Student Name Expenses Monthly Amount One-Time Fee

Question

Informationstudent Nameexpensesmonthly Amountone Time Feeadvertising Informationstudent Nameexpensesmonthly Amountone Time Feeadvertising Information Student Name: Expenses Monthly Amount One-Time fee Advertising $ 50.00 Licenses $ 100.00 Office Supplies $ 200.00 Professional Fees $ 400.00 Rent Expense $ 500.00 Subscription Expense $ 91.96 Telephone Expense $ 100.00 Website Expenses $ 150.00 Total Expenses $ 891.96 $ 700.00 The One-Time fees will be due in July. Part-time Employee information: You have placed an ad for part-time help for 15 hours per week at $14/hour. You found a potential employee and their effective date to start would be July 1st. Assume Federal Income Tax will be withheld at a rate of 12%. When you called your State, they told you that your State Unemployment tax rate would be 5.4%. Recall that the Federal Unemployment rate is the same for all businesses. Required: Complete the Budget for Expenses worksheet Complete the Payroll Worksheet Please note that you will need the information from the Payroll Worksheet to finalize your Budget for Expenses. Budget for Expenses Student Name: Budget for Expenses - please complete all areas highlighted in yellow. Expenses to be paid in Cash July Aug Sept Oct Nov Dec Total Expenses Advertising $ - 0 Licenses $ - 0 Office Supplies $ - 0 Payroll Taxes $ - 0 Professional Fees $ - 0 Rent Expense $ - 0 Salaries and Wages $ - 0 Subscription Expense $ - 0 Telephone Expense $ - 0 Website Expenses $ - 0 Total Expenses $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 $ - 0 Payroll Worksheet Student Name: Payroll Worksheet - please complete all areas highlighted in yellow. Complete the following payroll calculation for your part-time employee: Part-time Employee: Monthly Amount Gross Pay FICA-Social Security FICA - Medicare Federal Income Tax Withholding Net Pay Complete the following journal entries and when completed, transfer the information to the Budget for Expenses worksheet. 1. Record the journal entry for July's payroll (emp

Dr. Jack HW Helper · Accepted Answer

The task involves creating a comprehensive financial plan by completing a Budget for Expenses worksheet and a Payroll Worksheet based on provided data. The expenses include several monthly and one-time fees associated with business operations, such as advertising, licensing, office supplies, professional fees, rent, subscriptions, telephone, and website expenses. The one-time fees are due in July, requiring specific focus on that period. Additionally, the task involves accounting for payroll, including calculating gross pay, payroll taxes (FICA Social Security and Medicare), federal income tax withholding, and net pay for a part-time employee starting July 1st at 15 hours per week at $14/hour. Furthermore, the task requires preparing journal entries for July's payroll and employer payroll taxes, as well as recording payroll liabilities for August. These entries should reflect the proper accounting entries associated with payroll processing and tax liabilities, ensuring accurate financial reporting for the business. To accomplish this, the student must gather all relevant data, complete the worksheet sections highlighted in yellow as specified, and perform payroll calculations based on the employee's hourly wage and tax rates. The calculations should include determining gross pay, FICA taxes, federal withholding, and net pay. The journal entries should include the employee's payroll expense, corresponding liabilities such as payroll taxes payable, and employer tax expenses. These activities are essential for understanding business expenses, payroll processing, tax obligations, and maintaining accurate financial records, which are vital skills for effective financial management in a small business or entrepreneurial setting. References Alexander, D., & Britton, C. (2019). Financial Accounting (8th ed.). Cengage Learning. Gibson, C. (2020). Financial Reporting & Analysis. McGraw-Hill Education. Schroeder, R. G., Clark, M. W., & Cathey, J. M. (2020). Financi

Informationstudent Nameexpensesmonthly Amountone Time Feeadvertising

Paper For Above instruction

References

Related Assignments