Question
FUTA is 0.6% on the first $7,000 of income and SUTA is 5.4% also on the first $7,000 of income. Social security is 6.2% on
FUTA is 0.6% on the first $7,000 of income and SUTA is 5.4% also on the first $7,000 of income. Social security is 6.2% on the first $110,100 worth of income and Medicare is 1.45% with no limit. Joe has a YTD (Year-To-Date) income of $6,587 and current earnings of $1240.67 on 22 December of the current year. Joe pays Michigan state taxes of 4.4%, local taxes of 1.0%, is single with 2 dependents ($222 Federal given the wage-bracket-method). Joe contributes the following each week: health insurance $46.32, dental insurance - $20.18, optical insurance - $7.35, US Saving bonds - $25.00, Contributions to United Way - $20.00. Give the required entry for Joe as an employee. Give the required journal entry for Joe for the employer!
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