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8.2 The payroll of UMPI, Inc. for May 31 is as follows: The total payroll was $150,000. None of the individual wages was greater than $132,900 (social security maximum threshold for 2019). Income taxes withheld from employees totaled $37,500 and union dues withheld was $4,000. Assume FICA tax is 7.65% on employee’s wages (6.2% Social Security & 1.45% Medicare tax). Calculate Unemployment tax - .6% FUTA and 5.4% SUTA taxes. No employees have reached the $7,000 maximum wage threshold. Prepare the employer payroll taxes.

8.2 The payroll of UMPI, Inc. for May 31 is as follows: The total payroll was $150,000. None of the individual wages was greater than $132,900 (social security maximum threshold for 2019). Income taxes withheld from employees totaled $37,500 and union dues withheld was $4,000. Assume FICA tax is 7.65% on employee’s wages (6.2% Social Security & 1.45% Medicare tax). Calculate Unemployment tax - .6% FUTA and 5.4% SUTA taxes. No employees have reached the $7,000 maximum wage threshold. Prepare the employer payroll taxes.

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter9: Current Liabilities And Contingent Obligations
Section: Chapter Questions
Problem 14E
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8.2 The payroll of UMPI, Inc. for May 31 is as follows: The total payroll was $150,000. None of the individual wages was greater than $132,900 (social security maximum threshold for 2019). Income taxes withheld from employees totaled $37,500 and union dues withheld was $4,000. Assume FICA tax is 7.65% on employee’s wages (6.2% Social Security & 1.45% Medicare tax). Calculate Unemployment tax - .6% FUTA and 5.4% SUTA taxes. No employees have reached the $7,000 maximum wage threshold.

  1. Prepare the employer payroll taxes.

 

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