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X = $11,000 Y = 11% If all parts are completed correctly with accurate formatting and steps, I will upvote. Payroll YanYu Zheng is employed
X = $11,000 Y = 11%
If all parts are completed correctly with accurate formatting and steps, I will upvote.
Payroll YanYu Zheng is employed by JackJoe, Inc.. During the month of January, YanYu earned her monthly salary of $X(12$X for the annual salary). YanYu is single, and had Y of her pay for the month withheld for federal income taxes. YanYu works in a state without an income tax. YanYu's pay is subject to Social Security taxes at a 6.2% rate and Medicare at a 1.45% rate. The annual base for social security taxes is $170,000. JackJoe's payroll is subject to federal and state unemployment taxes at a combined rate of 6% on each employee's gross pay, up to $6,000 per year. (a) Complete YanYu's paycheck and the remittance advice (i.e., "paycheck (a) stub"). (5 points) Prepare journal entries for YanYu's pay and the related payroll expenses. (2 (b) journal entries) (10 points) What is JackJoe's (employer cost) total expense of payroll taxes (c) FUTA/SUTA and FICA for employing YanYu for the entire year? (hint, based on the payment of the annual salary) (5 points)Step by Step Solution
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