AC201Quiz7AWOA

AC201Quiz7AWOA - payroll taxes expense for the current pay...

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AC 201 Principles of Accounting I Name ___Mirna Sanchez_____ Park University Version A Quiz 7A- Chapter 11 Multiple Choice Questions ( 10 points each ) Select the ONE,BEST Answer 1. Obligations not expected to be paid within the longer of one year or the company's operating cycle are reported as: A. B. C. D. E. 2. A contingent liability: A. B. C. D. E. 3. A short-term note payable: A. B. C. D. E. 4. Most employees and employers are required to pay: A. B. C. D. E.
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Problem ( 60 points ) SHOW ALL WORK !!!!!!! A company's employees had the following earnings records at the close of the current payroll period: The company's payroll taxes expense on each employee's earnings includes: FICA Social Security taxes of 6.2% on the first $84,900 plus 1.45% FICA Medicare on all wages; 0.8% federal unemployment taxes on the first $7,000; and 2.5% state unemployment taxes on the first $7,000. Compute the employer's total
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Unformatted text preview: payroll taxes expense for the current pay period. FICA- Social Security Taxes Payable (6.2%). . 1,296 FICA- Medicare Taxes Payable (1.45%). .... 202 Federal Unemployment Taxes Payable 7 State Unemployment Taxes Payable . . 13 Payroll Taxes Payable1,518 To record employer payroll taxes. Name Earnings through prior period Earning s this period Employer's FICA taxes for Socal Security Employer's FICA taxes for Medicare Employer' s FUTA taxes Employer's SUTA taxes Employer's total payroll-related expenses D Adams 11300 3900 241.8 56.55 4520.35 J Hess 6100 2500 155 36.25 7.2 112.5 3020.95 R Lui 9500 3100 192.2 44.95 3595.15 T Morales 4800 1400 86.8 20.3 11.2 2.17 1642.47 L Vang 10000 3000 186 43.5 3479.5 861.8 201.55 18.4 114.67 Total payroll taxes 1196.42 a...
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This note was uploaded on 08/15/2011 for the course AC 201 taught by Professor Leland during the Spring '10 term at Park.

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AC201Quiz7AWOA - payroll taxes expense for the current pay...

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