Homework $-$ Days Inn $-$ Journal Entries

You will need your November ${15}^{th}$ payroll register for Days Inn to completed this homework assignment. $($See Homework $-$ Days Inn Payroll Register$)$

Instructions:

Using the attached journal page, complete the Payroll Journal Entry which summarizes all that you calculated on the Payroll Register for Days Inn.

Complete the FUTA$/$SUTA Taxable Earnings column on your payroll register using a $$7,000$ wage cap.

Using the attached journal page, complete the Payroll Tax Journal Entry assuming the following:

Days Inn is responsible for Social Security tax of $6\mathrm{.}2\%$ on the Social Security taxable earnings for their employees.

Days Inn is responsible for Medicare tax of $1\mathrm{.}45\%$ on total Gross Earnings for their employees.

Days Inn is responsible for Federal Unemployment $($FUTA$)$ tax of $0\mathrm{.}8\%$ on the FUTA$/$SUTA taxable earnings for their employees.

$($FUTA$/$SUTA tax cap of $$7,000$ per employee$)$

Days Inn is responsible for State Unemployment $($SUTA$)$ tax of $5\mathrm{.}4\%$ on the FUTA$/$SUTA taxable earnings for their employees.

$($FUTA$/$SUTA tax cap of $$7,000$ per employee$)$