Question
The following information is for an employee for the week ended March 15. Total hours worked: 45 Rate: $20 per hour, with double time for
The following information is for an employee for the week ended March 15.
Total hours worked: 45
Rate: $20 per hour, with double time for all hours in excess of 40
Federal income tax withheld: $400
Cumulative earnings prior to current week: $10,000
Tax rates:
Social security: 6% on maximum earnings of $100,000. Medicare tax: 1.5% on all earnings.
State unemployment: 3.4% on maximum earnings of $12,000 per year; on employer
Federal unemployment: 0.8% on maximum earnings of $8,000 per year; on employer
(a) | Determine: (1) total earnings ___________ (2) total deductions _________ (3) cash paid ______________
| ||||||||||||||||
(b) | Journalize the employer's payroll taxes for this employee for the week.
|
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started