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Complete the Payroll assignment given below: Use the variable provided to you in the Assignment Comments to answer this question. Watch the video provided below

Complete the Payroll assignment given below:

Use the variable provided to you in the Assignment Comments to answer this question. Watch the video provided below before working the problem.

  • YanYu Zheng is employed by JackJoe, Inc.. During January, YanYu earned her monthly salary of $19,500 (12 * $19,500 for the annual salary).
  • YanYu is single, and had 20% of her pay for the month withheld for federal income taxes. YanYu works in a state without an income tax.
  • YanYu's pay is subject to Social Security taxes at a 6.2% rate and Medicare at a 1.45% rate. The annual base for social security taxes is $170,000.
  • JackJoe's payroll is subject to federal and state unemployment taxes at a combined rate of 6% on each employee's gross pay, up to $6,000 per year.

Read the information carefully and after reading it answer the steps given below:

  1. Complete YanYu's paycheck and the remittance advice (i.e., "paycheck stub"). (5 points)
  2. Prepare journal entries for YanYu's pay and the related payroll expenses. (2 journal entries) (10 points)
  3. What is JackJoe's (employer cost) total expense of payroll taxes FUTA/SUTA and FICA for employing YanYu for the entire year? (hint, based on the payment of the annual salary) (5 points)

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