Business
Business, 24.12.2020 14:00, maren17

Kalyalya Corporation had the following payroll data for the month ending April, 2017. Office Salaries K60,000
Sales Salaries K96,000
Federal Income Taxes withheld K22,600
Health insurance premiums deducted K1,850
United Way contributions deducted K950

Salaries (Included above):
Subject to FICA taxes K156,000
Subject to federal unemployment taxes K76,000
Subject to state unemployment taxes K68,000
The FICA tax rate is 7.5%, the federal unemployment compensation tax rate is .8%, and the state unemployment compensation tax rate is 5.4%. The amounts subject to these taxes are 6800given above.
Required:
Present general journal entries to record:
a) Accrual of the payroll (6 Marks)
b) Payment of the net payroll (4 Marks)
c) Accrual of employer’s payroll taxes (4 Marks)
d) Payment of all liabilities related to the payroll. (Assume that all are settled at the same time.) (6 Marks)

answer
Answers: 2

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Kalyalya Corporation had the following payroll data for the month ending April, 2017. Office Salari...

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