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Journalize employer payroll taxes. No employee has reached the Social Security limit of $128,400 or the FUTA/SUTA limit of $7,000. (Round answers to 2 decimal places, e.g. 15.25. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Mar. 15 Payroll Tax Expense FICA Taxes Payable. State Unemployment Taxes Payable Federal Unemployment Taxes Payable Debit 13057 Credit 2418 184.97 14.50

Journalize employer payroll taxes. No employee has reached the Social Security limit of $128,400 or the FUTA/SUTA limit of $7,000. (Round answers to 2 decimal places, e.g. 15.25. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Mar. 15 Payroll Tax Expense FICA Taxes Payable. State Unemployment Taxes Payable Federal Unemployment Taxes Payable Debit 13057 Credit 2418 184.97 14.50

FINANCIAL ACCOUNTING
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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Journalize employer payroll taxes. No employee has reached the Social Security limit of $128,400 or the FUTA/SUTA limit of $7,000. (Round answers to 2 decimal places, e.g. 15.25. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Mar. 15 Payroll Tax Expense FICA Taxes Payable State Unemployment Taxes Payable Federal Unemployment Taxes Payable Debit 13057 Credit 2418 184.97 14.50
Transcribed Image Text:Journalize employer payroll taxes. No employee has reached the Social Security limit of $128,400 or the FUTA/SUTA limit of $7,000. (Round answers to 2 decimal places, e.g. 15.25. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Mar. 15 Payroll Tax Expense FICA Taxes Payable State Unemployment Taxes Payable Federal Unemployment Taxes Payable Debit 13057 Credit 2418 184.97 14.50
Sunland Hardware has four employees who are paid on an hourly basis plus time-and-a-half for all hours worked in excess of 40 a week. Payroll data for the week ended March 15 are presented below. Employee Ben Abel Rita Hager Jack Never Sue Perez Hours Worked 40 42 44 46 Hourly Rate $18.00 19.00 10.00 10.00 Federal Income Tax Withholdings $48.00 21.00 60.00 61.00 United Fund $5.00 5.00 8.00 5.00 The following tax rates are applicable: FICA 7.65% (the 7.65% FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and wages up to $128,400 and the Medicare tax rate of 1.45% on all salaries and wages), state income taxes 3%, state unemployment taxes 5.4%, and federal unemployment 0.6%.
Transcribed Image Text:Sunland Hardware has four employees who are paid on an hourly basis plus time-and-a-half for all hours worked in excess of 40 a week. Payroll data for the week ended March 15 are presented below. Employee Ben Abel Rita Hager Jack Never Sue Perez Hours Worked 40 42 44 46 Hourly Rate $18.00 19.00 10.00 10.00 Federal Income Tax Withholdings $48.00 21.00 60.00 61.00 United Fund $5.00 5.00 8.00 5.00 The following tax rates are applicable: FICA 7.65% (the 7.65% FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and wages up to $128,400 and the Medicare tax rate of 1.45% on all salaries and wages), state income taxes 3%, state unemployment taxes 5.4%, and federal unemployment 0.6%.
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