Chat with us, powered by LiveChat For the year ended December 31, 2010, L. Ullman Co - Writemia

For the year ended December 31, 2010, L. Ullman Co

For the year ended December 31, 2010, L. Ullman Company reports the following summary payroll data. Gross earnings: Deductions: Administrative salaries $150,000 FICA taxes $ 29,600 Electricians’ wages 240,000 Federal income taxes withheld 78,000 Total $390,000 State income taxes withheld (3%) 11,700 United Fund contributions payable 17,000 Hospital insurance premiums 12,000 Total $148,300L. Ullman 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 $370,000, and gross earnings subject to unemployment taxes total $90,000.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 dollar data shown below. Wages, Tips, Federal Income State Income FICA FICA Tax Other Compensation Tax Withheld Tax Withheld Wages WithheldComplete the required data for the following employees. Employee Gross Earnings Federal Income Tax Withheld R. Lowski $50,000 $18,300 K. Monez 24,000 4,800

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