Earnings for several employees for the week ended March 12, 20--, are as follows: Calculate the employer's
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Earnings for several employees for the week ended March 12, 20--, are as follows:
Calculate the employer's payroll taxes expense and prepare the journal entry as of March 12, 20--, assuming that FUTA tax is 0.8%, SUTA tax is 5.4%, Social Security tax is 6.2%, and Medicare tax is1.45%.
Transcribed Image Text:
Taxable Earnings Social Scurity $ 700 350 1,200 830 Current Unemployment Employee Name Earnings $ 700 Compensation $200 Aus, Glenn E. Diaz, Charles K. Knapp, Carol S. Mucller, Deborah E. Yeager, Jackie R. 350 1,200 830 920 350 125 35 920
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Total unemployment taxable 71000 Total Social Security taxa...View the full answer
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