Assignment: ACT 1963 Unit 2 Homework Note: For this edition, the 2014 federal in

Question

Assignment: ACT 1963 Unit 2 Homework

Note: For this edition, the 2014 federal income tax tables, FICA rates, OASDI rate of 6.2% on wages up to $117,000 and the employee and employer HI rate of 1.45% on all wages was used.

Unless instructed otherwise, click here to calculate hourly rate and overtime rates.

The following information pertains to the payroll of Texera Tile Company on June 6:

a. The total wages earned by employees are $17,030.
b. The state unemployment insurance contribution rate is 3.5%.
c. The entire amount of wages is taxable under FICA, FUTA, and SUTA.
d. The amount withheld from the employees' wages for federal income taxes is $1,830; for state income taxes, $371.00; and for group insurance, $189.00.

Journalize the payment of wages, and record the payroll taxes on June 6.

If an amount box does not require an entry, leave it blank. Round your answers to the nearest cent.

Account Debit Credit Payment of wages - Select your answer -CashPayroll TaxesSUTA Taxes ExpenseSUTA Taxes PayableWagesCorrect 1 of Item 1 - Select your answer -FICA Taxes Payable-OASDIFUTA Taxes PayablePayroll TaxesSUTA Taxes PayableWagesCorrect 4 of Item 1 - Select your answer -FICA Taxes Payable-HIPayroll TaxesSUTA Taxes ExpenseSUTA Taxes PayableWagesCorrect 7 of Item 1 - Select your answer -Employees FIT PayableFUTA Taxes ExpenseFUTA Taxes PayablePayroll TaxesWagesCorrect 10 of Item 1 - Select your answer -Employees SIT PayablePayroll TaxesSUTA Taxes ExpenseSUTA Taxes PayableWagesCorrect 13 of Item 1 - Select your answer -Group Insurance Premiums CollectedFUTA Taxes ExpenseFUTA Taxes PayablePayroll TaxesWagesCorrect 16 of Item 1 - Select your answer -Accounts PayableCashPayroll TaxesSUTA Taxes PayableWagesCorrect 19 of Item 1 Payroll taxes - Select your answer -CashFUTA Taxes ExpenseFUTA Taxes PayablePayroll TaxesWagesCorrect 22 of Item 1 - Select your answer -CashFICA Taxes Expense-OASDIFICA Taxes Payable-OASDIPayroll TaxesWagesCorrect 25 of Item 1 - Select your answer -CashFICA Taxes Expense-HIFICA Taxes Payable-HIPayroll TaxesWagesCorrect 28 of Item 1 - Select your answer -CashFUTA Taxes ExpenseFUTA Taxes PayablePayroll TaxesWagesCorrect 31 of Item 1 - Select your answer -CashPayroll TaxesSUTA Taxes ExpenseSUTA Taxes PayableWagesCorrect 34 of Item 1

Explanation / Answer

Payment of wages Wages 17030 FICA taxes payable     1,302.80 Employees FIT Payable 1830 Employees SIT Payable 371 Group Insurance Premium Collected 189 Cash 13,337.21 Payroll Taxes Payroll Tax Expense 2920.65 FICA taxes payable     1,302.80 FUTA taxes payable     1,021.80 SUTA taxes payable        596.05

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