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Urban Fit Corporation paid salaries and wages of $143,800 to its employees for the month. Of this amount, $3,800 was paid to employees who had
Urban Fit Corporation paid salaries and wages of $143,800 to its employees for the month. Of this amount, $3,800 was paid to employees who had already exceeded wages of $128,400. Also, $43,800 was paid to employees who had already been paid the SUTA maximum. FICA employee withholdings consist of a social security tax of 6.20% on the first $128,400 earned, plus a Medicare tax of 1.45% on all wages. Urban Fit pays employer taxes as follows: Its required FICA contribution, plus a FUTA tax of 6.0% on wages up to the SUTA maximum. Of this amount, 5.4% is payable to the state and 0.6% is payable to the U.S. Treasury. Employee income tax withholding was $35,000. De- ductions included: union dues in conformity with the union agreement), $3,000, and insurance premiums, $12,000. Required Provide the entries to: 4. Record liabilities for payroll deductions. b. Record payroll expenses. C. Record remittance of the payroll obligations. Urban Fit Corporation paid salaries and wages of $143,800 to its employees for the month. Of this amount, $3,800 was paid to employees who had already exceeded wages of $128,400. Also, $43,800 was paid to employees who had already been paid the SUTA maximum. FICA employee withholdings consist of a social security tax of 6.20% on the first $128,400 earned, plus a Medicare tax of 1.45% on all wages. Urban Fit pays employer taxes as follows: Its required FICA contribution, plus a FUTA tax of 6.0% on wages up to the SUTA maximum. Of this amount, 5.4% is payable to the state and 0.6% is payable to the U.S. Treasury. Employee income tax withholding was $35,000. De- ductions included: union dues in conformity with the union agreement), $3,000, and insurance premiums, $12,000. Required Provide the entries to: 4. Record liabilities for payroll deductions. b. Record payroll expenses. C. Record remittance of the payroll obligations
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