TEST 2 Key Information: For each employee, FICA Social Security taxable earnings are based on the first $113,700 of earnings, and FICA Medicare taxable earnings are based upon all earnings. Taxable Earnings for unemployment insurance (federal and state) are assumed to be based on the first $7,000 of earnings for each employee. The amount of federal income tax is given. Employees are paid time-and-a-half for hours worked in excess of 40 per week. Instructions: 1. Complete the attached payroll register, using 6.2% for calculating Social Security tax and 1.45% for medicare tax for the employee portion. 2. Prepare general journal entry to record the payroll expense. 3. Prepare a general journal entry, to record the employer's payroll taxes. Assume: (A) Federal unemployment tax rate is .6% on the first $7,000. (B) State unemployment tax rate is 5.4% on the first $7,000. (C) Employer FICA rates - 6.2% Social Security on the first $113,700. (D) Employer FICA rates - 1.45% for Medicare 4. Prepare a general journal entry to record payment of employee wages.

who pays unemployment

AutoSave @ Off Test 2 Payroll Problem - student 2017 (1) - Compatibility Mode - Excel Search A larissa aziamadji LA 7 X File Home Insert Page Layout Formulas Data Review View Help Share Comments Arial - 10 ~ A A 29 Wrap Text Accounting 2- Ap Paste Merge & Center~ $ ~ % 9 70 10 Conditional Format as Cell Insert Delete Format Sort & Find & Ideas Formatting * Table Styles Filter ~ Select Clipboard Font Alignment Number Styles Cells Editing Ideas i SIGN IN TO OFFICE It looks like your stored credentials are out of date, Please sign in as GU*#@go*.edu so we can verify your subscription. Sign In X V5 A B C D G H M N O P Q R S T U V 1 TEST 2, Problem 2 2 3 Beg Ending Taxable Earnings Deductions Wages 4 Total Pay Cumm. Earnings Cumm Social Federal Social Medicare Medical Net Expense 5 Name Hours Rate Earnings Reg OT Total Earnings Unemploy Security Medicare Inc. Tax Security Tax Tax Insurance Total Amount Debit 6 Rex, J. 40.00 $ 9:40 2,368.00 40.00 36.00 Lish, T. 40.00 $ 9.80 2.470.00 40.00 36.00 8 Born, B. 40.00 $ 10 50 2.646.00 47.00 36.00 9 Dahl, M. 42.00 $ 22 80 112 800.00 59.00 36.00 10 Wix, L. 46.00 5 18.40 6.175.00 71.00 36.00 11 126,459.00 12 13 GENERAL JOURNAL 14 Form Instructions Sheets Ready 100% Type here to search O W 9 5:31 AM 11/16/2020