PROBLEM 8B-3
1. December OASDI tax for Pete Clinton:
2.
Oct.
31
Payroll Tax Expense
7
7
7
24
FICA OASDI Payable
6
2
9
92
FICA Medicare Payable
1
4
7
32
Record employer’s payroll tax
Payroll Tax Expense
8
0
4
78
FICA OASDI Payable
6
5
2
24
FICA Medicare Payable
1
5
2
54
Record employer’s payroll tax
Payroll Tax Expense
9
0
2
06
FICA OASDI Payable
7
2
1
68
FICA Medicare Payable
1
8
0
38
Record employer’s payroll tax
3.
Nov
15
FICA OASDI Payable
1
2
5
9
84
FICA Medicare Payable
2
9
4
64
FIT Payable
1
4
8
5
00
3
0
3
9
48
FICA Medicare Payable
3
0
5
08
FIT Payable
1
6
2
3
00
3
2
2
56
FICA OASDI Payable
1
FICA Medicare Payable
FIT Payable
2
3
PROBLEM 8B-3 (CONTINUED)
Jan.
31
FUTA Tax Payable (0.006 x $21,000)
1
2
6
00
PROBLEM 8B-3 (CONTINUED)
4.
Copyright © 2019 Pearson Education, Inc.
8-25
PROBLEM 8B-4
FINANCIAL REPORT PROBLEM – READING AMAZON’S ANNUAL REPORT
KEEPING IT REAL: SUAREZ COMPUTER CENTER
Requirement 1
SUAREZ COMPUTER CENTER
PAYROLL REGISTER
DECMEBER 7, 201X
Taxable Earnings
OASDI
FUTA/SUTA
Current
Earnings
(YTD)
Current Earnings
Gross
Overtime
Regular
Prior
Earnings
(YTD)
Allowance
and Marital
Status
NAME
8-30
SUAREZ COMPUTER CENTER
PAYROLL REGISTER
DECMEBER 14, 201X
Taxable Earnings
OASDI
00
00
0
0
5
5
3
7
FUTA/SUTA
00
62
0
2
5
6
3
6
Current
Earnings
(YTD)
00
0
0
8
Current Earnings
Gross
00
0
5
3
Overtime
00
0
3
Regular
00
88
0
0
5
1
3
Prior
Earnings
(YTD)
00
50
0
6
5
4
4
Allowance
and Marital
Status
NAME
K. Joe
0
5
3
9
0
3
2
SUAREZ COMPUTER CENTER
PAYROLL REGISTER
DECEMBER 21, 201X
Taxable Earnings
OASDI
00
250
FUTA/SUTA
00
0
5
2
Current
Earnings
(YTD)
00
0
5
0
1
Current Earnings
Gross
00
0
5
2
Overtime
Regular
00
0
5
2
Prior
Earnings
(YTD)
00
0
0
8
Allowance
and Marital
Status
NAME
K. Joe
0
5
2
0
2
2
1
SUAREZ COMPUTER CENTER
GENERAL JOURNAL
Requirement 2
PAGE 5
Date
Account Titles and Description
PR
Dr.
Cr.
Dec.
7
Wage Expense
5110
1
0
2
5
00
FICA OASDI Payable
2020
6
3
55
FICA Medicare Payable
2030
1
4
87
State Income Tax Payable
2050
4
1
00
Wages Payable
2010
9
0
5
58
7
Wages Payable
2010
9
0
5
58
Cash
1000
9
0
5
58
14
Wage Expense
5110
7
5
0
00
FICA OASDI Payable
2020
4
6
50
FICA Medicare Payable
2030
1
0
88
State Income Tax Payable
2050
3
0
00
Wages Payable
2010
6
6
2
62
14
Wages Payable
2010
6
6
2
62
Cash
1000
6
6
2
62
21
Wage Expense
5110
6
5
0
00
FICA OASDI Payable
2020
4
0
30
FICA Medicare Payable
2030
9
State Income Tax Payable
2
6
00
Wages Payable
2010
5
7
4
27
21
Wages Payable
2010
5
7
4
27
Cash
1000
5
7
4
27