Calculation and Journal Entry for Employer Payroll Taxes

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

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Employer's Payroll Taxes