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Sousa Realty: Payroll Information for the two-week period ending 2/19/21 Office Staff Paid on an hourly basis (Wages Expense). Hourly rate Prev. Earnings YTD Week
Sousa Realty: Payroll Information for the two-week period ending 2/19/21
Office Staff Paid on an hourly basis (Wages Expense).
Hourly rate Prev. Earnings YTD Week 1 Hours Week 2 Hours FIT
Linda Sullivan $17 $4,735 42 35 $180
Scott Ramirez $15 $4,513 43 38 $170
Sales Staff Paid commission prorated average basis (Commissions Expense).
Gross Commissions Prev. Earnings YTD FIT
Timika Chase 2,300 $5,850 $260
James Tomlinson 2,160 $5,254 $240
- The total FICA tax for OASDI is 12.4% on the first $137,000 of income
- The total FICA tax for Medicare is 2.9% on all earnings.
- Pa State income tax (SIT) is 3.07% of all income.
- Each employee contributes $35 per pay for medical insurance
- The SUTA tax rate is 5.4% on the $7,000 of employee earnings
- The FUTA tax rate is .6% on the $7,000 of employee earnings
Instructions
- Calculate the gross biweekly earnings of the two hourly employees, including over-time.
- Complete the Payroll Register using the template provided calculate the employee withholdings.
- Use the template provided to calculate employer payroll taxes for FICA OASDI, FICA Medicare, FUTA and SUTA.
- Use the journal template to journalize BOTH the payroll tax withholding and the payroll tax expens
Payroll Register | ||||||||||||
OASDI | ||||||||||||
Employee Name | M. Status/Allow | Prior YTD Earnings | Gross Pay | Taxable | FIT | SIT | OASDI | Medicare | Insurance | Net Pay | Department | |
l | ||||||||||||
Payroll Tax | ||||||||||||
FUTA/SUTA | ||||||||||||
Employee Name | M. Status/Allow | Prior YTD Earnings | Gross Pay | Taxable | FUTA Tax | SUTA Tax | OASDI | Medicare | Payroll Tax | |||
DATE | GENERAL JOURNAL | POST REF | DEBIT | CREDIT |
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