US Savings Bonds

Archive for April, 2007

Question: Is there anyway of looking up US Savings Bonds that were given as gifts years ago to see what they are?

worth or to see if they have been cashed? Most of them were given to my kids as babies and i have miss placed them. Anything i can do about it?

Answer: Check this site out:

http://www.treasurydirect.gov/indiv/tools/tools_savingsbondcalc.htm

Authors@Google: Ramit Sethi

Many US savings bond owners are looking for a US saving bond calculator. In this section of Us Savings Bonds Information website, you will find a link to a Savings Bond Calculator. Click on the link below for a Savings Bond Calculator.

**** Our US Savings Bond Calculator is currently unavailable****

To use this Savings Bond Calculator, just input your Us Savings Bonds Information. Savings Bond Calculator is provided by the US Treasury Department who also offer US Savings Bonds. See also Savings Bond Wizard.

US Treasury products including US Savings Bonds

US Treasury products are listed below. US treasury securities including US Savings Bonds are available to meet your short term and long term http://www.us-savings-bonds.info/Savings_bond_calculator.html#”investment needs.

1) United states treasury bills

United states treasury bills are short-term government securities with maturities ranging from a few days to 26 weeks. United states treasury bills are sold at a discount from their face value. United states treasury bills are considered very href=”http://www.us-savings-bonds.info/Savings_bond_calculator.html#”short term investments.

2) United states treasury notes

United states treasury notes are government securities that have maturities of 2, 3, 5 and 10 years and earn interest every six months. United states treasury notes are considered medium term investments.

3) United states treasury bonds

United States Treasury will sell a 30 year bond in February 2006. United states treasury bonds earn interest every six months. United states treasury bonds are long term investments.

4) Treasury Inflation Protected Securities (TIPS)

Treasury Inflation Protected Securities (TIPS) are marketable securities whose principal is adjusted by changes in the Consumer Price Index. For investors who are concerned about inflation risk, treasury Inflation Protected Securities (TIPS) is a good alternative investment.

5) United states Series I Bonds (I US Savings Bonds)

United states Series I Bonds or I US Savings Bonds are low risk savings bond product. United states Series I Bonds (I US Savings Bonds) earn interest while protecting you from inflation. United states Series I Bonds (I US Savings Bonds) are sold at face value.

6) United states Series EE Bonds (EE US Savings Bonds)

United states Series EE Bonds (EE US Savings Bonds) are secure savings product. United states Series EE Bonds (EE US Savings Bonds) pays interest based on current market Us Savings Bond Rates for up to 30 years. United states Series EE Bonds (EE US Savings Bonds) are sold at face value. Paper EE Bonds are sold at 1/2 face value.

Question: Payroll entry question in accounting?

I am really lost. The queston is: Assuming that the payroll for the last week of the year is to be paid on Jan 4 of the following fiscal year, journalize the following entries:
Dec. 30 to record payroll
Jan 4 to record the employers payroll taxes on the payroll to be paid Jan 4.
Sales Salaries 320,000
Warehouse Salaries 84,500
Office Salaries 155,500
Deductions:
Income Tax withheld 109,760
SS Tax withheld 28,560
Medicare Tax withheld 8400
US Savings bond 16,400
Group Insurance 24,690

Tax rates assumed: SS 6% on the first 100,000
Medicare 1.5%
State unemployment 3.8%
Federal unemployment 0.8%

Here is what I have for A.
30-DecSales Salaries Expense320000
Warehouse Salaries Expense84500
Office Salaries Expense155500
Social Security Tax Payable28560
Medicare Tax Payable 8400
Employees Tax Payable109760
Bond Deductions Payable16400
Group Insurance Payable24690
Salaries Payable 372190

Answer: The correct journal entries are as follows:
30-Dec:
Sales Salaries Expense (Debit) 320000
Warehouse Salaries Expense (Debit) 84500
Office Salaries Expense (Debit) 155500
State Unemployment Tax Expense (Debit) 21280
Federal Unemployment Tax Expense (Debit) 4480
Social Security Tax Payable (Credit) 67200
Medicare Tax Payable (Credit) 16800
Employees’ Income Tax(es) Payable (Credit) 109760
State Unemployment Tax Payable (Credit) 21280
Federal Unemployment Tax Payable (Credit) 4480
Bond Deductions Payable (Credit) 16400
Group Insurance Payable (Credit) 24690
Salaries Payable (Credit) 372190

Jan 4:
Social Security Tax Payable (Debit) 67200
Medicare Tax Payable (Debit) 16800
Employees’ Income Tax(es) Payable (Debit) 109760
State Unemployment Tax Payable (Debit) 21280
Federal Unemployment Tax Payable (Debit) 4480
Bond Deductions Payable (Debit) 16400
Group Insurance Payable (Debit) 24690
Salaries Payable (Debit) 372190
Cash (Credit) 632800

I hope I got all this right as I am not currently using this my AA degree for employment purposes.

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