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Zippy, LLC has one employee who has worked January - June of the current year. The employee is single, paid weekly, and claims three allowances
Zippy, LLC has one employee who has worked January June of the current year. The employee
is single, paid weekly, and claims three allowances on her W The company is in a state that has
no state income taxes. The FICA Social Security tax rate is on the first $ of wages
and the FICA Medicare tax rate is on all wages. Zippy, LLCs FUTA tax rate is on the
first $ of wages and their SUTA tax rate is on the first $ of wages.
The employee's earnings thus far are as follows:
Gross pay Jan May Gross pay for June
$$
a Use the information above and the IRS tax table click here to popen to calculate all of the
taxes that should be withheld from the employees paycheck and her net pay for June. Round
values to decimal places if needed.
b Prepare the journal entry Zippy, LLC will record to accrue the June wages for this employee.
c Use the information provided to calculate the payroll taxes that Zippy must pay on the
employee's behalf for the month of June
FICASS
FICAMedicare
FUTA
SUTA
Total ER taxes
d Prepare the journal entry Zippy, LLC will use to record their portion of the payroll taxes for June.
to record employer's portion of payroll taxes for June
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