Based on the payroll information above... Total gross earnings of all employees:$9,814.40 Total social security tax withheld: 608.49 Total medicare tax withheld 142.31 Total federal income tax withheld 1,766.00 Total insurance premiums withheld 804.00 Based on the payroll information above, calculate and record the employer's payroll taxes for the period on the general journal. The state unemployment tax rate is 5.4 percent, and the federal unemployment tax rate is 0.8 percent. (Round your answers to 2 decimal places. Omit the "$" sign in your response.)

The objective of the question is to calculate the employer's payroll taxes for the period based on…

Answered: Based on the payroll information…

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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Based on the payroll information above...


Total gross earnings of all employees:	$	9,814.40
Total social security tax withheld:		608.49
Total medicare tax withheld		142.31
Total federal income tax withheld		1,766.00
Total insurance premiums withheld		804.00

Based on the payroll information above, calculate and record the employer's payroll taxes for the period on the general journal. The state unemployment tax rate is 5.4 percent, and the federal unemployment tax rate is 0.8 percent. (Round your answers to 2 decimal places. Omit the "$" sign in your response.)

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