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Please check the pics above for the instruction and the rubric. The question to be answered are: A. Prepare journal entries for YanYu's pay and
Please check the pics above for the instruction and the rubric. The question to be answered are:
A. Prepare journal entries for YanYu's pay and the related payroll expenses. (2 journal entries)
B. What is JackJoe's (employer cost) total expense of payroll taxes FUTA/SUTA and FICA for employing YanYu for the year?
YanYu Zheng is employed by JackJoe, Inc.. During the month of January, YanYu earned her monthly salary of $100,000 ($1,200,000 for the year). Yanyu is single, and had $22,000 of federal income tax withheld from her pay for the month. YanYu works in a state without an income tax. YanYu's pay is subject to Social Security taxes at a 6.2% rate and Medicare at a 1.45% rate. The annual base for social security taxes is $140,000. JackJoe's payroll is subject to federal and state unemployment taxes at a rate of 6% on each employee's gross pay, up to $7,000 per year. Complete YanYu's paycheck and the remittance advice (i.e., "paycheck (a) stub"). (5 points) Prepare journal entries for YanYu's pay and the related payroll expenses. (2 (b) journal entries) (5 points) What is JackJoe's (employer cost) total expense of payroll taxes (c) FUTA/SUTA and FICA for employing YanYu for the year? (5 points) journal entries for YanYu's pay and the related payroll expenses. (2 journal entries) Comments Federal tax and FICA should be payable. FUTA/SUTA is 6% of $7,000 - 420 view longer description c) What is JackJoe's (employer cost) total expense of payroll taxes FUTA/SUTA and FICA for employing YanYu for the year? Comments FUTA/SUTA is 6% in total. FICA SS is capped at $140k per year. FICA Medicare ($1.2 million *1.45%). I am looking for payroll tax expense in total for the yearStep by Step Solution
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