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Zion, Inc. has one employee who has worked January June of the current year. The employee is single, paid weekly, and claims one allowance on
Zion, Inc. has one employee who has worked January June of the current year. The employee is single, paid weekly, and claims one allowance on her income taxes. The FICA Social Security tax rate is 6.29 on the first $118,500 of wages and the FICA Medicare tax rate is 1.45% on all wages. Zon, Inc.'s FUTA tax iate is 0.6% on the first $7,000 of wages and their SUTA tax rate is 2.3% on the first $8,000 of wages y is in a state that has no state The employee's earnings thus far are as follows: Groee paylan- May Gross pay for june $1,160 $6,300 a) Use the information above and the IRS tax table (click to pop open) to calculate all of the taxes that should be withheld from the employees paycheck and ner net pay for June. Round values to 2 decimal places if needed. Gross Pay Federal Withholding FICA-SS FICA-Medicare Net Pay b) Prepare the journal entry Zion, Inc. will record to accrue the June wages for this employee. Date Description Debit Credit 06/30 to accrue salaries and withholding for June payroll c) Use the information provided to calculate the payroll taxes that Zion must pay on the employee's behalf for the month of June FICA-SS FICA-Medicare FUTA SUTA Total ER taxes
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