Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Page 6 of7 LLC has one employee who has worked January June of the current year. state that has no state income taxes. The FICA

image text in transcribed
image text in transcribed
image text in transcribed
Page 6 of7 LLC has one employee who has worked January June of the current year. state that has no state income taxes. The FICA Social Security tax rate is 6.2' on ipp)vee is single, paid weekly, and claims three allowances on her W-2. The company is in a t the first $118,500 of wages andthe FICA Medicare tax rate is 1.45% on all wages Zippy, LLC's FUTA tax rate is 0.6% on the first S7,000 of wages and their SUTA tax rate is 2.3% on the first $8,000 of wages. The employee's earnings thus far are as follows: Gross pay Jan - May Gross pay for June $1,320 $7,100 a) Use the information above and the IRS tax table (click to pop open) to calculate all of the taxes that should be withheld from the employees paycheck and her net pay for June. Round values to 2 decimal places if needed. Gross Pay Federal Withholding FICA-SS FICA-Medicare Net Pay b) Prepare the journal entry Zippy, LLC. will record to accrue the June wages for this employee Debit Credit Date Description 06/30 to accrue salaries and withholding for June payroll c) Use the information provided to calculate the payroll taxes that Zippy must pay on the employee's behalf for the month of June FICA-SS FICA-Medicare FUTA

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

Introduction To Managerial Accounting

Authors: Peter Brewer, Ray Garrison, Eric Noreen, Suresh Kalagnanam, Ganesh Vaidyanathan

2nd Canadian Edition

0070964777, 9780070964778

More Books

Students also viewed these Accounting questions