会计学原理19thEditionChapter11(40页).pptVIP

* Here is an example of a typical payroll entry to record the employees’ withholdings and net pay. The amount of net pay is credited to accrued salaries payable when the payroll is prepared. When the paychecks are written, the journal entry is to debit, or eliminate, accrued salaries payable for $3,126 and credit cash for the same amount. * Your employer must match your contributions for FICA and Medicare taxes. * In addition to matching your contributions for FICA and Medicare, your employer must pay all federal and state unemployment taxes. The federal and state unemployment tax rates are subject to change. In 2008, the federal rate was a maximum of 6.2 percent on the first $7,000 of earnings for each employee. The federal tax can be reduced by as much as 5.4% percent if your employer has a very good employment record. Therefore the resulting net rate used for most FUTA calculations is 0.8 percent. The state portion of the rate is 5.4 first $7,000 of earnings by each employee. Most states reduce this rate to employers with excellent employment records. * Here is a typical entry to record the payroll tax expenses paid by employers. Notice that we debit payroll tax expense for the total amount involved. We record current liabilities for the FICA and Medicare taxes payable, and for the federal and state unemployment taxes payable. * When a liability crosses several accounting periods, a portion will be classified as current and a portion as a long-term liability. We must make adjusting entries at the end of each accounting period for these multi-period liabilities. Two common multi-period liabilities include subscriptions and long-term notes payable that have a portion maturing each year. Many bonuses paid to employees arebased on reported net income. BONUS PLANS Assume the annual yearly bonus to the store manager is equal to 10% of the company’s annual net income minus the bonus. The store earned $100,000 net income this year. P 4 BONUS PLANS Assume the annua