Preparation of journal entries for payroll accounting

Assignment Help Financial Accounting

Reference no: EM1314192

Preparation of Journal entries for payroll accounting.

Gross pay for the employees of Mr. Scott Corporation for February 28, 2008 is as follows:

Sales Salaries	$338,000
Office Salaries	148,000
Maintenance Salaries	95,000
Total Salaries	$581,000

Information on withholding and payroll taxes are shown below:

1.	Federal Income tax withheld	$72,625
2.	Stale income tax withheld	17,100
3.	Health insurance withheld	8,200
4.	Pension contributions withheld	25,125
5.	FICA rate is 7.7%
6.	SUTA tax is $98,000 and FUTA taxes are $2,215

Required:

(A.) Make the journal entry to record the February payroll
(B.) Record the journal entry for the employer's payroll taxes
(C.) Make the journal entry to record the employer's monthly payment of payroll tax liabilities

Reference no: EM1314192

Questions Cloud

Computation of project''s apv : Computation of project's APV with principal repaid in a lump sum at the end of the fifth year

Prepare the bank reconciliation for this company : Prepare the bank reconciliation for this company as of April 30 - Bank Reconciliation statement

Solving the equations : A health club asked the dietitian to prepare 600 ounces of a nutritional drink containing 5.5 grams of carbohydrates per ounces. The dietitian has a nutritional drink containing 5.0 grams per ounces & one that contains 5.8 grams of carbohydrate per o..

Computation of npv and selection of a project : Computation of NPV and selection of a project and suppose that Orchid has a total capital budget of $60 million

Preparation of journal entries for payroll accounting : Preparation of Journal entries for payroll accounting - Make the journal entry to record the February payroll, Record the journal entry for the employer's payroll taxes and Make the journal entry to record the employer's monthly payment of payroll ta..

Solve the equation by graphing : Solve the equation by graphing.

Computation of payback period and npv : Computation of payback period and NPV If your esquire a payback period of two years, will you make the movie

Prepare journal entries to record the transactions : Preparation of Journal entries and Prepare journal entries to record the transactions.

Journal entries to record stock dividend and stock split : Preparation of Journal entries to record stock dividend and stock split - Prepare the journal entries on the appropriate dates to record the stock dividend and the stock split

User Account

All Pages