Complete the required data for the following employees

Assignment Help Accounting Basics

Reference no: EM13571502

For the year ended December 31, 2012, Telmarine Electrical Repair Company reports the following summary payroll data. Gross earnings: Administrative salaries $203,800 Electriciansâ wages 371,800 Total $575,600 Deductions: FICA taxes $39,181 Federal income taxes withheld 176,113 State income taxes withheld (3%) 17,268 United Fund contributions payable 27,770 Health insurance premiums 17,369 Total $277,701 Telmarine Companyâs payroll taxes are: FICA 8%, state unemployment 2.50% (due to a stable employment record), and 0.80% federal unemployment. Gross earnings subject to FICA taxes total $489,765, and gross earnings subject to unemployment taxes total $136,326.

(a) Prepare a summary journal entry at December 31 for the full yearâs payroll.

(b) Journalize the adjusting entry at December 31 to record the employerâs payroll taxes. (Round answers to 0 decimal places, e.g. 125. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit

a) (b) (c) The W-2 Wage and Tax Statement requires the following dollar data.

Complete the required data for the following employees. Employee Wages, Tips, Other Compensation Federal Income Tax Withheld State Income Tax Withheld FICA Wages FICA Tax Withheld Lucie Solarova $63,600 $30,722 $ $ $ Kristina Madericova 30,800 12,083 k

Reference no: EM13571502

Questions Cloud

The iasb based in london england was established with the : the iasb based in london england was established with the goal of developing a set of international accounting

The yost company makes and sells a single product product a : the yost company makes and sells a single product product a. each unit of product a requires 1.8 hours of labor at a

Minor inc had revenue of 572000 and expenses of 282000 for : minor inc. had revenue of 572000 and expenses of 282000 for the current year. the company is subject to a 35 percent

Which of the following expenses would not appear in : which of the following expenses would not appear in mallcentrals cash budget?a. depreciation expenseb. interest

Complete the required data for the following employees : for the year ended december 31 2012 telmarine electrical repair company reports the following summary payroll data.

On the first day of the fiscal year a company issues a : on the first day of the fiscal year a company issues a 1000000 7 5 year bond that pays semi-annual interest of 35000

Is globalization an effective tool to fight poverty and to : you should discuss the ways in which western culture and therefore morale and values are popularized through

The abc company manufactures components for use in : the abc company manufactures components for use in producing one of its finished units. when 12000 units are produced

Depaulis furniture manufacturers makes unfinished furniture : depaulis furniture manufacturers makes unfinished furniture for sale to customers from its own stores. recently the

User Account

All Pages