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how to calculate fica taxes payable at question d ? LFC has four employees who are paid on an hourly basis plus time-and-a-half for all
how to calculate fica taxes payable at question d
LFC has four employees who are paid on an hourly basis plus time-and-a-half for all hours worked in excess of 40 a week. Payroll data for the week ended Nov 22, 2015 are shown below. Employee P. Coutinho S. Gerrard K. Dalglish B. Paisley Hours Worked 41 39 50 Hourly Rate $25.00 30.00 27.00 40.00 Federal Income Tax withholdings $93 107 98 170 United Fund Contributions $5 30.00 40.00 50.00 The following tax rates are applicable: FICA 7.65%, state income taxes 3%, state unemployment taxes,5.4%, and federal unemployment 0.6%. Instructions (a) Prepare a payroll register for the weekly payroll. (b) Journalize the payrol on Nov 22, 20 4, and the accrual of employer payroll taxes. (c) Journalize the payment of the payroll on Nov 23, 2014. (d) Journalize the remittance to the Federal Reserve bank on Nov 28 28, 2014, of the FICA and federal income taxes payable to the government. NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?" .
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