PSb 5-5 Calculate FUTA and SUTA TaxFor each of the following independent circumstances calculate both the FUTA and SUTA tax owed by the employer:NO TE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation.1: An employer in Delaware City, Delaware, employs two individuals, whose taxable earnings to date (prior to the current pay period) are $6,100 and $8,800. During thecurrent pay period, these employees earn $1,450 and $2,000, respectively. The applicable SUTA tax rate is 2.1%, and the Delaware SUTA threshold is $16,500.FUTA tax = $SUTA tax = $2: An employer in Bridgeport, Connecticut, employs three individuals, whose taxable earnings to date (prior to the current pay period) are $5,500, $12,900, and $14,200.During the current pay period, these employees earn $2,200, $1,950, and $2,400, respectively. The applicable SUTA tax rate is 4.9%, and the Connecticut SUTAthreshold is $15,000.FUTA tax = $SUTA tax = $ 3: An employer in the U.S. Virgin Islands, employs two individuals, whose taxable earnings to date (prior to the current pay period) are $1,420 and $32,100. During thecurrent pay period, these employees earn $3,350 and $1,700, respectively. The applicable SUTA tax rate is 4%, and the U.S. Virgin Islands SUTA threshold is $32,500.FUTA tax = $SUTA tax = $An employer in Durham, North Carolina, employs three individuals, whose taxable earnings to date (prior to the current pay period) are $6,000, $22,600, and $35,800.During the current pay period, these employees earn $980, $1,600, and $1,150, respectively. The applicable SUTA tax rate is 1.2%, and the North Carolina SUTAthreshold is $26,000.4:FUTA tax = $SUTA tax = $

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1: An employer in Delaware City, Delaware, employs two individuals, whose taxable earnings to date (prior to the current pay period) are $6,100 and $8,800. During the current pay period, these employees eam $1,450 and $2,000, respectively. The applicable SUTA tax rate is 2.1%, and the Delaware SUTA threshold is $16,500. FUTA tax = $ SUTA tax = $

1: An employer in Delaware City, Delaware, employs two individuals, whose taxable earnings to date (prior to the current pay period) are $6,100 and $8,800. During the current pay period, these employees eam $1,450 and $2,000, respectively. The applicable SUTA tax rate is 2.1%, and the Delaware SUTA threshold is $16,500. FUTA tax = $ SUTA tax = $

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter13: Accounting For Payroll And Payroll Taxes

Section13.3: Reporting Withholding And Payroll Taxes

Problem 1WT

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Payroll tax entries According to a summary of the payroll of Mountain Streaming Co., 120,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax. Also, 45,000 was subject to state and federal unemployment taxes. A. Calculate the employers payroll taxes, using the following rates: state unemployment, 5.4%; federal unemployment, 0.8%. B. Journalize the entry to record the accrual of payroll taxes.
Reference Figure 12.15 and use the following information to complete the requirements. A. Determine the federal income tax withholdings amount per monthly pay period for each employee. B. Record the employee payroll entry (all employees) for the month of January assuming FICA Social Security is 6.2%, FICA Medicare is 1.45%, and state income tax is equal to 3% of gross income. (Round to the nearest cent if necessary.)
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