Exam 8: Paying,recording,and Reporting Payroll and Payroll Taxes:

The following data applies to the July 15 payroll for the Woodard Research Firm (overtime is paid at 1 1/2) Employee Name Pay Rate Hours Cumulative Department Federal Income Worked Tax Withheld B. Woodard \ 2,000/ wk Salaried \ 98,000 Office \ 779.00 J. Thomas 13.00 51 40,000 Shop 320.00 K. McCann 17.00 46 42,000 Shop 330.00 Assume: FICA-OASDI is 6.2% based on a limit of $117,000. FICA-Medicare is 1.45%. FUTA is .8% based on a limit of $7,000. SUTA is 5.6% based on a limit of $7,000. State income tax is 2.8%. -FUTA taxes are paid:

Kristi's Mentoring had the following information for the pay period ending September 30: Assume: FICA-OASDI applied to the first $117,000 at a rate of 6.2%. FICA-Medicare applied at a rate of 1.45%. FUTA applied to the first $7,000 at a rate of 0.8%. SUTA applied to the first $7,000 at a rate of 5.6%. State income tax is 3.8%. Employees contribute to their retirement fund at a rate of 5.5% of their gross earnings. - Column 1 Column 2 Column 3 Column 4 Wage Expense

The following data applies to the July 15 payroll for the Woodard Research Firm (overtime is paid at 1 1/2) Employee Name Pay Rate Hours Cumulative Department Federal Income Worked Tax Withheld B. Woodard \ 2,000/ wk Salaried \ 98,000 Office \ 779.00 J. Thomas 13.00 51 40,000 Shop 320.00 K. McCann 17.00 46 42,000 Shop 330.00 Assume: FICA-OASDI is 6.2% based on a limit of $117,000. FICA-Medicare is 1.45%. FUTA is .8% based on a limit of $7,000. SUTA is 5.6% based on a limit of $7,000. State income tax is 2.8%. -Compute the employees' FICA-OASDI.

The individual employee earnings for all employees in a company are summarized on the W-3 form.

For each of the following, identify in Column 1 the category to which the account belongs, in Column 2 the normal balance for the account, in Column 3 the financial statement on which the account balance is reported, and in Column 4 the nature of the account (permanent/temporary). - Column 1 Column 2 Column 3 Column 4 FUTA Payable

Employees must receive W-3s by January 31 of the following year.

Information to prepare W-2 forms can be obtained from the current payroll register.

A banking day is any day that the bank is open to the public for business.

Kristi's Mentoring had the following information for the pay period ending September 30: Assume: FICA-OASDI applied to the first $117,000 at a rate of 6.2%. FICA-Medicare applied at a rate of 1.45%. FUTA applied to the first $7,000 at a rate of 0.8%. SUTA applied to the first $7,000 at a rate of 5.6%. State income tax is 3.8%. Employees contribute to their retirement fund at a rate of 5.5% of their gross earnings. - Column 1 Column 2 Column 3 Column 4 Salary Expense

The following data applies to the July 15 payroll for the Woodard Research Firm (overtime is paid at 1 1/2) Employee Name Pay Rate Hours Cumulative Department Federal Income Worked Tax Withheld B. Woodard \ 2,000/ wk Salaried \ 98,000 Office \ 779.00 J. Thomas 13.00 51 40,000 Shop 320.00 K. McCann 17.00 46 42,000 Shop 330.00 Assume: FICA-OASDI is 6.2% based on a limit of $117,000. FICA-Medicare is 1.45%. FUTA is .8% based on a limit of $7,000. SUTA is 5.6% based on a limit of $7,000. State income tax is 2.8%. -Prepare the general journal entry to record the payroll. ___________________________________________ _________ _________ ___________________________________________ _________ _________ ___________________________________________ _________ _________ ___________________________________________ _________ _________ ___________________________________________ _________ _________ ___________________________________________ _________ _________ ___________________________________________ _________ _________ ___________________________________________ _________ _________ ___________________________________________ _________ _________

The following data applies to the July 15 payroll for the Woodard Research Firm (overtime is paid at 1 1/2) Employee Name Pay Rate Hours Cumulative Department Federal Income Worked Tax Withheld B. Woodard \ 2,000/ wk Salaried \ 98,000 Office \ 779.00 J. Thomas 13.00 51 40,000 Shop 320.00 K. McCann 17.00 46 42,000 Shop 330.00 Assume: FICA-OASDI is 6.2% based on a limit of $117,000. FICA-Medicare is 1.45%. FUTA is .8% based on a limit of $7,000. SUTA is 5.6% based on a limit of $7,000. State income tax is 2.8%. -The employer's annual Federal Unemployment Tax Return is:

Why are all of the employer payroll taxes listed in separate payable accounts?

The debit amount to Payroll Tax Expense represents: