Instructions: FUTA 0.6% on first $7,000 SUTA 2.8% on first $8,000 General Instructions: Open the Excel spreadsheet attached to this validation. Make the 4 In the appropriate columns of the form below, do the following: required journal entries using the proper journalizing format, save the Excel file as Module6Mastery(your name), and upload your saved file into the submission area for this test Compute the amount to be withheld from each employee's earnings on November 8 for (a) question. FICA-OASDI, (b) FICA-HI, and (c) SUTA, and determine the total employee taxes. Test Question Instructions:: Record the portion of each employee's earnings that is taxable under FICA, FUTA, and SUTA, and calculate the total employer's payroll taxes on the November 8 payroll. Once you have Problem 1 calculated the payroll taxes then: Totals from the first payroll of the year, January 8, 2021, are shown below: 1. Journalize the entry to record the payroll. 2. Journalize the entry to record the employer's payroll taxes. 3. Journalize the entry to deposit the FICA and FIT taxes. 1. Journalize the entry to record the payroll. 2. Journalize the entry to record the employer's payroll taxes (assume a SUTA rate of 3.7% ). Problem 3 3. Journalize the entry to deposit the FICA and FIT taxes. On December 31, Reuter Company has a balance of $98.75 in the FUTA taxes payable account. This represents the employer's liability for the fourth quarter taxes. Journalize the entry Reuter 4. Journalize the entry to pay the Union Dues withheld. Company should make in January to record the last transfer (payment) of FUTA taxes. Problem 2: Problem 4 The form below shows the amounts that appear in the Earnings to Date column of the The following information pertains to a weekly payroll of Texera Tile Company: employees' earnings records for 10 full- and part-time workers in Ranger Company. These amounts represent the cumulative earnings for each worker as of November 1, the company's 1. The total wages earned by employees are $17,210. last payday. The form also gives the gross amount of earnings to be paid each worker on the 2. The state unemployment insurance contribution rate is 3.5%. next payday, November 8. 3. The entire amount of wages is taxable under FICA, FUTA, and SUTA. 4. The amount withheld from the employees' wages for federal income taxes is $1,890; for In the state where Ranger Company is located, the tax rates and bases are as follows: state income taxes, $369.40; and for group insurance, $193.00. Journalize the payment of wages and record the payroll taxes for this payroll. Tax on Employees: FICA-OASDI 6.2% on first $137,700 FICA-HI 1.45% on total earnings SUTA 0.5% on first $8,000 Tax on Employer: FICA-OASDI 6.2% on first $137,700 FICA-HI 1.45% on total earnings When you are finished with this part of the Validation, save this Excel file Module 6 AssessmentFirstNameLastName (using your name), and upload it in a PDF format from Employees' Earning Under Taxable Earnings *Applicable tax rate Totals Total payroll taxes Instructions: FUTA 0.6% on first $7,000 SUTA 2.8% on first $8,000 General Instructions: Open the Excel spreadsheet attached to this validation. Make the 4 In the appropriate columns of the form below, do the following: required journal entries using the proper journalizing format, save the Excel file as Module6Mastery(your name), and upload your saved file into the submission area for this test Compute the amount to be withheld from each employee's earnings on November 8 for (a) question. FICA-OASDI, (b) FICA-HI, and (c) SUTA, and determine the total employee taxes. Test Question Instructions:: Record the portion of each employee's earnings that is taxable under FICA, FUTA, and SUTA, and calculate the total employer's payroll taxes on the November 8 payroll. Once you have Problem 1 calculated the payroll taxes then: Totals from the first payroll of the year, January 8, 2021, are shown below: 1. Journalize the entry to record the payroll. 2. Journalize the entry to record the employer's payroll taxes. 3. Journalize the entry to deposit the FICA and FIT taxes. 1. Journalize the entry to record the payroll. 2. Journalize the entry to record the employer's payroll taxes (assume a SUTA rate of 3.7% ). Problem 3 3. Journalize the entry to deposit the FICA and FIT taxes. On December 31, Reuter Company has a balance of $98.75 in the FUTA taxes payable account. This represents the employer's liability for the fourth quarter taxes. Journalize the entry Reuter 4. Journalize the entry to pay the Union Dues withheld. Company should make in January to record the last transfer (payment) of FUTA taxes. Problem 2: Problem 4 The form below shows the amounts that appear in the Earnings to Date column of the The following information pertains to a weekly payroll of Texera Tile Company: employees' earnings records for 10 full- and part-time workers in Ranger Company. These amounts represent the cumulative earnings for each worker as of November 1, the company's 1. The total wages earned by employees are $17,210. last payday. The form also gives the gross amount of earnings to be paid each worker on the 2. The state unemployment insurance contribution rate is 3.5%. next payday, November 8. 3. The entire amount of wages is taxable under FICA, FUTA, and SUTA. 4. The amount withheld from the employees' wages for federal income taxes is $1,890; for In the state where Ranger Company is located, the tax rates and bases are as follows: state income taxes, $369.40; and for group insurance, $193.00. Journalize the payment of wages and record the payroll taxes for this payroll. Tax on Employees: FICA-OASDI 6.2% on first $137,700 FICA-HI 1.45% on total earnings SUTA 0.5% on first $8,000 Tax on Employer: FICA-OASDI 6.2% on first $137,700 FICA-HI 1.45% on total earnings When you are finished with this part of the Validation, save this Excel file Module 6 AssessmentFirstNameLastName (using your name), and upload it in a PDF format from Employees' Earning Under Taxable Earnings *Applicable tax rate Totals Total payroll taxes