Question :
111. The following totals for the month of June were taken : 1233966
111. The following totals for the month of June were taken from the payroll register of ABC Company:
Salaries expense$13,000
Social security and Medicare Taxes withheld975
Income Taxes withheld2,600
Retirement Savings500
Salaries subject to federal and state unemployment taxes of 6.2 percent4,000
The entry to record the accrual of employer’s payroll taxes would include a A. debit to Payroll Taxes Expense for $1,223B. credit to Social Security and Medicare Tax Payable for $1,950C. debit to Payroll Taxes Expense for $248D. Debit to Payroll Tax Expense for $975
112. The following totals for the month of April were taken from the payroll register of Main Company.
Salaries$12,000
FICA taxes withheld550
Income taxes withheld2,500
Medical insurance deductions450
Federal Unemployment Taxes32
State Unemployment Taxes216
The journal entry to record the monthly payroll on April 30 would include a A. credit to Salaries Payable for $8,500.B. debit to Salaries Expense for $8,500.C. debit to Salaries Payable for $8,500.D. debit to Salaries Payable for $8,252.
113. The following totals for the month of April were taken from the payroll register of Main Company.
Salaries$12,000
FICA taxes withheld550
Income taxes withheld2,500
Medical insurance deductions450
Federal Unemployment Taxes32
State Unemployment Taxes216
The entry to record accrual of employer’s payroll taxes would include a A. debit to Payroll Tax Expense for $248.B. credit to FICA Taxes Payable for $1,100.C. credit to Payroll Tax Expense for $248.D. debit to Payroll Tax Expense for $798.
114. The following totals for the month of April were taken from the payroll register of Main Company.
Salaries$10,000
FICA taxes withheld750
Income taxes withheld2,000
Medical insurance deductions450
Unemployment Taxes320
The entry to record accrual of employer’s payroll taxes would include a A. debit to Payroll Tax Expense for $1,070.B. credit to FICA Taxes Payable for $1,500.C. credit to Payroll Tax Expense for $320.D. debit to Payroll Tax Expense for $1,820.
115. An employee receives an hourly rate of $15, with time and a half for all hours worked in excess of 40 during the week. Payroll data for the current week are as follows: hours worked, 46; federal income tax withheld, $110; cumulative earnings for the year prior to this week, $24,500; Social security tax rate, 6% on maximum of $100,000; and Medicare tax rate, 1.5% on all earnings; state unemployment compensation tax, 3.4% on the first $7,000; federal unemployment compensation tax, .8% on the first $7,000. What is the net amount to be paid the employee? A. $569.87B. $539.00C. $625.00D. $544.88
116. An employee receives an hourly rate of $15, with time and a half for all hours worked in excess of 40 during the week. Payroll data for the current week are as follows: hours worked, 46; federal income tax withheld, $120; cumulative earnings for the year prior to this week, $5,500; Social security tax rate, 6% on maximum of $100,000; and Medicare tax rate, 1.5% on all earnings; state unemployment compensation tax, 3.4% on the first $7,000; federal unemployment compensation tax, .8% on the first $7,000. What is the employer’s payroll tax expense? A. $55.13B. $61.01C. $86.00D. $141.13
117. The following totals for the month of June were taken from the payroll register of XYZ Company:
Salaries expense$15,000
Social security and Medicare Taxes withheld1,125
Income Taxes withheld3,000
Retirement Savings500
Salaries subject to federal and state
unemployment taxes of 6.2 percent4,000
The entry to record the accrual of employer’s payroll taxes would include a A. debit to Payroll Taxes Expense for $2,498B. credit to Social Security and Medicare Tax Payable for $2,250C. debit to Payroll Taxes Expense for $1,373D. Debit to Payroll Tax Expense for $1,125
118. Jenning Company has the following information for the pay period of January 15 – 31, 20xx.
Gross payroll$10,000 Federal income tax withheld$1,500
Social security rate6% Federal unemployment tax rate.8%
Medicare rate1.5% State unemployment tax rate5.4%
Salaries Payable would be recorded for A. $8,500B. $7,130C. $7,670D. $7,750
119. Jenning Company has the following information for the pay period of January 15 – 31, 20xx.
Gross payroll$10,000 Federal income tax withheld$1,500
Social security rate6% Federal unemployment tax rate.8%
Medicare rate1.5% State unemployment tax rate5.4%
All wages are subject to federal and state unemployment taxes.Payroll Taxes Expense would be recorded for A. $1,370B. $750C. $620D. $2,870
120. Assume that social security taxes are payable at a 6% rate on the first $100,000 of earnings and medicare taxes are payable at a 1.5% rate with no maximum earnings, and that federal and state unemployment compensation taxes total 4.6% on the first $7,000 of earnings. If an employee, George Jones, earns $2,500 for the current week and Jones’ year-to-date earnings before this week were $6,800, what is the total payroll taxes related to the current week? A. $187.50B. $196.70C. $344.50D. none of the above
