Below is a partial payroll register for Harrowing Consulting Firm for the week ending in June 30. Assumed tax rates are as follows:

 

 

 

FICA represents the Social Security & Medicare amounts combined.

 

• The Social Security tax rate is 6.2 percent. Taxable earnings for Social Security are based on the first $142,800

 

• The Medicare tax rate is 1.45 percent. Taxable earnings for Medicare are based on all earnings.

SUTA

• State unemployment tax, 5.4 percent (0.054) on the first $7,000 for each employee.

FUTA

• Federal unemployment tax, 0.6 percent (0.006) on the first $7,000 for each employee.

 

 

Employee Jada Lauren William Monica Beginning Current Ending earnings period cumulative (A) earning earnings (B) (A+B) 42000 5440 16800 17920 Federal Income Tax OASDI Medi care Health Insurance 401 K Deductions Charity Total with holding Net pay