The payroll of Ivanhoe Company for September 2016 is as follows. Total payroll was $444,000, of... Question: The payroll of Ivanhoe Company for September 2016 is as follows. Total payroll was$444,000, of which $108,000 is exempt from Social Security tax because it represented amounts paid in excess of$118,500 to certain employees. The amount paid to employees in excess of $7,000 was$394,000. Income taxes in the amount of $79,200 were withheld, as was$9,600 in union dues. The state unemployment tax is 3.5%, but Ivanhoe Company is allowed a credit of 2.3% by the state for its unemployment experience. Also, assume that the current FICA tax is 7.65% on an employee’s wages to $118,500 and 1.45% in excess of$118,500. No employee for Ivanhoe makes more than $125,000. The federal unemployment tax rate is 0.8% after state credit. Prepare the necessary journal entries if the wages and salaries paid and the employer payroll taxes are recorded separately. Answers Similar Solved Questions 1 answer TABLE 3.3 Pro Forma Financial Statements for R&E Supplies, Inc., December 31, 2018 ($ thousands) Income...
TABLE 3.3 Pro Forma Financial Statements for R&E Supplies, Inc., December 31, 2018 ($thousands) Income Statement 2018 Comments Net sales$25,766 25% increase Cost of goods sold   22,159 86% of sales Gross profit 3,607 Expenses:  Gener...
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