Earnings for several employees for the week ended April 7, 20--, are shown: Taxable Earnings 2 Employee
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Question:
Earnings for several employees for the week ended April 7, 20--, are shown:
| | | Taxable Earnings | | |
| 2 | Employee Name | Current Earnings | Unemployment Compensation | Social Security |
| 3 | Boyd, Glenda L. | $850.00 | $300.00 | $850.00 |
| 4 | Evans, Sheryl N. | 970.00 | 225.00 | 970.00 |
| 5 | Fox, Howard J. | 830.00 | 830.00 | 830.00 |
| 6 | Jacobs, Phyllis J. | 1,825.00 | | 1,825.00 |
| 7 | Roh, William R. | 990.00 | 25.00 | 990.00 |
Assuming that FUTA tax is 0.6%, SUTA tax is 5.4%, Social Security tax is 6.2%, and Medicare tax is 1.45%.
Required:
| 1. | Calculate the employer's payroll taxes expense. |
| 2. | Prepare the journal entry as of April 7, 20--. |
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