Prepare the employer payroll taxes

Assignment Help Accounting Basics

Reference no: EM133500769

Case: The payroll of Buddy, Inc. for May 31 is as follows: The total payroll was $150,000. None of the individual wages was greater than $132,900 (social security maximum threshold for 2019). Income taxes withheld from employees totaled $37,500 and union dues withheld was $4,000. Assume FICA tax is 7.65% on employee's wages (6.2% Social Security & 1.45% Medicare tax). Calculate Unemployment tax - .6% FUTA and 5.4% SUTA taxes. No employees have reached the $7,000 maximum wage threshold.

Question 1: Prepare the necessary journal entries for the wages paid on May 31

Question 2: Prepare the employer payroll taxes.

Reference no: EM133500769

Questions Cloud

Explain the concept of specific deductions : Explain the concept of specific deductions with reference to a minimum of three (3) different example sections from the Income Tax Assessment Act

Calculate the minimum capital gain : Calculate the minimum capital gain that will be included in her assessable income. Show all working out

Identify at least two strategies that you would use : Identify at least two strategies that you would use that you found to be effective in finding peer-reviewed research.

Explain the significance of the residency of a taxpayer : Explain the significance of the residency of a taxpayer and the source of income in relation to assessable income.

Prepare the employer payroll taxes : Prepare the necessary journal entries for the wages paid on May 31 and Prepare the employer payroll taxes

Prepare the adjusting journal entry to fairly present : They just record the full amount as sales revenue. Prepare the adjusting journal entry to fairly present the May 31 financial statements

Show the translated account balance in marks : show the translated account balance in Marks (M) and clearly show which exchange rate you used to translate each account balance

What are the key concepts they are discussing : What is the speaker's overarching point of view? What are they proposing? What are the key concepts they are discussing?

What is the consolidated net income for 2022 : What is the consolidated net income for 2022 if Ackerman reports $370,000 (does not include investment income) and Brannigan $125,000 in income

User Account

All Pages