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For the year ended December 31, 2012, Telmarine Electrical Repair Company

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Question;For the year ended December 31, 2012, Telmarine Electrical Repair;Company reports the following summary payroll data.;Gross earnings;Administrative salaries;$208,900;Electricians? wages;373,000;Total;$581,900;Deductions;FICA taxes;$39,610;Federal income taxes withheld;178,041;State income taxes withheld (3%);17,457;United Fund contributions payable;28,074;Health insurance premiums;17,559;Total;$280,741;Telmarine Company?s payroll taxes are: FICA 8%, state;unemployment 2.50% (due to a stable employment record), and 0.80%;federal unemployment. Gross earnings subject to FICA taxes total $495,125, and;gross earnings subject to unemployment taxes total $137,818.;(a);Prepare a summary journal entry at December 31 for the full;year?s payroll.;(b);Journalize the adjusting entry at December 31 to record the;employer?s payroll taxes.;(Round answers to 0 decimal places, e.g. 125. Credit account titles;are automatically indented when amount is entered. Do not indent manually.)

 

Paper#44125 | Written in 18-Jul-2015

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