Homework Help

journalizing payroll transactions, keller systems,inc., completed payroll transactions...

user profile pic

john18 | Honors

Posted September 26, 2013 at 6:21 PM via web

dislike 0 like

journalizing payroll transactions, keller systems,inc., completed payroll transactions during the period may 1 to june 15 of the current year. payroll tax rates are as follows; social security,6.2%; medicare, 1.45%; federal unemployment, 0.8%; state unemployment, 5.4%. the company buys savings bonds for employees as accumulated withholdings reach the necessary amount to purchase a bond. no total earnings have exceeded the tax base for calculating unemployment taxes. keller systems is a monthly schedule depositor for payroll taxes. journalize the following transactions, may 15, paid cash for april's payroll tax liability. withheld taxes from april payrolls; employee income tax, $532.00; social security tax, $634.88; and medicaretax, $148.48.c421. may 15. paid cash for semimonthly payroll, total earnings, $5,250.00; withholdings; employee income tax,$273.00; u.s. savings bonds,$60.00 (calculate the social security and medicare deductions).c422.,may 15. recorded employer payroll taxes expense for the may 15 payroll, m42. may 15. paid cash for u.s. savings bonds for employees, $300.00.c423. may 31. paid cash for semimonthly payroll,gross wages,$5,310.00; withholdings;employee income tax, $276.00; u.s. savings bonds,$60.00. c461. may 31. recorded employer payroll taxes expense for the may 31 payroll,m46. may 31. paid cash for federal unemployment tax liability for quarter ended march 31,$245.76. c462. may 31. paid cash for state unemployment tax liability for quarter ended march 31, $1,658.88.c463.june 15. paid cash for the may liability for employee income tax, social security tax, and medicare tax, c487. (calculate the social security and medicare tax liabilities by multiplying total earnings for the period by 12.4% for social security tax and 2.9% for medicare tax.) june 15. paid cash for semimonthly payroll. gross wages,$5,289.00; withholdings; employee income tax, $274.00; u.s. savings bonds,$75.00.c488. june 15. recorded employer payroll taxes expense.m53. prove and rule the cash payments journal.

Tagged with business, journalizing

0 Answers | Be the first to answer

Join to answer this question

Join a community of thousands of dedicated teachers and students.

Join eNotes