Question
Calculation and Journal Entry for Employer Payroll Taxes Earnings for several employees for the week ended March 12, 20--, are as follows: Taxable Earnings Employee
Calculation and Journal Entry for Employer Payroll Taxes
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. | $660 | $210 | $660 |
Diaz, Charles K. | 370 | 350 | 370 |
Knapp, Carol S. | 1,180 | 1,180 | |
Mueller, Deborah F. | 830 | 125 | 830 |
Yeager, Jackie R. | 900 | 35 | 900 |
Question Content Area
1. Calculate the employer's payroll taxes expense for the week ended 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%. $
Question Content Area
2. Prepare the journal entry as of March 12, 20--.
ROW NUMBER | DATE | ACCOUNT TITLE | DOC. NO. | POST. REF. | DEBIT | CREDIT | ROW NUMBER |
---|---|---|---|---|---|---|---|
1 | 20-- Mar. 12 | CashFUTA Tax PayablePayroll Taxes ExpenseSocial Security Tax PayableSUTA Tax Payable | blank | blank | - Select - | - Select - | 1 |
2 | blank | CashMedicare Tax ExpenseSocial Security Tax ExpenseSocial Security Tax PayableSUTA Tax Expense | blank | blank | - Select - | - Select - | 2 |
3 | blank | CashFUTA Tax ExpenseMedicare Tax ExpenseMedicare Tax PayablePayroll Taxes Expense | blank | blank | - Select - | - Select - | 3 |
4 | blank | CashFUTA Tax ExpenseFUTA Tax PayablePayroll Taxes ExpenseSocial Security Tax Expense | blank | blank | - Select - | - Select - | 4 |
5 | blank | CashFUTA Tax ExpenseSocial Security Tax ExpenseSUTA Tax ExpenseSUTA Tax Payable | blank | blank | - Select - | - Select - | 5 |
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