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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:
- Complete YanYu's paycheck and the remittance advice (i.e., "paycheck stub"). (5 points)
- Prepare journal entries for YanYu's pay and the related payroll expenses. (2 journal entries) (10 points)
- 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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