how do i find the state unemployement tax rate and the federal unemployement tax rate for this person? and journal entry.
EMPLOYEE EARNINGS SUBSIDIARY LEDGER Employed_1/16/13 Date of Birth 10/1/1988 mployee's Name Jim Adams ddress 2522 Longfellow, Chicago 60823 Soc. Sec. No. ***_**_9833 Phone No. 351-5874 Date of Termination Occupation Accounting Clerk Date Hours Worked Period Regular Overtime Federal Paid Ending Hoi Hours Income Net Hours FICA Tax Pay 10-01-17. Balande Forward 37027 73 283 262 | 4320002987501 Gross Pay 10-15-170-15-17 8000 5701859 55 1142/26 11 9700152029 10-31 - 1710-30-17960082522758817401291.00 1 18.1077 Cumulative Annual Total 40163163 14.8199||48.0 800 332 06/11 01-15-17 11-15-17 8800 12 70 224 8.05 07097 28400 179208 10-30-17 11-30-17 8800143022984517583 296.00 182662 Cumulative Annual total 145/709 661 3496 79 || 5/38800 3618 24187 12-15-17 12-15 -17 88.00 1160 22 13 40 16932 27500 1769.08 REQUIREMENTS d. Adjusts the cash general ledger account using the general journal, regardless of materiality, for all reconciling items requiring an adjustment. e. Attaches together and files the bank reconciliation, bank statement, list of items clearing with bank statement, and the cash receipts prelist in the file labeled Shipping/Banking." 4. Jim Adams calculates and records the unemployment taxes paid by employers, and Waren's portion of the FICA payroll tax. These payroll taxes are calculated at the end of the month on gross payroll and recorded in the general journal. The taxes are paid the following month. State and federal unemployment taxes are imposed on the first $7,000 of wages paid to covered employees in 2017. Thus, a review of the employee earnings subsidiary ledger on pages 40 and 41 of this book indicates that only one of Waren's employees remains subject to this tax (i.e., has not yet exceeded the wage base maximum). The same wage base maximum is used in the project for both state and federal unemployment taxes to simplify the calculations. The state unemployment tax (SUTA) rate is 3.55%. Because employers are allowed credits against the federal unemployment tax (FUTA) rate for participation in state unemployment programs, the net FUTA rate is .6%. nation ons from the general journal to the general ledger (and EMPLOYEE EARNINGS SUBSIDIARY LEDGER Employed_1/16/13 Date of Birth 10/1/1988 mployee's Name Jim Adams ddress 2522 Longfellow, Chicago 60823 Soc. Sec. No. ***_**_9833 Phone No. 351-5874 Date of Termination Occupation Accounting Clerk Date Hours Worked Period Regular Overtime Federal Paid Ending Hoi Hours Income Net Hours FICA Tax Pay 10-01-17. Balande Forward 37027 73 283 262 | 4320002987501 Gross Pay 10-15-170-15-17 8000 5701859 55 1142/26 11 9700152029 10-31 - 1710-30-17960082522758817401291.00 1 18.1077 Cumulative Annual Total 40163163 14.8199||48.0 800 332 06/11 01-15-17 11-15-17 8800 12 70 224 8.05 07097 28400 179208 10-30-17 11-30-17 8800143022984517583 296.00 182662 Cumulative Annual total 145/709 661 3496 79 || 5/38800 3618 24187 12-15-17 12-15 -17 88.00 1160 22 13 40 16932 27500 1769.08 REQUIREMENTS d. Adjusts the cash general ledger account using the general journal, regardless of materiality, for all reconciling items requiring an adjustment. e. Attaches together and files the bank reconciliation, bank statement, list of items clearing with bank statement, and the cash receipts prelist in the file labeled Shipping/Banking." 4. Jim Adams calculates and records the unemployment taxes paid by employers, and Waren's portion of the FICA payroll tax. These payroll taxes are calculated at the end of the month on gross payroll and recorded in the general journal. The taxes are paid the following month. State and federal unemployment taxes are imposed on the first $7,000 of wages paid to covered employees in 2017. Thus, a review of the employee earnings subsidiary ledger on pages 40 and 41 of this book indicates that only one of Waren's employees remains subject to this tax (i.e., has not yet exceeded the wage base maximum). The same wage base maximum is used in the project for both state and federal unemployment taxes to simplify the calculations. The state unemployment tax (SUTA) rate is 3.55%. Because employers are allowed credits against the federal unemployment tax (FUTA) rate for participation in state unemployment programs, the net FUTA rate is .6%. nation ons from the general journal to the general ledger (and
