Question
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,
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 | $190 | $660 |
Diaz, Charles K. | 370 | 360 | 370 |
Knapp, Carol S. | 1,200 | - | 1,200 |
Mueller, Deborah F. | 810 | 125 | 810 |
Yeager, Jackie R. | 940 | 35 | 940 |
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.
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