Calculation and Journal Entry for Employer Payroll TaxesEarnings for several employees for the week ended March 12, 20--, are as follows: Taxable EarningsEmployee NameCurrentEarningsUnemploymentCompensationSocialSecurityAus, Glenn E.$700 $200 $700 Diaz, Charles K.350 350 350 Knapp, Carol S.1,200 — 1,200 Mueller, Deborah F.830 125 830 Yeager, Jackie R.920 35 920 1. Calculate the employer’s payroll taxes expense for the week ended 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%.

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Calculation and Journal Entry for Employer Payroll Taxes

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.	$700	$200	$700
Diaz, Charles K.	350	350	350
Knapp, Carol S.	1,200	—	1,200
Mueller, Deborah F.	830	125	830
Yeager, Jackie R.	920	35	920

1. Calculate the employer’s payroll taxes expense for the week ended 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%.

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