Question
1. Calculate the employer's payroll taxes expense. Round your answer to the nearest cent. 2. Prepare the journal entry as of March 12, 20--, assuming
1. Calculate the employer's payroll taxes expense. Round your answer to the nearest cent.
2. Prepare the journal entry as of March 12, 20--, assuming that FUTA tax is 0.6%, SUTA tax is 5.4%, Social Security tax is 6.2%, and Medicare tax is 1.45%. If required, round your answers to the nearest cent. If an amount box does not require an entry, leave it blank.
Earnings for several employees for the week ended March 12, 20--, are as follows:
| Taxable Earnings | |||
| Employee Name | Current Earnings | Unemployment Compensation | Social Security |
| Aus, Glenn E. | $700 | $200 | $700 |
| Diaz, Charles K. | 350 | 350 | 350 |
| Knapp, Carol S. | 1,200 | - | 1,200 |
| Mueller, Deborah F. | 830 | 125 | 830 |
| Yeager, Jackie R. | 920 | 35 | 920 |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
1 Calculation of Employers Payroll Taxes Expense To calculate the employers payroll taxes expense we ...
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Audit Effectiveness Meeting The IT Challenge
Authors: Kamil Omoteso
1st Edition
1409434680, 978-1409434689
