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Assumption: In January, the gross earnings in ABC Company were $70,000. All earnings are subject to FICA Tax. Federal Unemployment Tax rate was 0.8% State
Assumption: In January, the gross earnings in ABC Company were $70,000. All earnings are subject to FICA Tax. Federal Unemployment Tax rate was 0.8\% State Unemployment Tax rate was 5.4% Actions to take: 1. Calculate the FICA amount. 2. Calculate the FUTA amount due. 3. Calculate the SUTA amount due. 4. Prepare the Journal Entry to record the payroll taxes
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