Prepare the journal entry to record the payroll taxes

Assignment Help Financial Accounting
Reference no: EM133016250

Question - For the most recent two-week pay period, Company V had a single employee: Victor Vim. Victor's salary for the period was $1,600. Federal Income Tax withholding for the period is $275; state withholding is $52. Social Security and Medicare are withheld at 6.2% and 1.45% respectively. Victor's earnings for the year to date are $20,000. Victor has also authorized V to withhold a retirement contribution of $100 per pay period and a charitable contribution of $30.

Required -

Use tab "P 5" to prepare the journal entry to record the payroll expense for this period. This entry should include Victor's net pay.

Prepare the journal entry to record the payroll taxes for this period. Company V has made all the unemployment tax payments it is required to make for this year.

Reference no: EM133016250

Questions Cloud

Compute the quantities of each product to be produced : In 2019, the company will be limited to 160,000 machine hours and 120,000 labor hours. Compute the quantities of each product to be produced in 2019
What is the net increase in income statement of Mailings Inc : What is the net increase in income statement of Mailings Inc. and what is the carrying amount of the machinery two years after revaluation
Demonstrate which of preceding compensation option provides : Demonstrate which of the preceding compensation option provides the company with the greatest value at the end of the contract life using discounted cash flow
Calculate the balance of the Investment in Sub account : The value of the Investment in Sub Account as of December 31 2020 was $228,500. Calculate the balance of the Investment in Sub account
Prepare the journal entry to record the payroll taxes : Prepare the journal entry to record the payroll taxes for this period. Company V has made all the unemployment tax payments it is required to make for this year
What is the amount of the firm total stockholder equity : Purple Dalia, Inc. has the following balance sheet statement items: current liabilities of $720,428; What is the amount of the firm total stockholder equity
Identify the account level risk to be audited : Identify the account level risk to be audited and develop a procedure to address that risk
Calculate cca claimed in each year : Assume that the firm has a December 31 year end, the applicable tax rate is 40% and the CCA rate is 20%. Calculate CCA claimed in each year
Record the purchase of the equipment : It estimates the equipment will have a 10-year life. Crane Company has a December 31 year end. Record the purchase of the equipment

Reviews

Write a Review

Financial Accounting Questions & Answers

  How much is the penalty that must be paid

How much is the penalty that must be paid? Bijous Café's real estate tax of $1,110.85 was due on November 1, 2015. The owner was unable to pay the café

  What is the maximum depreciation allowed

Assume Kinsey elects any available additional first-year depreciation. The maximum depreciation allowed for 2019 is and for 2020 is

  What the opening accounts receivable balance as at july will

Credit sales are $15,000 for April, $14,300 for May and $13,200 for June. What The opening Accounts Receivable balance as at 1 July will be

  Discuss the major methods of company valuation

Explain the market capitalization. Explain the book value. Explain (expected) future earnings. Provide narrative on other methods (minimum of two).

  What should be hancocks 2015 earnings per common share

What should be Hancock's 2015 earnings per common share, rounded to the nearest penny - should be reflected in the current financial statements

  Prepare unadjusted trial balance

Chris Evans put up a retail store business on January 1, 2020. He had the following transactions for the month: Prepare unadjusted trial balance

  How much is the amount of total total liabilities

The owner's equity of BSA Company is ?90,000 representing 30% of the total assets. How much is the amount of total its total liabilities?

  Compute the annual interest rate

Compute the annual interest rate (%) and round to 4 decimal places given the information below. Can you please show how to arrive at the answer

  How do process transactions in the company module

The firm's year-end is on December 31, 2024. You received on January 22, 2024 a bank debit memo dated January 20,2024, for service charges on the bank account?

  What is the gross debt service ratio

What is their Gross Debt Service (GDS) Ratio? Jasmine and their spouse are considering purchasing a larger house for their growing family.

  How much money will memorial hospital have collected

5% written off as bad debt in the sixth month, at the end of March (3 months out), how much money will Memorial Hospital have collected?

  What the estimated cost of common stock equity is

A firm has a beta of 1.2. The market return equals 14 percent and the risk- free rate of return equals 6 percent. The estimated cost of common stock equity is

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd