User Account

All Pages

Journalize entry to record payroll tax expense incurred

Assignment Help Accounting Basics
Reference no: EM132682397

Problem - Payroll entries - Faber Company had gross wages of $110,000 during the week ended June 17. The amount of wages subject to social security tax was $110,000, while the amount of wages subject to federal and state unemployment taxes was $15,000. Tax rates are as follows:

Social security 6.0%

Medicare 1.5%

State unemployment 5.4%

Federal unemployment 0.8%

The total amount withheld from employee wages for federal taxes was $22,000.

Required -

a. Journalize the entry to record the payroll for the week of June 17.

b. Journalize the entry to record the payroll tax expense incurred for the week of June 17.

Reference no: EM132682397

Questions Cloud

Does Big Dave Pizza have internal controls : Payroll Internal Control Procedures - Does Big Dave's Pizza have internal controls in place to catch this error? If so, how will this error be detected
Cost leadership position in long term : Analyzing cost drivers which affect cost leadership position of FedexIncludingCost of input factors
What is the structure of microsoft : What is the structure of Microsoft's board of directors?
Henrietta lacks-controversary surrounding : Learn about how the cells of this woman have become famous and the controversary surrounding them.
Journalize entry to record payroll tax expense incurred : Faber Company had gross wages of $110,000 during the week ended June 17. Journalize entry to record payroll tax expense incurred
What is the structure of hewlett packard : What is the structure of Hewlett Packard's (HP) board of directors?
What is the structure of apple : What is the structure of Apple's (Apple Inc.) board of Directors?
Undertake environmental efforts : -Do you think businesses should voluntarily undertake environmental efforts, beyond those required by law? Why or why not?
Primary responsibilities and priorities of the IRB : Explain the primary responsibilities and priorities of the IRB.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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