Calculation and Journal Entry for Employer Payroll Taxes 1. Calculate the employer's payroll taxes expense. Round your answer to the nearest cent. 2. Prepare the journal entry as of March 12, 20--, assuming that FUTA tax is 0.6%, SUTA tax is 5.4%, Social Security tax is 6.2%, and Medicare tax is 1.45%. If required, round your answers to the nearest cent. If an amount box does not require an entry, leave it blank. Earnings for several employees for the week ended March 12, 20--, are as follows: Taxable Earnings Employee Name Current Earnings Unemployment Compensation Social Security Aus, Glenn E. $720 $190 $720 Diaz, Charles K. 370 360 370 Knapp, Carol S. 1,240 - 1,240 Mueller, Deborah F. 850 125 850 Yeager, Jackie R. 900 35 900
Calculation and Journal Entry for Employer Payroll Taxes 1. Calculate the employer's payroll taxes expense. Round your answer to the nearest cent. 2. Prepare the journal entry as of March 12, 20--, assuming that FUTA tax is 0.6%, SUTA tax is 5.4%, Social Security tax is 6.2%, and Medicare tax is 1.45%. If required, round your answers to the nearest cent. If an amount box does not require an entry, leave it blank. Earnings for several employees for the week ended March 12, 20--, are as follows: Taxable Earnings Employee Name Current Earnings Unemployment Compensation Social Security Aus, Glenn E. $720 $190 $720 Diaz, Charles K. 370 360 370 Knapp, Carol S. 1,240 - 1,240 Mueller, Deborah F. 850 125 850 Yeager, Jackie R. 900 35 900
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Calculation and
1. Calculate the employer's payroll taxes expense. Round your answer to the nearest cent.
2. Prepare the journal entry as of March 12, 20--, assuming that FUTA tax is 0.6%, SUTA tax is 5.4%, Social Security tax is 6.2%, and Medicare tax is 1.45%. If required, round your answers to the nearest cent. If an amount box does not require an entry, leave it blank.
Earnings for several employees for the week ended March 12, 20--, are as follows:
| Taxable Earnings | |||
Employee Name |
Current Earnings |
Unemployment Compensation |
Social Security |
| Aus, Glenn E. | $720 | $190 | $720 |
| Diaz, Charles K. | 370 | 360 | 370 |
| Knapp, Carol S. | 1,240 | - | 1,240 |
| Mueller, Deborah F. | 850 | 125 | 850 |
| Yeager, Jackie R. | 900 | 35 | 900 |
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