
Debit Salaries and Wages Expense for $58500 and credit Salaries and Wages Payable for $58500.
Debit Salaries and Wages Expense for $117000 and credit Salaries and Wages Payable for $117000.
No journal entry required.
O Debit Salaries and Wages Payable for $116495 and credit Salaries and Wages Expense for $116495.
Win-Win company’s first weekly pay period of the year ends on January 8. On that date, the column totals in its payroll register show that sales employees earned $30,000 and office employees earned $20,000 in salaries.
The employees are to have withheld from their salaries FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $9,000 of federal income taxes, $2,000 of medical insurance deductions, and $1,000 of pension contributions.
No employee earned more than $7,000 in the first pay period.
Required:
Part 1a. Compute FICA--Social Security taxes payable and FICA--Medicare taxes
payable.
Part 1b. Prepare the journal entry to record Win-Win's January 8 (employee) payroll
expenses and liabilities. (Round amounts to cents.)
Part 2. Prepare the journal entry to record Win-Win's (employer) payroll taxes resulting
from the January 8…
Chapter 4 Solutions
PAYROLL ACCT.,2019 ED.(LL)-TEXT
Ch. 4 - Prob. 1SSQCh. 4 - Prob. 2SSQCh. 4 - Prob. 3SSQCh. 4 - Prob. 4SSQCh. 4 - Prob. 5SSQCh. 4 - Prob. 6SSQCh. 4 - Prob. 1MQCh. 4 - Prob. 1QRCh. 4 - Prob. 2QRCh. 4 - Prob. 3QR
Ch. 4 - What is the maximum contribution that an employer...Ch. 4 - Prob. 5QRCh. 4 - Prob. 6QRCh. 4 - Prob. 7QRCh. 4 - Prob. 8QRCh. 4 - Prob. 9QRCh. 4 - Prob. 10QRCh. 4 - Prob. 11QRCh. 4 - Prob. 12QRCh. 4 - Prob. 13QRCh. 4 - Trowbridge Company has just completed the...Ch. 4 - Prob. 15QRCh. 4 - Prob. 16QRCh. 4 - Prob. 17QRCh. 4 - Prob. 18QRCh. 4 - Prob. 19QRCh. 4 - Prob. 20QRCh. 4 - Prob. 1QDCh. 4 - Prob. 2QDCh. 4 - Prob. 3QDCh. 4 - Prob. 4QDCh. 4 - Prob. 5QDCh. 4 - Justin Holmes, an ex-employee, is entitled to a...Ch. 4 - Prob. 1PACh. 4 - Prob. 2PACh. 4 - Prob. 3PACh. 4 - Prob. 4PACh. 4 - Prob. 5PACh. 4 - Prob. 6PACh. 4 - Prob. 7PACh. 4 - Prob. 8PACh. 4 - Prob. 9PACh. 4 - Mattola Company is giving each of its employees a...Ch. 4 - Prob. 11PACh. 4 - Prob. 12PACh. 4 - Prob. 13PACh. 4 - Prob. 1PBCh. 4 - Prob. 2PBCh. 4 - Prob. 3PBCh. 4 - Prob. 4PBCh. 4 - Prob. 5PBCh. 4 - Prob. 6PBCh. 4 - Prob. 7PBCh. 4 - Prob. 8PBCh. 4 - Prob. 9PBCh. 4 - Harrington Company is giving each of its employees...Ch. 4 - Prob. 11PBCh. 4 - During the fourth quarter of 2019, there were...Ch. 4 - Prob. 13PBCh. 4 - Prob. 1CPCh. 4 - Prob. 2CP
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