Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

71-4. You gathered the following data from time cards and individual employee earnings records. Your tasks are as follows: 1. On December 5, 2018, prepare

image text in transcribed
71-4. You gathered the following data from time cards and individual employee earnings records. Your tasks are as follows: 1. On December 5, 2018, prepare a payroll register for this biweekly payroll. 2. Calculate the employer taxes of FICA OASDI, FICA Medicare, FUTA, and SUTA. 3. Journalize the Payroll Register and the employer's tax liability. Allowance and Marital Status Biweekly Salary $1,560 Employee Akin, Joan Gus, Napp Mayo, Jules Sams, Phil Cumulative Earnings Before This Payroll $37,400 47,500 64,300 4,200 2,000 Check No 30 31 32 33 Department Production Office Production Office 2,070 800 Assume the following: 1. FICA OASDI is 6.2% on $127,200; FICA Medicare is 1.45% on all earnings. 2. Federal income tax is calculated from Figure 7.2. 3. State income tax is 9% of gross pay. 4. Union dues are $11 biweekly. 5. The SUTA rate is 5.0% and the FUTA rate is 0.6% on earnings up to $7,000. 71-4. You gathered the following data from time cards and individual employee earnings records. Your tasks are as follows: 1. On December 5, 2018, prepare a payroll register for this biweekly payroll. 2. Calculate the employer taxes of FICA OASDI, FICA Medicare, FUTA, and SUTA. 3. Journalize the Payroll Register and the employer's tax liability. Allowance and Marital Status Biweekly Salary $1,560 Employee Akin, Joan Gus, Napp Mayo, Jules Sams, Phil Cumulative Earnings Before This Payroll $37,400 47,500 64,300 4,200 2,000 Check No 30 31 32 33 Department Production Office Production Office 2,070 800 Assume the following: 1. FICA OASDI is 6.2% on $127,200; FICA Medicare is 1.45% on all earnings. 2. Federal income tax is calculated from Figure 7.2. 3. State income tax is 9% of gross pay. 4. Union dues are $11 biweekly. 5. The SUTA rate is 5.0% and the FUTA rate is 0.6% on earnings up to $7,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Understanding And Conducting Information Systems Auditing

Authors: Arif Ahmed, Veena Hingarh

1st Edition

1118343743, 978-1118343746

More Books

Students also viewed these Accounting questions

Question

Discuss consumer-driven health plans.

Answered: 1 week ago