From the following information, calculate the payroll tax expense for Bowling Company for the payroll of April(Click the icon to view the payroll)The FICA tax rate for OASDI is 6.2% on the first $127.200 eamed, and Medicare is 1.45% on all earnings. Federal unemployment tax is 0.6% on the first $7,000 eamed by each employee. TheSUTA tax rate for Bowling Company is 5.4% on the first $7,000 of employes earnings for state unemployment purposes. (Round to the nearest cent as needed)TotalCELES From the following information, calculate the payroll tax expense for Bowling Company for the payroll of April(Click the icon to view the payroll)The FICA tax rate for OASDI is 6.2% on the first $127.200 eamed, and Medicare is 1.45% on all earnings. Federal unemployment tax is 0.6% on the first $7,000 eamed by each employee. TheSUTA tax rate for Bowling Company is 5.4% on the first $7,000 of employes earnings for state unemployment purposes. (Round to the nearest cent as needed)TotalCELES

Since cumulative payroll for the current payroll period is less than $127,700, all payroll for…

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Accounting

From the following information, calculate the payroll tax expense for Bowling Company for the payroll of April 9

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter13: Accounting For Payroll And Payroll Taxes

Section: Chapter Questions

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Concept explainers

Payroll Entries

Payroll is a comprehensive record of employees that are paid by the company. Payroll classifies employees into various categories according to their function and pays scale (basic wage, allowance, income tax, other taxes, employee loans, etc.). Payroll processes form the bedrock of every organization as it contains sensitive information on the ‘wage and paycheck’ portion of the company’s strength—its employees. The organization needs to keep a track of the employees currently on the payroll, the net payout for the company, the record of transactions related to the employees including deductions and payroll taxes to identify the liability and its effect on the balance sheet (and other financial statements). Payroll records also include qualitative factors such as the conduct of the employee.

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From the following information, calculate the payroll tax expense for Bowling Company for the payroll of April
(Click the icon to view the payroll)
The FICA tax rate for OASDI is 6.2% on the first $127.200 eamed, and Medicare is 1.45% on all earnings. Federal unemployment tax is 0.6% on the first $7,000 eamed by each employee. The
SUTA tax rate for Bowling Company is 5.4% on the first $7,000 of employes earnings for state unemployment purposes. (Round to the nearest cent as needed)
Total
CELES

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