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Problem 8-74A (Algorithmic) Payroll Accounting Stadium Manufacturing has the following data available for its September 30, 2019, payroll: Wages earned Federal income taxes withheld
Problem 8-74A (Algorithmic) Payroll Accounting Stadium Manufacturing has the following data available for its September 30, 2019, payroll: Wages earned Federal income taxes withheld $268,000 * 67,800 * All subject to Social Security and Medicare matching and withholding of 6.2% and 1.45%, respectively. Federal unemployment taxes of 0.80% and state unemployment taxes of 1.20% are payable on $252,000 of the wages earned. Required: If required, round your answers to the nearest cent. 1. Compute the amounts of taxes payable and the amount of wages that will be paid to employees. Social Security 16,616 Medicare 3,886 Federal unemployment 2,144 X State unemployment 3,216 X Net pay
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