Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need help with 12-1A Group A Problem 12-1A Objective: To calculate and record employer's payroll taxes Selected information about six employees follows: Employee Ben

I need help with 12-1A image text in transcribed
Group A Problem 12-1A Objective: To calculate and record employer's payroll taxes Selected information about six employees follows: Employee Ben Cassidy Carl Erer Lily Leung Herb McMahon Ray Ramirez Ned Thomas Current Week's Gross Pay Prior Weeks' Gross Pay $465.50 555.75 300.30 425.80 641.90 790.70 $4,900.75 5,680.30 3,109.35 4,850.10 6,754.70 8,010.40 Directions: 1. Calculate the amount of taxable earnings for FICA-OASDI, FICA-HI, FUTA and SUTA for each employee and for the total payroll this week. Then, calculate the amount of each tax owed by the employer. Use the rates and wage limits presented in the chapter, with a rate of 4.2% for SUTA. 2. Prepare the general journal entry to record the employer's payroll taxes for the week. The date of the entry is March 10, 20X3 Group A Problem 12-1A Objective: To calculate and record employer's payroll taxes Selected information about six employees follows: Employee Ben Cassidy Carl Erer Lily Leung Herb McMahon Ray Ramirez Ned Thomas Current Week's Gross Pay Prior Weeks' Gross Pay $465.50 555.75 300.30 425.80 641.90 790.70 $4,900.75 5,680.30 3,109.35 4,850.10 6,754.70 8,010.40 Directions: 1. Calculate the amount of taxable earnings for FICA-OASDI, FICA-HI, FUTA and SUTA for each employee and for the total payroll this week. Then, calculate the amount of each tax owed by the employer. Use the rates and wage limits presented in the chapter, with a rate of 4.2% for SUTA. 2. Prepare the general journal entry to record the employer's payroll taxes for the week. The date of the entry is March 10, 20X3

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions