help with journalizing payroll transactions and filling on the cash payments journal, may 15, paid cash for april's payroll tax liability. withheld taxes from april payrolls; employee income tax,$532.00; social security tax,$634.88; and medicare tax,$148.48. may 15, paid cash for semimonthly payroll. total earnings,$5,250.00; withholdings;employee income tax,$273.00; u.s. savings bonds,$60.00(calculate the social security and medicare deductions). may 15, recorded employer payroll taxes expense for the may 15 payroll. may 15,paid cash for u.s. savings bonds for employees,$300.00. may 31, paid cash for semimonthly payroll, gross wages,$5,310.00; withholdings; employee income tax,$276.00; u.s. savings bonds,$60.00. recorded employer payroll taxes expense for the may 31 payroll. may 31, paid cash for federal unemployment tax liability for quarter ended march 31,$245.76. may 31, paid cash for state unemployment tax liability for quarter ended march 31, $1,658.88. june 15, paid cash for the may liability for employee income tax,social security tax, and medicare tax,(calculate the social security and medicare tax liabilities by multiplying total earnings for the period by 12.4% for social security tax and 2.9% for medicare tax.)june 15, paid cash for semimonthly payroll. gross wages,$5,280.00; withholdings; employee income tax, $274.00; u.s.savings bonds, $75.00. june 15,recorded employer payroll taxes expense. prove and rule the cash payments journal.
To journalize payroll transactions and fill out the cash payments journal, follow these steps:
1. Identify the payroll transactions mentioned in the question and their dates:
- May 15: Paid cash for April's payroll tax liability and withheld taxes from April payrolls.
- May 15: Paid cash for semimonthly payroll.
- May 15: Recorded employer payroll taxes expense for the May 15 payroll.
- May 15: Paid cash for U.S. savings bonds for employees.
- May 31: Paid cash for semimonthly payroll.
- May 31: Recorded employer payroll taxes expense for the May 31 payroll.
- May 31: Paid cash for federal unemployment tax liability for the quarter ended March 31.
- May 31: Paid cash for state unemployment tax liability for the quarter ended March 31.
- June 15: Paid cash for the May liability for employee income tax, social security tax, and medicare tax.
- June 15: Paid cash for semimonthly payroll.
- June 15: Recorded employer payroll taxes expense.
2. Determine the specific details for each transaction:
- May 15, Paid cash for April's payroll tax liability:
- Employee income tax withheld: $532.00
- Social security tax withheld: $634.88
- Medicare tax withheld: $148.48
- May 15, Paid cash for semimonthly payroll:
- Total earnings: $5,250.00
- Employee income tax withheld: $273.00
- U.S. savings bonds withheld: $60.00
- May 15, Recorded employer payroll taxes expense for the May 15 payroll.
- May 15, Paid cash for U.S. savings bonds for employees: $300.00.
- May 31, Paid cash for semimonthly payroll:
- Gross wages: $5,310.00
- Employee income tax withheld: $276.00
- U.S. savings bonds withheld: $60.00
- May 31, Recorded employer payroll taxes expense for the May 31 payroll.
- May 31, Paid cash for federal unemployment tax liability for the quarter ended March 31: $245.76.
- May 31, Paid cash for state unemployment tax liability for the quarter ended March 31: $1,658.88.
- June 15, Paid cash for the May liability for employee income tax, social security tax, and medicare tax:
- Social security tax liability (Total earnings * 12.4%)
- Medicare tax liability (Total earnings * 2.9%)
- June 15, Paid cash for semimonthly payroll:
- Gross wages: $5,280.00
- Employee income tax withheld: $274.00
- U.S. savings bonds withheld: $75.00
- June 15, Recorded employer payroll taxes expense.
3. Fill out the cash payments journal:
| Date | Account Name | Ref | PR | Other Accounts | Post Ref | Debit | Credit |
|----------|-----------------------------|-----|-----|-------------------|----------|---------|---------|
| May 15 | Payroll Tax Liability | 1 | | Cash | | $1,315 | |
| May 15 | Payroll Expense | 2 | | Cash | | $5,250 | |
| May 15 | Employer Payroll Taxes | 3 | | Cash | | | $1,315 |
| May 15 | U.S. Savings Bonds Payable | 4 | | Cash | | | $300 |
| May 31 | Payroll Expense | 5 | | Cash | | $5,310 | |
| May 31 | Employer Payroll Taxes | 6 | | Cash | | | $1,903.64 |
| May 31 | Federal Unemployment Taxes | 7 | | Cash | | | $245.76 |
| May 31 | State Unemployment Taxes | 8 | | Cash | | | $1,658.88 |
| June 15 | Payroll Expense | 9 | | Cash | | $5,280 | |
| June 15 | Employer Payroll Taxes | 10 | | Cash | | | $1,903.64 |
| June 15 | U.S. Savings Bonds Payable | 11 | | Cash | | | $75 |
Note: PR refers to the payroll number for the specific transaction. In this case, it ranges from 1 to 11.
By following these steps, you can effectively journalize payroll transactions and fill out the cash payments journal. Remember to adjust the amounts according to the specific details provided in the question.