The payroll records of Airtech Solutions, Ltd. are provided for the period ended
ID: 2528840 • Letter: T
Question
The payroll records of Airtech Solutions, Ltd. are provided for the period ended December 7:
Required:
Compute the necessary information for the payroll journal entries.
Complete the entry to accrue the payroll.
Complete the entry to record the payroll tax expense.
PLEASE show all you work so it is easier to understand, thank you!
Employee
Earnings to End of Previous Week
Gross Pay
Federal Income Taxes
Medical Insurance Deduction
Union Dues
United Way
State Income Taxes
R. Arthur
$54,000
$1,200
$160
$125
$15
$30
42
J. Baines
6,500
900
102
125
15
25
32
T. Carter
8,500
750
85
125
15
15
26
J. Hess
116,800
2,500
450
150
-0-
50
90
L. Vang
145,000
2,900
580
150
-0-
50
105
Totals
The FICA Social Security compensation limit is $118,500. The state unemployment tax rate is 5.4% on the first $9,000 paid to each employee.
Employee
FICA SS wage base for pay period
FUTA wage base for pay period
SUTA wage base for pay period
FICA Medz wage base for pay period
R. Arthur
J. Baines
T. Carter
J. Hess
L. Vang
Total wage base
Tax rate
Accrued taxes
(NOTE: Be sure to limit the amount of the wage base for the annual limitation)
Record the payroll for the period
Record the employer payroll taxes for the period
Employee
Earnings to End of Previous Week
Gross Pay
Federal Income Taxes
Medical Insurance Deduction
Union Dues
United Way
State Income Taxes
R. Arthur
$54,000
$1,200
$160
$125
$15
$30
42
J. Baines
6,500
900
102
125
15
25
32
T. Carter
8,500
750
85
125
15
15
26
J. Hess
116,800
2,500
450
150
-0-
50
90
L. Vang
145,000
2,900
580
150
-0-
50
105
Totals
Explanation / Answer
Working:
Working:
Employee FICA SS wage base for pay period FUTA wage base for pay period SUTA wage base for pay period FICA Medz wage base for pay period R.Arthur 1200.00 0.00 0.00 1200.00 J.Bains 900.00 0.00 0.00 900.00 T.Carter 750.00 500.00 500.00 750.00 J.Hess 1700.00 0.00 0.00 2500.00 L.Vang 0.00 0.00 0.00 2900.00 Total wage base 4550.00 500.00 500.00 8250.00 Tax Rate 6.20% 0.60% 5.40% 1.45% Accrued Taxes 282.10 3.00 27.00 119.63Related Questions
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