Question
The totals from the first payroll of the year are shown below. Total Earnings: $40,000 The amount of Social security tax is 6.20% The amount
The totals from the first payroll of the year are shown below. Total Earnings: $40,000 The amount of Social security tax is 6.20% The amount of Medicare tax is 1.45% The amount of federal tax income is 5% The amount of state income tax is 4% The total amount of union dues withheld is $500. The amount of the FUTA tax is .6% on the first $7,000 of wages. No employees have exceeded the maximum amount of wages taxable. The amount of the SUTA tax is 3.5% on the first $7,000 of wages. No employees have exceeded the maximum amount of wages taxable. Prepare the journal entry to record the employee payroll, assuming the cash will be paid at a later dat
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