What journal entry is needed to record payroll from week

Assignment Help Accounting Basics

Reference no: EM13258122

Joe works 40 hours per week and earns $13 per hour. He has$125 take out for Federal Income Taxes (FIT) and the FICA rate is.0765 (.062 for Social Security and .0145 for Medicare). Noother deductions are taken from him. The employers SUTA rateon the first $7,000 of wages is .06 . The FUTA rate onthe first $7,000 of wages is .008 . Year-to-date wages prior tothis week are $6,800. The work week runs from Monday toFriday and is paid the following Friday. Payroll is recordedon Tuesday for the week prior and Paid on Friday. Answer the following (hint, check out my voice lecture power pointfile on Payroll):

1. What journal entry is needed to record the payroll from the week prior (week ending 05/22, payroll computation happening on Tuesday 05/26).

2. What journal entry is needed torecord the employer payroll taxes from the week ending 05/22.

3. What journal entry is needed on 05/29to pay the payroll to be distributed on 05/29.

4. What journal entry is needed on 05/29to pay the 941 taxes assuming that we pay 941 taxes weekly on Friday.

Reference no: EM13258122

Questions Cloud

Inventory account on the balance sheet : The cost of material that is not completely processed, would be found in which of the following inventory account on the Balance Sheet?

How many years will it take to exhaust her funds : Your aunt Ruth has $500,000 invested at 6.5%, and she plans to retire. She wants to withdraw $40,000 at the beginning of each year, starting immediately. How many years will it take to exhaust her funds?

Series of inter-connected operations : Which of the following System applies when standardized goodsare produced under the series of inter-connected operations?

What are some of the key factors considered in calculating : Financial Literacy. Over the past decade “Financial Literacy” has received increasing attention in all levels of schools. What does it mean to be financially literate?

What journal entry is needed to record payroll from week : What journal entry is needed torecord the payroll from the week prior (week ending 05/22, payroll computation happening on Tuesday 05/26).

Non cash assets and liabilities problem : Journalize the entries to record the liquidation out lined below, using Assets as the account title for the noncash assets and Liabilities as the account title for all creditors' claims.

What is the effective annual rate of the loan : Suppose that Community Bank offers to lend you $10,000 for one year at a nominal interest rate of 8.00%, but you must make interest payments at the end of each quarter and then pay off the $10,000 principal amount at the end of the year. What is t..

Computational and record-keeping costs : If computational and record-keeping costs are regarding the same under both FIFO and weighted average, which of the following techniques will generally be preferred?

How large a volume of hydrogen is required : A plastic bag is filled with hydrogen at atmospheric pressure and 27.0 oC. Assume that the mass of the bag is negligible, How large a volume of hydrogen (in m3) is required

User Account

All Pages