T-Mobile LTE @ 27% } 6:55 PM edugen.wileyplus.com Problem I-2A (Part Level Submi
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T-Mobile LTE @ 27% } 6:55 PM edugen.wileyplus.com Problem I-2A (Part Level Submission) The following payroll liability accounts are included in the ledger of Harmon Company on January 1, 2017 1act e $760.00 In January, the following transactions occurred. an 10 Sent check for $870.00 to union treasurer for union dues. 12 Remitted check for $1,964.60 to the Federal Reserve bank for FICA Taxes and federal income taxes withheld. i5 Purchased U.S. Savings Bonds for employees by writing check for $360.00 Paid state income taxes withheld from employees. Paid federal and state unemployment taxes. Completed monthly payroll register, which shows salaries and wages $58,000, FICA Taxes withheld $4,437.00, federal income taxes payable $2,158, state income taxes payable $454, union dues payable $400, United Fund contributions payable $1,888, and net pay $48,663.00 i Prepared payroll checks for the net pay and distributed checks to At January 31, the company also makes the following accrued adjustments paertaining to employee compensation 1. Employer payroll taxes: FICA taxes 7.65%, federal unemployment taxes 0.8%, and state unemployment taxes 5.496. 2. vacation pay: 6% of gross earnings. (Use Vacation Benefit Expense to record the transaction.) ournalize the adjustments pertaining to employee compensation at January 31. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 15.25.)Explanation / Answer
Date Account Titles and Explanation Debit Credit Jan. 31 Payroll taxes expense 8033 FICA Taxes payable ($58000 x 7.65%) 4437 Federal unemployment taxes payable ($58000 x 0.8%) 464 State unemployment taxes payable ($58000 x 5.4%) 3132 (To record employer's payroll tax expense) Jan. 21 Vacation benefit expense ($58000 x 6%) 3480 Vacation pay payable 3480 (To accrue vacation pay expense)
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