Answered: Calculation and Journal Entry for…

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)

22nd Edition

ISBN:9781305666160

Author:James A. Heintz, Robert W. Parry

Publisher:James A. Heintz, Robert W. Parry

Chapter9: Payroll Accounting: Employer Taxes And Reports

Section: Chapter Questions

Problem 1SEB: CALCULATION AND JOURNAL ENTRY FOR EMPLOYER PAYROLL TAXES Portions of the payroll register for Kathy...

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Calculation and Journal Entry for Employer Payroll Taxes

1. Calculate the employer's payroll taxes expense. Round your answer to the nearest cent.

2. Prepare the journal entry as of March 12, 20--, assuming that FUTA tax is 0.6%, SUTA tax is 5.4%, Social Security tax is 6.2%, and Medicare tax is 1.45%. If required, round your answers to the nearest cent. If an amount box does not require an entry, leave it blank.

Earnings for several employees for the week ended March 12, 20--, are as follows:

		Taxable Earnings
Employee Name	Current Earnings	Unemployment Compensation	Social Security
Aus, Glenn E.	$720	$190	$720
Diaz, Charles K.	370	360	370
Knapp, Carol S.	1,240	-	1,240
Mueller, Deborah F.	850	125	850
Yeager, Jackie R.	900	35	900

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