An asterisk (*) will appear to the right of an incorrect entry.
a.
Earnings:
1. At regular rate
2. At overtime rate 80,000
3. Total earnings
Deductions:
4. Social security tax 32,400$
5. Medicare tax 8,100
6. Income tax withheld 135,000
7. Medical insurance 18,900
8. Union dues
9. Total deductions 201,150$
10. Net amount paid 338,850$
Accounts debited:
11. Factory Wages 285,000
12. Sales Salaries
13. Office Salaries 120,000
b.
Exercise 11-10
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1. At regular rate
3. Total earnings
Medical Insurance Payable
Union Dues Payable
Salaries Payable
Employees Federal Income Tax Payable
Factory Wages Expense
Office Salaries Expense
Social Security Tax Payable
Medicare Tax Payable
Sales Salaries Expense
Salaries Payable
Exercise 11-10
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Solution
Section:
ON
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a.
Employer’s Payroll Taxes:
Rate
Social security tax
Medicare tax
State unemp. tax
Federal unemp. tax
Total
b.
Amount
Subject to Tax
Tax
Exercise 11-11
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Section:
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a.
Employer’s Payroll Taxes:
State Unemployment Tax Payable
Federal Unemployment Tax Payable
Medicare Tax Payable
Rate
Social security tax 6.0% 750,000$ 45,000$
Medicare tax 1.5% 750,000 11,250
b.
59,350
45,000
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Exercise 11-11
Name:
Solution
Section:
ON
Amount
Subject to Tax
Tax
Payroll Taxes Expense
Social Security Tax Payable