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Data table More info Assume the following: 1. FICA OASDI: 6.2% on $127,200; FICA Medicare is 1.45% on all earnings. 2. Federal income tax is
Data table More info Assume the following: 1. FICA OASDI: 6.2% on $127,200; FICA Medicare is 1.45% on all earnings. 2. Federal income tax is calculated using the federal income tax withholding table included. 3. State income tax is 7% of gross pay. 4. Union dues are $12 biweekly. 5. The SUTA rate is 5.4% and the FUTA rate is 0.6% on earnings up to $7,000. (Note that the $7,000 wage base applies to both SUTA and FUTA.) Task 2. Calculate the employer taxes of FICA OASDI, FICA Medicare, FUTA, and SUTA. (Round your answers to the nearest cent.) FICA-OASDI FICA-Medicare FUTA SUTA Total Allow. = Allowances, Task 3. Journalize the Payroll Register and the employer's tax liability. (Record debits first, then credits. Exclude explanations from journal entries.) Begin by journalizing the Payroll Register. Now journalize the employer's tax liability
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