Telmarine companys payroll taxes are fica 8 state

Assignment Help Accounting Basics

Reference no: EM13573155

For the year ended December 31, 2012, Telmarine Electrical Repair Company reports the following summary payroll data.

Gross earnings:
Administrative salaries		$203,800
Electricians' 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 Company's 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 year's payroll.
(b)		Journalize the adjusting entry at December 31 to record the employer's payroll taxes

Reference no: EM13573155

Questions Cloud

Would the cost of telephone operators for a toll-free : would the cost of telephone operators for a toll-free hotline to help customers operate products be product costs or

Your company rmu inc is considering a new project whose : your company rmu inc. is considering a new project whose data are shown below. what is the projects year 1 cash

Assuming that the company uses the perpetual inventory : the boxwood company sells blankets for 36.00 each. the following was taken from the inventory records during may. the

Remember a time when you tried to get a kid to do what you : 2 pages in length double spaced. the font should be times new roman 12.remember a time when you tried to get a kid to

Telmarine companys payroll taxes are fica 8 state : for the year ended december 31 2012 telmarine electrical repair company reports the following summary payroll

Finch corporation purchased as asset costing 10000 annual : finch corporation purchased as asset costing 10000. annual operating cash inflows generated from the asset are expected

Lusk company produces and sells 16100 units of product a : lusk company produces and sells 16100 units of product a each month. the selling price of product a is 31 per unit and

Two sets of cash flows are shown in the table below if : two sets of cash flows are shown in the table below. if thesesets are equal at 8 interest rate determine the unknown

Columbia enterprises is studying the replacement of some : equipment replacement decisioncolumbia enterprises is studying the replacement of some equipment that originally cost

User Account

All Pages