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Hello, im having trouble with this question Zippy, LLC has one employee who has worked January - June of the current year. The employee is
Hello, im having trouble with this question
Zippy, LLC has one employee who has worked January - June of the current year. The employee is single, paid weekly, and claims three allowances on her W-2. The company is in a state that has no state income taxes. The FICA Social Security tax rate is 6.2% on the first $118,500 of wages and the FICA Medicare tax rate is 1.45% on all wages. Zippy, LLC's FUTA tax rate is 0.6% on the first $7,000 of wages and their SUTA tax rate is 2.3% on the first $8,000 of wages. The employee's earnings thus far are as follows: a) Use the information above and the IRS tax table (click to pop open) to calculate all of the taxes that should be withheld from the employees paycheck and her net pay for June. Round values to 2 decimal places if needed. b) Prepare the journal entry Zippy, LLC. will record to accrue the June wages for this employee. c) Use the information provided to calculate the payroll taxes that Zippy must pay on the employee's behalf for the month of June c) Use the information provided to calculate the payroll taxes that Zippy must pay on the employee's behalf for the month of June d) Prepare the journal entry Zippy, LLC will use to record their portion of the payroll taxes for June. Zippy, LLC has one employee who has worked January - June of the current year. The employee is single, paid weekly, and claims three allowances on her W-2. The company is in a state that has no state income taxes. The FICA Social Security tax rate is 6.2% on the first $118,500 of wages and the FICA Medicare tax rate is 1.45% on all wages. Zippy, LLC's FUTA tax rate is 0.6% on the first $7,000 of wages and their SUTA tax rate is 2.3% on the first $8,000 of wages. The employee's earnings thus far are as follows: a) Use the information above and the IRS tax table (click to pop open) to calculate all of the taxes that should be withheld from the employees paycheck and her net pay for June. Round values to 2 decimal places if needed. b) Prepare the journal entry Zippy, LLC. will record to accrue the June wages for this employee. c) Use the information provided to calculate the payroll taxes that Zippy must pay on the employee's behalf for the month of June c) Use the information provided to calculate the payroll taxes that Zippy must pay on the employee's behalf for the month of June d) Prepare the journal entry Zippy, LLC will use to record their portion of the payroll taxes for JuneStep by Step Solution
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