Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

would it be possible to also show work, thank you State Income Tax. Round all amounts to the nearest cent as needed, XX.) You gathered

would it be possible to also show work, thank you
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
State Income Tax. Round all amounts to the nearest cent as needed, XX.) You gathered the following data from time cards and individual employee earnings records. View the employee earnings records data. View the assumptions. View the biweekly payroll period percentage method withholding chart. View the required tasks. Total Task 3. Journalize the Payroll Register and the employer's tax liability. (Record debits first, then credits. Exclu Begin by journalizing the Payroll Register. Now journalize the employer's tax liability. BIWEEKLY Payroll Period Percentage Method Withholding Chart Assumptions Assume the following: 1. FICA Social Security is 6.2% on $142,800; FICA Medicare is 1.45% on all earnings. 2. Federal income tax is calculated using the biweekly payroll withholding chart included. 3. State income tax is 5% of gross pay. 4. Charitable Contributions are $14 biweekly. 5. The SUTA rate is 5.0% and the FUTA rate is 0.6% on earnings up to $7,000. (Note that the $7,000 wage base applies to both SUTA and FUTA.) Task 1. On December 5, 202X, prepare a payroll register for this biweekly payroll. (If an input field is not used in the State Income Tax. Round all amounts to the nearest cent as needed, X.XX.) Employee Earnings Task 2. Calculate the employer taxes of FICA Social Security, FICA Medicare, FUTA, and SUTA. (Round your answe

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Corporate Environmental Responsibility Accounting And Corporate Finance In The EU

Authors: Panagiotis Dimitropoulos, Konstantinos Koronios

1st Edition

3030727726, 9783030727727

More Books

Students also viewed these Accounting questions