Chapter 11: 10RQ (page 604)
What payroll taxes is the employer responsible for paying?
Short Answer
An employer is responsible for paying FICA, SUTA, and FUTA payroll taxes.
Chapter 11: 10RQ (page 604)
What payroll taxes is the employer responsible for paying?
An employer is responsible for paying FICA, SUTA, and FUTA payroll taxes.
All the tools & learning materials you need for study success - in one app.
Get started for freeLucy Rose works at College of Fort Worth and is paid $12 per hour for a 40-hour workweek and time-and-a-half for hours above 40.
Requirements
1. Compute Rose’s gross pay for working 60 hours during the first week of February.
2. Rose is single, and her income tax withholding is 15% of total pay. Rose’s only payroll deductions are payroll taxes. Compute Rose’s net (take-home) pay for the week. Assume Rose’s earnings to date are less than the OASDI limit.
3. Journalize the accrual of wages expense and the payment related to the employment of Lucy Rose.
Curtis Company is facing a potential lawsuit. Curtis’s lawyers think that it is reasonably possible that it will lose the lawsuit. How should Curtis report this lawsuit?
Samuel Industries has three employees. Each employee earns two vacation days a month. Samuel pays each employee a weekly salary of $1,250 for a five-day workweek. Requirements
1. Determine the amount of vacation expense for one month.
2. Journalize the entry to accrue the vacation expense for the month.
Question: Recording employee and employer payroll taxes County Company had the following partially completed payroll register:
Earnings | Withholdings | ||||||||||
Beginning Cumulative Earnings | Current Period Earnings | Ending Cumulative Earnings | OASDI | Medicare | Income tax | Health Insurance | United way | Total Withholding | Net pay | Check No. | Salaries and Wages Expense |
\( 77,000 | \) 4,500 | \( 900 | \) 90 | \(15 | 801 | ||||||
112,000 | 7,200 | 1,200 | 144 | 35 | 802 | ||||||
48,000 | 3,300 | 600 | 66 | 0 | 803 | ||||||
61,000 | 3,300 | 850 | 66 | 20 | 804 | ||||||
0 | 4,500 | 1,100 | 90 | 0 | 805 | ||||||
\)298,000 | \(22,800 | \)4,650 | \(456 | \)70 | |||||||
Requirements
On January 1, Irving Company purchased equipment of \(280,000 with a long-term note payable. The debt is payable in annual installments of \)56,000 due on December 31 of each year. At the date of purchase, how will Irving Company report the note payable?
What do you think about this solution?
We value your feedback to improve our textbook solutions.