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PLEASE SHOW FUTA AND SUTA CALCULATIONS. Thank You!!! The completed Payroll Register for the February and March biweekly pay periods is provided, assuming benefits went
PLEASE SHOW FUTA AND SUTA CALCULATIONS. Thank You!!!
The completed Payroll Register for the February and March biweekly pay periods is provided, assuming benefits went into effect as anticipated. Required: 1. Using the payroll registers, complete the General Journal entries as follows: February 4 Journalize the employee pay. February 4 Journalize the employer payroll tax for the February 4 pay period. Use 5.4 percent SUTA and 0.6 percent FUTA. No employees will exceed the FUTA or SUTA wage base. \begin{tabular}{|c|c|l|c|c|} \hline No & Date & \multicolumn{1}{|c|}{ General Journal } & Debit & Credit \\ \hline 1 & 4-Feb & Salaries and wages expense & 4,157.12 & \\ \hline & & Social security tax payable & & 194.52 \\ \hline & & Medicare tax payable & & 45.48 \\ \hline & & Employee state income tax payable & & 99.64 \\ \hline & & 401(k) Contributions payable & & 163.06 \\ \hline & & Health Insurance Payable (Section 125) & & 1,020.00 \\ \hline & & Salaries and wages payable & & 2,634.42 \\ \hline & & & & \\ \hline 2 & 4 Feb & Payroll taxes expenses & ? & \\ \hline & & Social security tax payable & & 194.52 \\ \hline & & Medicare tax payable & & 45.48 \\ \hline & & FUTA tax payable & & ? \\ \hline & & SUTA tax payable & & ? \\ \hline \end{tabular}Step by Step Solution
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