1. Journalize the entry to record the payroll. Compute the amount to be withheld from each employee's earnings on November 8 for (a) 2. Journalize the entry to record the employer's payroll taxes (assume a SUTA rate of 3.7\%). 3. Journalize the entry to deposit the FICA and FIT taxes 4. Journalize the entry to pay the Union Dues withheld. Problem 2: The form below shows the amounts that appear in the Earnings to Date column of the employees' earnings records for 10 full- and part-time workers in Ranger Company. These amounts represent the cumulative earnings for each worker as of November 1 , the company' last payday. The form alse 1. Journalize the entry to record the payroll. In the state where Ranger Company is located, the tax rates and bases are as follows: 2. Journalize the entry to record the employer's payroll taxes (assume a SUTA rate of 3.7% ). Tax on Employees: FICA-OASDI 6.2% on first $137,700 3. Journalize the entry to deposit the FICA and FIT taxes. SUTA 0.5% on first $8,000 Tax on Employer: 4. Journalize the entry to pay the Union Dues withheld. Problem 2: The form below shows the amounts that appear in the Earnings to Date column of the employees' earnings records for 10 full- and part-time workers in Ranger Company. These amounts represent the cumulative earnings for each worker as of November 1 , the company's last payday. The form also gives the gross amount of earnings to be paid each worker on the next payday, November 8. In the state where Ranger Company is located, the tax rates and bases are as follows: Tax on Employees: FICA-OASDI 6.2% on first $137,700 FICA-HI 1.45% on total earnings SUTA 0.5% on first $8,000 Tax on Employer: FICA-OASDI 6.2% on first $137,700 FICAHI1.45% on total earnings Totals from the first payroll of the year, January 8,2021 , are shown below: FUTA 0.6% on first $7,000 SUTA 2.8% on first $8,000 In the appropriate columns of the form below, do the following: 1. Journalize the entry to record the payroll. Compute the amount to be withheld from each employee's earnings on November 8 for (a) FICA-OASDI, (b) FICA-HI, and (c) SUTA, and determine the total employee taxes. 2. Journalize the entry to record the employer's payroll taxes (assume a SUTA rate of 3.7\%). 3. Journalize the entry to deposit the FICA and FIT taxes. Record the portion of each employee's earnings that is taxable under FICA, FUTA, and SUTA, and calculate the total employer's payroll taxes on the November 8 payroll. Once you have 4. Journalize the entry to pay the Union Dues withheld. calculated the payroll taxes then: Problem 2: 1. Journalize the entry to record the payroll. The form below shows the amounts that appear in the Earnings to Date column of the employees' earnings records for 10 full- and part-time workers in Ranger Company. These 2. Journalize the entry to record the employer's payroll taxes. amounts represent the cumulative earnings for each worker as of November 1 , the company's last payday. The form also gives the gross amount of earnings to be paid each worker on the 3. Journalize the entry to deposit the FICA and FIT taxes. next payday, November 8 . In the state where Ranger Company is located, the tax rates and bases are as follows: Problem 3 Tax on Employees: On December 31, Reuter Company has a balance of $98.75 in the FUTA taxes payable account. This represents the employer's liability for the fourth quarter taxes. Journalize the entry Reuter Company should make in January to record the last transfer (payment) of FUTA taxes. Problem 4 The following information pertains to a weekly payroll of Texera Tile Company: 1. The total wages earned by employees are $17,210. 2. The state unemployment insurance contribution rate is 3.5%. 3. The entire amount of wages is taxable under FICA, FUTA, and SUTA. 4. The amount withheld from the employees' wages for federal income taxes is $1,890; for state income taxes, $369.40; and for group insurance, $193.00. Journalize the payment of wages and record the payroll taxes for this payroll. DIRECTIONS: Use this journal to complete Problem 1 1. Journalize the entry to record the payroll. Compute the amount to be withheld from each employee's earnings on November 8 for (a) 2. Journalize the entry to record the employer's payroll taxes (assume a SUTA rate of 3.7\%). 3. Journalize the entry to deposit the FICA and FIT taxes 4. Journalize the entry to pay the Union Dues withheld. Problem 2: The form below shows the amounts that appear in the Earnings to Date column of the employees' earnings records for 10 full- and part-time workers in Ranger Company. These amounts represent the cumulative earnings for each worker as of November 1 , the company' last payday. The form alse 1. Journalize the entry to record the payroll. In the state where Ranger Company is located, the tax rates and bases are as follows: 2. Journalize the entry to record the employer's payroll taxes (assume a SUTA rate of 3.7% ). Tax on Employees: FICA-OASDI 6.2% on first $137,700 3. Journalize the entry to deposit the FICA and FIT taxes. SUTA 0.5% on first $8,000 Tax on Employer: 4. Journalize the entry to pay the Union Dues withheld. Problem 2: The form below shows the amounts that appear in the Earnings to Date column of the employees' earnings records for 10 full- and part-time workers in Ranger Company. These amounts represent the cumulative earnings for each worker as of November 1 , the company's last payday. The form also gives the gross amount of earnings to be paid each worker on the next payday, November 8. In the state where Ranger Company is located, the tax rates and bases are as follows: Tax on Employees: FICA-OASDI 6.2% on first $137,700 FICA-HI 1.45% on total earnings SUTA 0.5% on first $8,000 Tax on Employer: FICA-OASDI 6.2% on first $137,700 FICAHI1.45% on total earnings Totals from the first payroll of the year, January 8,2021 , are shown below: FUTA 0.6% on first $7,000 SUTA 2.8% on first $8,000 In the appropriate columns of the form below, do the following: 1. Journalize the entry to record the payroll. Compute the amount to be withheld from each employee's earnings on November 8 for (a) FICA-OASDI, (b) FICA-HI, and (c) SUTA, and determine the total employee taxes. 2. Journalize the entry to record the employer's payroll taxes (assume a SUTA rate of 3.7\%). 3. Journalize the entry to deposit the FICA and FIT taxes. Record the portion of each employee's earnings that is taxable under FICA, FUTA, and SUTA, and calculate the total employer's payroll taxes on the November 8 payroll. Once you have 4. Journalize the entry to pay the Union Dues withheld. calculated the payroll taxes then: Problem 2: 1. Journalize the entry to record the payroll. The form below shows the amounts that appear in the Earnings to Date column of the employees' earnings records for 10 full- and part-time workers in Ranger Company. These 2. Journalize the entry to record the employer's payroll taxes. amounts represent the cumulative earnings for each worker as of November 1 , the company's last payday. The form also gives the gross amount of earnings to be paid each worker on the 3. Journalize the entry to deposit the FICA and FIT taxes. next payday, November 8 . In the state where Ranger Company is located, the tax rates and bases are as follows: Problem 3 Tax on Employees: On December 31, Reuter Company has a balance of $98.75 in the FUTA taxes payable account. This represents the employer's liability for the fourth quarter taxes. Journalize the entry Reuter Company should make in January to record the last transfer (payment) of FUTA taxes. Problem 4 The following information pertains to a weekly payroll of Texera Tile Company: 1. The total wages earned by employees are $17,210. 2. The state unemployment insurance contribution rate is 3.5%. 3. The entire amount of wages is taxable under FICA, FUTA, and SUTA. 4. The amount withheld from the employees' wages for federal income taxes is $1,890; for state income taxes, $369.40; and for group insurance, $193.00. Journalize the payment of wages and record the payroll taxes for this payroll. DIRECTIONS: Use this journal to complete Problem 1