Owefix Journalize employer payroll taxes. No employee has reached the Social Security limit of $128,400 or the FUTA/SUTA limitof $7,000. (Round answers to 2 decimal places, e.g. 15.25. Credit account titles are automatically indented when amountis entered. Do not indent manually.)Date Account Titles and ExplanationMar.15Payroll Tax ExpenseFICA Taxes PayableState Unemployment Taxes PayableFederal Unemployment Taxes PayableDebit13057Credit2418184.9714.50 Sunland Hardware has four employees who are paid on an hourly basis plus time-and-a-half for all hours worked in excess of40 a week. Payroll data for the week ended March 15 are presented below.EmployeeBen AbelRita HagerJack NeverSue PerezHours Worked40424446Hourly Rate$18.0019.0010.0010.00Federal Income Tax Withholdings$48.0021.0060.0061.00United Fund$5.005.008.005.00The following tax rates are applicable: FICA 7.65% (the 7.65% FICA tax rate consists of the Social Security tax rate of 6.2% onsalaries 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%.

Payroll taxes refer to the tax that is being charged or imposed on the payroll of the employer that…

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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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