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Signature Company's partial payroll register for the week ended January 7 is as follows: TAXABLE EARNINGS NAME BEGINNING CUMULATIVE EARNINGS TOTAL EARNINGS ENDING CUMULATIVE EARNINGS
Signature Company's partial payroll register for the week ended January 7 is as follows:
TAXABLE EARNINGS | ||||||||||||
NAME | BEGINNING CUMULATIVE EARNINGS | TOTAL EARNINGS | ENDING CUMULATIVE EARNINGS | UNEMPLOYMENT | SOCIAL SECURITY | MEDICARE | ||||||
Barney, R. S. | ----- | 1,982.00 | 1,982.00 | 1,982.00 | 1,982.00 | 1,982.00 | ||||||
Fisk, M. C. | ----- | 562.00 | 562.00 | 562.00 | 562.00 | 562.00 | ||||||
Hayes, W. O. | ----- | 486.00 | 486.00 | 486.00 | 486.00 | 486.00 | ||||||
Lee, L. B. | ----- | 675.00 | 675.00 | 675.00 | 675.00 | 675.00 | ||||||
Parks, S. J | ----- | 584.00 | 584.00 | 584.00 | 584.00 | 584.00 | ||||||
Tempy, E. B. | ----- | 522.00 | 522.00 | 522.00 | 522.00 | 522.00 | ||||||
4,811.00 | 4,811.00 | 4,811.00 | 4,811.00 | 4,811.00 |
Assume that the payroll is subject to an employer's Social Security tax of 6.2 percent on the first $118,500 and a Medicare tax of 1.45 percent on all earnings. Also assume that the federal unemployment tax is 0.6 percent, and that the state unemployment tax is 5.4 percent of the first $7,000.
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