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Telmarine companys payroll taxes are fica 8 state

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Reference no: EM13572357

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.

The W-2 Wage and Tax Statement requires the following dollar data.

Complete the required data for the following employees.

Employee

Wages, Tips, Other Compensation

Federal Income Tax Withheld

State Income Tax Withheld

FICA Wages

FICA Tax Withheld
Lucie Solarova
$63,600
$30,722

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Kristina Madericova
30,800
12,083

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Reference no: EM13572357

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