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For all payroll calculations, use the following tax rates and round amounts to the nearest cent. Employee: 7.65% for Social Security [ both parts) Employer:
For all payroll calculations, use the following tax rates and round amounts to the nearest cent.
Employee: 7.65% for Social Security [ both parts) Employer: 7.65% for Social Security [both parts) FUTA: 0.6% on first $6.000 earned; SUTA: 5.4% on first $6.000 earned. Sam manages a Taco House drive-in. 'the straight-time pay is $7 per hour, with time-and-a-hall for hours in excess of 40 per week. Sam's payroll deductions include withheld federal income tax of 19% , FICA tax, and a weekly deduction of $8 for a charitable contribution to the United Way Castro worked 60 hours during the week. Assume that the payroll is recorded and paid on the same day and that payroll taxes owed by the employer are also paid the same date. Compute Sam's gross pay and net pay for the week. Sam has already earned $10.000 year-to-date. Regular Pay Try Again Total Gross Pay Overtime Pay Try Again Total Gross Pay Try Again Social Security Rate 7.65% Regular Pay Calculations: Tax Due Try Again Rate Hours Federal Income Tax $ Rate 19.00% Regular Pay Tak Due Try Again Overtime Pay Calculations: Rate $ FUTA on first $6,000 Hours Rate 0.60% $ 0 Overtime Pay Tak Due Yes SUTA on first $6,000 Rate 5.40% Tax Due Yes 2. Journalize Taco House wages expense accrual for Sam's work. Account Debit Credit Acct Amt Try Again Try Again Try Again Try Again Try Again Try Again Try Again Try Again Try Again Try Again 3. Journalize Taco House employer expense accrual for Sam's work. Account Debit Credit Acct Amt Try Again Try Again Try Again Try Again 4. Journalize payment of the taxes and other liabilities. Account Debit Credit Acct Amt Try Again Try Again Try Again Try Again Try Again Try Again Try Again Try Again Try Again Try Again Payroll +Step by Step Solution
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