For the year ended December 31, 2014, Denkinger Electrical Repair Company reports the following…


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For the year ended December 31, 2014, Denkinger Electrical Repair Company reports the following… 1 answer below » For the year ended December 31, 2014, Denkinger Electrical Repair Company reports the following summary payroll data. Gross earnings: Administrative salaries $200,000 Electricians” wages 370,000 Total $570,000 Deductions: FICA taxes $ 38,645 Federal income taxes withheld 174,400 State income taxes withheld (3%) 17,100 United Fund contributions payable 27,500 Health insurance premiums 17,200 Total $274,845 Denkinger Company”s payroll taxes are Social Security tax 6.2%, Medicare tax 1.4 View complete question » For the year ended December 31, 2014, Denkinger Electrical Repair Company reports the following summary payroll data. Gross earnings: Administrative salaries $200,000 Electricians” wages 370,000 Total $570,000 Deductions: FICA taxes $ 38,645 Federal income taxes withheld 174,400 State income taxes withheld (3%) 17,100 United Fund contributions payable 27,500 Health insurance premiums 17,200 Total $274,845 Denkinger Company”s payroll taxes are Social Security tax 6.2%, Medicare tax 1.45%, state unemployment 2.5% (due to a stable employment record), and 0.8% federal unemployment. Gross earnings subject to Social Security taxes of 6.2% total $490,000, and gross earnings subject to unemployment taxes total $135,000. Instructions (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. (c)The W-2 Wage and Tax Statement requires the following dollar data. Wages,Tips, Federal Income State Income FICA Wages FICA Tax Other Compensation Tax Withheld Tax Withheld Wages Withheld Complete the required data for the following employees. Employee Gross Earnings Federal Income Tax Withheld Maria Sandoval $59,000 $28,500 Jennifer Mingenback 26,000 10,200 View less » Jun 11 2014 04:12 PM

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