- For The Year Ended December 31 2022 Bramble Electrical Repair Company Reports The Following Summary Payroll Data Gros 1 (68.5 KiB) Viewed 7 times
For the year ended December 31, 2022, Bramble Electrical Repair Company reports the following summary payroll data. Gross earnings: Administrative salaries Electricians' wages Total Deductions: FICA taxes Federal income taxes withheld State income taxes withheld (3%) United Fund contributions payable Health insurance premiums Total $192,000 386,000 $578,000 $38,637 166,000 17,340 27,886 17,000 $266,863 Bramble's payroll taxes are Social Security tax 6.2%, Medicare tax 1.45%, state unemployment 2.5% (due to a stable employment record), and 0.6% federal unemployment. Gross earnings subject to Social Security taxes of 6.2% total $488,000, and gross earnings
Bramble's payroll taxes are Social Security tax 6.2%, Medicare tax 1.45%, state unemployment 2.5% (due to a stable employment record), and 0.6% federal unemployment. Gross earnings subject to Social Security taxes of 6.2% total $488,000, and gross earnings subject to unemployment taxes total $136,000. No employee exceeds the $132,900 limit related to FICA taxes. (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. (Round answers to O decimal places, e.g. 125. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation (a) Salaries and Wages Expense FICA Taxes Payable Federal Income Taxes Payable State Income Taxes Payable United Fund Contributions Payable Debit 578000 Credit 38637 166000 17340 27886
(b) State Income Taxes Payable United Fund Contributions Payable Health Insurance Payable Salaries and Wages Payable Payroll Tax Expense FICA Taxes Payable Federal Unemployment Taxes Payable State Unemployment Taxes Payable (c) The W-2 Wage and Tax Statement requires the following dollar data. 17340 Complete the required data for the following employees. (Round answers to O decimal places, e.g. 5,275.) 27886 17000 311137 100 38637
(c) The W-2 Wage and Tax Statement requires the following dollar data. Complete the required data for the following employees. (Round answers to O decimal places, e.g. 5,275.) Employee Maria Sandoval Jennifer Mingenback eTextbook and Media Wages, Tips, Other Compensation $54,000 26,000 Federal Income Tax Withheld $26,460 10,140 State Income Tax Withheld $ LA FICA Wages tA C Assistance Used
(c) The W-2 Wage and Tax Statement requires the following dollar data. Complete the required data for the following employees. (Round answers to O decimal places, e.g. 5,275.) Wages, Tips, Other Compensation $54,000 26,000 Federal Income Tax Withheld $26,460 10,140 State Income Tax Withheld $ FICA Wages $ GA FICA Tax Withheld