80.2K

Verified Solution

Link Copied!

help please

mes to the questions displayed below The following summary data for the payroll period ended December 27, 2018, are available for Cayman Coating Co. 22 $ 258.600 Gross pay FICA tax withholdings Incone tax withholdings Group hospitalization insurance Employee contributions to pension plan Total deductions Net pay 30,960 3,010 62,475 Additional information . For employees, FICA tax rates for 2018 were 265% on the first $128.400 of each employees anual earnings. However, no employees had accumulated earnings for the year in excess of the $128.400 mit . For employers, FICA tax rates for 2018 were also 65% on the first $128,400 of each employee's annual earings The federal and state unemployment compensation tax rates are 06 and 54%, respectively. These rates are levied against the employer for the first $7000 of each employee's annualeamings. Only $27000 of the gross pay amount for the December 27, 2018, pay period was owed to employees who were still under the annunimit 6-2. Assuming that Cayman Coating Co's payroll for the last week of the year is to be pard on January 3, 2019, record the journal entry to show the effects of the December 27, 2018, entries for Accrued payroll taxes of no entry is required for a transaction/event, select "No journal entry required in the first account field.) No Cro babit 21,367 1 Answer is complete but not entirely correct. General Journal Payroll tax expense Income was withheld Income was payati 1 OOO 10.737 1,620 mes to the questions displayed below The following summary data for the payroll period ended December 27, 2018, are available for Cayman Coating Co. 22 $ 258.600 Gross pay FICA tax withholdings Incone tax withholdings Group hospitalization insurance Employee contributions to pension plan Total deductions Net pay 30,960 3,010 62,475 Additional information . For employees, FICA tax rates for 2018 were 265% on the first $128.400 of each employees anual earnings. However, no employees had accumulated earnings for the year in excess of the $128.400 mit . For employers, FICA tax rates for 2018 were also 65% on the first $128,400 of each employee's annual earings The federal and state unemployment compensation tax rates are 06 and 54%, respectively. These rates are levied against the employer for the first $7000 of each employee's annualeamings. Only $27000 of the gross pay amount for the December 27, 2018, pay period was owed to employees who were still under the annunimit 6-2. Assuming that Cayman Coating Co's payroll for the last week of the year is to be pard on January 3, 2019, record the journal entry to show the effects of the December 27, 2018, entries for Accrued payroll taxes of no entry is required for a transaction/event, select "No journal entry required in the first account field.) No Cro babit 21,367 1 Answer is complete but not entirely correct. General Journal Payroll tax expense Income was withheld Income was payati 1 OOO 10.737 1,620

Answer & Explanation Solved by verified expert

See Answer