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CALCULATION OF TAXABLE EARNINGS AND EMPLOYER PAYROLL TAXES, AND PREPARATION OF JOURNAL ENTRY Selected information from the payroll register of Howard’s Cutlery for the week ended October 7, 20--, is presented below. Social Security tax is 6.2% on the first $128,400 of earnings for each employee. Medicare tax is 1.45% on gross earnings. FUTA tax is 0.6% and SUTA tax is 5.4% on the first $7,000 of earnings. Calculate the amount of taxable earnings for unemployment, Social Security, and Medicare taxes, and prepare the journal entry to record the employer’s payroll taxes as of October 7, 20--.

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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
Publisher: Cengage Learning,
ISBN: 9781337794756
BuyFind

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
Publisher: Cengage Learning,
ISBN: 9781337794756

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Chapter
Section
Chapter 9, Problem 3SEB
Textbook Problem

CALCULATION OF TAXABLE EARNINGS AND EMPLOYER PAYROLL TAXES, AND PREPARATION OF JOURNAL ENTRY Selected information from the payroll register of Howard’s Cutlery for the week ended October 7, 20--, is presented below. Social Security tax is 6.2% on the first $128,400 of earnings for each employee. Medicare tax is 1.45% on gross earnings. FUTA tax is 0.6% and SUTA tax is 5.4% on the first $7,000 of earnings.

Chapter 9, Problem 3SEB, CALCULATION OF TAXABLE EARNINGS AND EMPLOYER PAYROLL TAXES, AND PREPARATION OF JOURNAL ENTRY

Calculate the amount of taxable earnings for unemployment, Social Security, and Medicare taxes, and prepare the journal entry to record the employer’s payroll taxes as of October 7, 20--.

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Chapter 9 Solutions

College Accounting, Chapters 1-27
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