AZT Company has one employee who has worked January - March 15 of the current year. The employee is single, paid semi-monthly, and claims two allowances on his W-2. The federal withholding is $143. The company is in a state that has no state income taxes. The FICA Social Security tax rate is 6.2% on the first $118,500 of wages and the FICA Medicare tax rate is 1.45% on all wages. AZT Company's FUTA tax rate is 0.6% on the first $7,000 of wages and their SUTA tax rate is 1.95% on the first $8,000 of wages. The employee's earnings thus far are as follows: Gross pay Jan-Mar 15th Gross pay for March 31st $6,500 $1,220 Use the information above to calculate the employer's payroll taxes and prepare the journal entry AZT Company will use to record the employer's portion of the payroll taxes for the pay period ended March 31st. Date 03/31 Description Debit Credit to record employer's portion of payroll taxes for the pay period ending March 31st

AZT Company has one employee who has worked January - March 15 of the current year. The employee is single, paid semi-monthly, and claims two allowances on his W-2. The federal withholding is $143. The company is in a state that has no state income taxes. The FICA Social Security tax rate is 6.2% on the first $118,500 of wages and the FICA Medicare tax rate is 1.45% on all wages. AZT Company's FUTA tax rate is 0.6% on the first $7,000 of wages and their SUTA tax rate is 1.95% on the first $8,000 of wages. The employee's earnings thus far are as follows: Gross pay Jan-Mar 15th Gross pay for March 31st $6,500 $1,220 Use the information above to calculate the employer's payroll taxes and prepare the journal entry AZT Company will use to record the employer's portion of the payroll taxes for the pay period ended March 31st. Date 03/31 Description Debit Credit to record employer's portion of payroll taxes for the pay period ending March 31st

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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