Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I know Nancy Ford made less than $7,000 in December. I dont know what to do for this problem. I also don't know if my
I know Nancy Ford made less than $7,000 in December. I dont know what to do for this problem. I also don't know if my information on the General Journal are correct. 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 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 2022 . Thus, a review of the employee earnings subsidiary ledger on pages 19 through 21 of the Ledgers 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%..006 State (SUTA) and federal (FUTA) unemployment taxes must also be paid by employers on behalf of their employees. These payroll taxes are handled monthly. Relevant information is included in Waren's month-end procedure 4 on page 13. PAY RATE HISTORY / EMPLOYEE EARNINGS SUBSIDIARY LEDGER RMPTOVEW B owreerci. EMPLOYEE EARNINGS SUBSIDLARY LEDGER GENERAI IOIIDMAI Document No. 24 First American Statement BANK AND TRLST COMPAN of Account Chisago, Illinis 6rea] Waren Sports Supply FOR ASSISTANCE: CALL 1-800-FAB-2864 1978 Michigan Avenue OR WAITE: CUSTOMER SERVICE Chicago, Illinois 60612 P.O. BOX 28914 CHICAGO, ILLINOIS 60610 WAREN SPORTS SUPPLY LIST OF ITEMS CLEARING WITH BANK STATEMENT DECEMBER 2022 CHECKS/ACH PAYMENTS DEPOSITS 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 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 2022 . Thus, a review of the employee earnings subsidiary ledger on pages 19 through 21 of the Ledgers 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%..006 State (SUTA) and federal (FUTA) unemployment taxes must also be paid by employers on behalf of their employees. These payroll taxes are handled monthly. Relevant information is included in Waren's month-end procedure 4 on page 13. PAY RATE HISTORY / EMPLOYEE EARNINGS SUBSIDIARY LEDGER RMPTOVEW B owreerci. EMPLOYEE EARNINGS SUBSIDLARY LEDGER GENERAI IOIIDMAI Document No. 24 First American Statement BANK AND TRLST COMPAN of Account Chisago, Illinis 6rea] Waren Sports Supply FOR ASSISTANCE: CALL 1-800-FAB-2864 1978 Michigan Avenue OR WAITE: CUSTOMER SERVICE Chicago, Illinois 60612 P.O. BOX 28914 CHICAGO, ILLINOIS 60610 WAREN SPORTS SUPPLY LIST OF ITEMS CLEARING WITH BANK STATEMENT DECEMBER 2022 CHECKS/ACH PAYMENTS DEPOSITS
I know Nancy Ford made less than $7,000 in December. I dont know what to do for this problem. I also don't know if my information on the General Journal are correct.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started