The payroll register of Exterior Cleaning Company showed total employee earnings of $5,000 for the payroll period
Question:
The payroll register of Exterior Cleaning Company showed total employee earnings of $5,000 for the payroll period ended July 14.
INSTRUCTIONS
1. Compute the employer’s payroll taxes for the period. Use rates of 6.2 percent for the employer’s share of the social security tax, 1.45 percent for Medicare tax, 0.6 percent for FUTA tax, and 5.4 percent for SUTA tax. All earnings are taxable.
2. Prepare a general journal entry to record the employer’s payroll taxes for the period.
Analyze:
Which of the above taxes are paid by the employee and matched by the employer?
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Solution 1 Payroll taxes are Social Security Tax Medicare Ta...View the full answer
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Related Book For
College Accounting A Contemporary Approach
ISBN: 9781260780352
5th Edition
Authors: David Haddock, John Price, Michael Farina
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