College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN: 9781305666160
Author: James A. Heintz, Robert W. Parry
Publisher: Cengage Learning
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Chapter 9, Problem 7SPB

CALCULATING PAYROLL TAXES EXPENSE AND PREPARING JOURNAL ENTRY Selected information from the payroll register of Wray’s Drug Store for the week ended July 14,20--, is shown below. The SUTA tax rate is 5.4%, and the FUTA tax rate is 0.6%, both on the first $7,000 of earnings. Social Security tax on the employer is 6.2% on the first $118,500 of earnings, and Medicare tax is 1.45% on gross earnings.

Chapter 9, Problem 7SPB, CALCULATING PAYROLL TAXES EXPENSE AND PREPARING JOURNAL ENTRY Selected information from the payroll

REQUIRED

  1. 1. Calculate the total employer payroll taxes for these employees.
  2. 2. Prepare the journal entry to record the employer payroll taxes as of July 14,20--.
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College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)

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How JOURNAL ENTRIES Work (in Accounting); Author: Accounting Stuff;https://www.youtube.com/watch?v=Y-_Q3rANyxU;License: Standard Youtube License