Business, 26.12.2020 22:30 dekarouh

29. Avitar Company ran Payroll on 4-30-19. On that date the column totals in its Payroll Register show that employees earned $100,000. FICA was $6,200 and, Medicare Taxes were $1,450. Federal Income Taxes withheld from employees totaled $20,000 and NJ State Taxes totaled $3,000. Employees contribute to their Healthcare Plan cost, as well as to their Pension Plan and the withholdings for these plans were 5% and 2% of total payroll respectively. Please prepare the journal entry to record payroll expenses and liabilities.

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Answer from: mashejaj

Journal entry for payment

Date Accounts Title and Explanation Debit Credit

4-30-19 Gross Salaries and Wages $100,000

FICA Social Security taxes $6,200

FICA Medicare $1,450

Federal income taxes / Income Tax Payable $20,000

State income tax withholding $3,000

Employee medical insurance payable/portion $5,000

of insurance premiums (100000 *5%)

Employee Pension Plan payable (100000 *2%) $2,000

Salaries and Wages Payable (Balance figure) $ 62,350

(To record payroll)

Employer payroll tax expenses journal entry

Date Accounts Title and Explanation Debit Credit

4-30-19 Employer Taxes expense $13,650

FICA Social Security taxes payable $6,200

FICA Medicare payable $1,450

FUTA payable (100000*0.6%) $600

SUTA payable (100000*5.4%) $5,400

(Being Employer's Payroll tax expenses)

Answer from: Quest

answer; (a) searching for information can be done quickly;

Answer from: Quest

Secured loans are protected by collateral security. examples: title loans where the borrower uses the car title as collateral security interest rates are lower and repayments are longer therefore risk is low as a collateral security is given as guarantee to the bank in case of failure to pay the loanunsecured loans are not protected by collateral security but it is given on the creditworthiness of the borrower, trusting that she/he will pay on time. examples; payday loans is a short term loan where the borrower lends money from the bank and pays is back when the borrower receives his/her wages.interest rates are high and repayments are shorter. but the risk is high as no collateral security is given as a guarantee to the bank for payment of the loan

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29. Avitar Company ran Payroll on 4-30-19. On that date the column totals in its Payroll Register sh...

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