Selected columns of Envirocon Company's payroll register for March are as follows. The employer's Social Security tax amount has already been calculated as $3,370.32. The employees' FICA Medicare tax rate is matched by the employer.Employees' FederalEmployees' SocialEmployees'Medicare TaxPaymentIncome TaxSecurity TaxDateMarch 71,885.00753.92176.32141,791.00822.12192.2721281,960.002,300.00905.20889.08211.70207.93Envirocon Company deposits taxes monthly.Required:In general journal form, record the entry for the April 15 payment of FICA and federal income taxes for employees and employer. If required, round your intermediate calculations and final answers to the nearest cent and use the rounded answers insubsequent computations. If an amount box does not require an entry, leave it blank.DATE20--Apr. 15DESCRIPTIONGENERAL JOURNALPAGEDOC. NO.POST. REF.DEBITCREDITIssued check for federal tax deposit.

Payroll costs are costs related to salaries of employees and respective taxes that needs to be paid…

Selected columns of Envirocon Company's payroll register for March are as follows. The employer's Social Security tax amount has already been calculated as $3,370.32. The employees' FICA Medicare tax rate is matched by the employer. Employees' Federal Employees' Social Employees' Medicare Tax Payment Income Tax Security Tax Date March 7 1,885.00 14 1,791.00 21 28 1,960.00 2,300.00 Envirocon Company deposits taxes monthly. Required: 753.92 176.32 822.12 192.27 905.20 889.08 211.70 207.93 In general journal form, record the entry for the April 15 payment of FICA and federal income taxes for employees and employer. If required, round your intermediate calculations and final answers to the nearest cent and use the rounded answers in subsequent computations. If an amount box does not require an entry, leave it blank. DATE 20-- Apr. 15 DESCRIPTION GENERAL JOURNAL PAGE DOC. NO. POST. REF. DEBIT CREDIT Issued check for federal tax deposit.

Selected columns of Envirocon Company's payroll register for March are as follows. The employer's Social Security tax amount has already been calculated as $3,370.32. The employees' FICA Medicare tax rate is matched by the employer. Employees' Federal Employees' Social Employees' Medicare Tax Payment Income Tax Security Tax Date March 7 1,885.00 14 1,791.00 21 28 1,960.00 2,300.00 Envirocon Company deposits taxes monthly. Required: 753.92 176.32 822.12 192.27 905.20 889.08 211.70 207.93 In general journal form, record the entry for the April 15 payment of FICA and federal income taxes for employees and employer. If required, round your intermediate calculations and final answers to the nearest cent and use the rounded answers in subsequent computations. If an amount box does not require an entry, leave it blank. DATE 20-- Apr. 15 DESCRIPTION GENERAL JOURNAL PAGE DOC. NO. POST. REF. DEBIT CREDIT Issued check for federal tax deposit.

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 5E

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For tax purposes, assume that the maximum taxable earnings are 118,500 for Social Security and 7,000 for the unemployment tax and that all earnings are taxable for Medicare. For the payroll register for the month of November for Shelby, Inc., determine the taxable earnings for each employee.
JOURNAL ENTRIES FOR PAYMENT OF EMPLOYER PAYROLL TAXES Francis Baker owns a business called Baker Construction Co. She does her banking at the American National Bank in Seattle, Washington. The amounts in her general ledger for payroll taxes and employees withholding of Social Security, Medicare, and federal income tax payable as of July 15 of the current year are as follows: Journalize the quarterly payment of the employee federal income taxes and Social Security and Medicare taxes on July 15, 20--, and the payments of the FUTA and state unemployment taxes on July 31, 20--.
JOURNAL ENTRIES FOR PAYMENT OF EMPLOYER PAYROLL TAXES Angel Ruiz owns a business called Ruiz Construction Co. He does his banking at Citizens National Bank in Portland, Oregon. The amounts in his general ledger for payroll taxes and the employees withholding of Social Security, Medicare, and federal income tax payable as of April 15 of the current year are as follows: Journalize the quarterly payment of the employee federal income taxes and Social Security and Medicare taxes on April 15, 20--, and the payments of the FUTA and SUTA taxes on April 30, 20--.
The following information about the payroll for the week ended December 30 was obtained from the records of Qualitech Co.: Tax rates assumed: Social security, 6% Medicare, 1.5% State unemployment (employer only), 5.4% Federal unemployment (employer only), 0.8% Instructions 1. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the following entries: a. December 30, to record the payroll. b. December 30, to record the employers payroll taxes on the payroll to be paid on December 31. Of the total payroll for the last week of the year, 35,000 is subject to unemployment compensation taxes. 2. Assuming that the payroll for the last week of the year is to be paid on January 5 of the following fiscal year, journalize the following entries: a. December 30, to record the payroll. b. January 5, to record the employers payroll taxes on the payroll to be paid on January 5. Because it is a new fiscal year, all 675,000 in salaries is subject to unemployment compensation taxes.
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--.