Deacon Company provides you with following information related to payroll transactions for the month of May.Prepare journal entries to record the transactions for May.
a.Recorded the May payroll using the payroll register information given above.
b.Recorded the employer's payroll taxes resulting from the May payroll.The company had a merit rating that reduces its state unemployment tax rate to 3.5% of the first $7,000 paid each employee.Only $42,000 of the current months salaries are subject to unemployment taxes.The federal rate is 0.6%.
c.Issued a check to Reliant Bank in payment of the May FICA and employee taxes.
d.Issued a check to the state for the payment of the SUTA taxes for the month of May.
e.Issued a check to Reliant Bank in payment of the employer's quarterly FUTA taxes for the first quarter in the amount of $1,020.
Definitions:
Customer Cost Analysis
The process of examining the costs associated with acquiring and maintaining customers to assess profitability.
Customer Service Department
A designated division within a company focused on addressing customer inquiries, complaints, and support needs.
Time-Driven Activity-Based Costing
A costing method where costs are assigned based on the activities required for production and the amount of time each activity takes.
Customer Service Department
A division within a company that handles all interactions with customers, focusing on providing assistance, resolving issues, and ensuring satisfaction.
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