For the year ended December 31, 2012, Blasing Electrical Repair - 12953

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P11-5A

 

For the year ended December 31, 2012, Blasing 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

$38,800

 

Federal income taxes withheld

174,400

 

State income taxes withheld (3%)

17,100

 

United Fund contributions payable

27,500

 

Hospital insurance premiums

17,200

 

      Total

$275,000

Blasing Company's payroll taxes are: FICA 8%, state unemployment 2.5% (due to a stable employment record), and 0.8% federal unemployment. Gross earnings subject to FICA taxes total $485,000, and unemployment taxes total $135,000.

 

Your answer is correct.

 

 

Prepare a summary journal entry at December 31 for the full year's payroll. (For multiple debit/credit entries, list amounts from largest to smallest e.g. 10, 5, 3, 2.)

 

Your answer is correct.

 

 

Journalize the adjusting entry at December 31 to record the employer's payroll taxes. (For multiple debit/credit entries, list amounts from largest to smallest e.g. 10, 5, 3, 2.)

 

Your answer is correct.

 

 

The W-2 Wage and Tax Statement requires the following dollar data. Complete the required data for the following employees.

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