Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. pio-4a. recording payroll and payroll taxes the fo

PIO-4A. Recording Payroll and Payroll Taxes The following...

60.1K

Verified Solution

Question

Accounting

image
image
PIO-4A. Recording Payroll and Payroll Taxes The following data are taken from Stockton Wholesale Company's May payroll: $50,000 51,000 7,000 $108,000 Administrative salaries Sales salaries. Custodial salaries. Total payroll Salaries subject to 1.45 percent Medicare tax Salaries subject to 6.2 percent Social Security tax. Salaries subject to federal unemployment taxes Salaries subject to state unemployment taxes.. Federal income taxes withheld from all salaries. $108,000 85,000 14,000 21,000 17,800 Assume that the company is subject to a two percent state unemployment tax (due to a favorable experience rating) and a 0.6 percent federal unemployment tax. Required Record the following in general journal form on May 31: a. Accrual of the monthly payroll. b. Payment of the net payroll. Accrual of the employer's payroll taxes. (Assume that the FICA tax matches the amount withheld). d. Payment of these payroll-related liabilities, (Assume that all are settled at the same time.)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Does Alcoholics Anonymous work because it's a form of cognitive behavioral therapy?

Psychology
Q

A contestant in a winter games event pushes a 46.0 kg block of ice across a...

Physics
Q

101 Two independent simple harmonic motions y A TC sin wt and y A sin...

Physics
Q

Given quadrilateral RSTU, tell which sides (if any) are parallel and which are perpendicular for...

Basic Math
Q

K Engineers want to design seats in commercial aircraft so that they are wide enough...

Statistics
Q

12 Write any 5 numbers whose mean is 5

Statistics
Q

A bookstore sells books in several formats hardcover paperback digital and audio Based on past...

Statistics
Q

39 Evaluate tan 60 sin 45 without using trigonometric tables or your calculator A 5...

Calculus
Q

accounting equations for augustus owns hardware shop, roman empire

Accounting
Q

Exercise 11-5 Provide the missing data in the following table for a distributor...

Accounting
Q

is closely related to intrinsic motivation: Employees believe that they have the ability and autonomy...

Accounting
Q

Given the information below, identify if there is any arbitrage opportunity to be taken: ...

Finance