Other accrued liabilities—payroll and payroll taxes
Other accrued liabilities—payroll and payroll taxes The following summary data for the payroll period ended December 27, 2012, are available for Cayman Coating Co.:
Additional information
• For employees, FICA tax rates for 2012 were 5.65% on the first $110,100 of each employee’s annual earnings and 1.45% on any earnings in excess of $110,100. However, no employees had accumulated earnings for the year in excess of the $110,100 limit.
• For employers, FICA tax rates for 2012 were 7.65% on the first $110,100 of each employee’s annual earnings and 1.45% on any earnings in excess of $110,100.
• The federal and state unemployment compensation tax rates are 0.6% and 5.4%, respectively. These rates are levied against the employer for the first $7,000 of each employee’s annual earnings. Only $9,000 of the gross pay amount for the December 27, 2012, pay period was owed to employees who were still under the annual limit.
Required: Assuming that Cayman Coating Co.’s payroll for the last week of the year is to be paid on January 3, 2013, use the horizontal model (or write the journal entry) to record the effects of the December 27, 2012, entries for
a. Accrued payroll.
b. Accrued payroll taxes.
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Answers
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Posted 22 Apr 2017 05:04 PM
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file 1492881424-2085427_1_636283779932272325_Pay-Roll-journal.xlsx preview (299 words )
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